This week, USDA’s Federal Crop Insurance Corporation (FCIC) announced its projected prices for all FCIC crop insurance policies with March 15 sales deadlines for the 2014 crop year, including:
- Corn: $4.62 per bushel;
- Cotton: $0.78 per pound;
- Soybeans: $11.36 per bushel; and
- Wheat: $6.51
Projected prices were also announced for barley, canola, grain sorghum, popcorn, durum wheat and organic practices of several of these crops. Here is a full list of the newly-announced FCIC prices.
These projected prices — based on trading values of futures contracts at the Chicago Board of Trade (CBOT) and the InterContinental Exchange, Inc. (ICE) — will be used to calculate any 2014 indemnities for these crops, whether based on loss of production or loss of revenue. Farmers will now have until Monday, March 17, to contact their local crop insurance agents and obtain coverage for the year.