February sets the price level for crop insurance on Corn, Beans and some of the other major crops. Last year’s spring price was $5.68 for corn and $12.55 for beans.
We have had 4 trading days for this month out of 20 total and so far the average corn price is $5.89 and the average bean price is $13.40. After coming off of the large harvest prices, these levels may seem low, but they are still higher than compared to the same 2012 numbers.
We have 16 trading days to go and this Friday’s USDA report may provide a dramatic swing either way.
We will keep you posted.
Paul Neiffer, CPA