The Risk Management Agency (RMA) 2017 Harvest Prices for corn and soybeans have been announced as follows:
Corn = $3.49/bushel (an 11.9% decline from the 2017 Spring Price of $3.96/bushel)
Soybeans = $9.75/bushel (a 4.3% decline from the 2017 Spring Price of $10.19/bushel)
Interesting fact: This marks the first time in history of revenue coverage that harvest prices for both corn and soybeans are exactly the same as the prior year’s harvest prices!
Remember to keep your agent informed of any possible production and/or revenue losses. Revenue and non-revenue losses must be reported within 72 hours of the initial discovery damage, but not later than the earlier date of 15 days after harvest or December 10th. If a loss is due only to a decline in price, the deadline to report a claim is extended to 45 days after the harvest price has been announced, 11/01/2017.
The prices listed above apply to Conventional Corn and Soybeans grown in select states with a sales closing date of 03/15/2017. Please contact your agent or refer to RMA Actuarial Documents to determine if these prices are valid for your community and state. Specific RMA price information can be found here.