The U.S. Department of Agriculture says farmers who chose to pay more to insure their crops at harvest prices will receive $7.50 per bushel for corn.
That should be welcome news for corn farmers in Iowa, Illinois and Nebraska, the nation's three largest corn producers, respectively.
The harvest price payout for soybeans will be $15.39 per bushel.
Farmers who elected to be covered by the less expensive non-harvest price coverage will receive the $5.68 per bushel for corn and $12.55 per bushel for soybeans. Those prices were set in March at the time of insurance sign-up.
USDA figures show crop-loss insurance payments through Oct. 29 totaled $3.5 billion nationally, including $1.63 billion for corn and $247.6 million for soybeans.