Many corn growers are wrapping up corn harvest with yields lower than recent years, but considerably better than most of us were expecting following a growing season with 14-18 inches less rainfall than normal. While corn yields are reduced 25% to 50% locally, other parts of Illinois had corn yields from 0 to 40 bushels per acre. Hopefully, most of those farmers had crop insurance.
Soybean fields are disappearing quickly as harvest progresses with perfect weather. Coffee shop yields results range from 40 to 60 bushels per acre.
October is the month that the Harvest Price Option price is established. After record high corn and soybean prices a month ago, it appears prices are being pressured lower which will result in a lower price for the Harvest Price Option and smaller loss indemities paid to revenue policy crop insurance policyholders.
