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Weekly Farm Economics: First Look at Crop Insurance Decisions for 2024

Author

Listed:
  • Paulson, Nick
  • Schnitkey, Gary
  • Batts, Ryan
  • Zulauf, Carl

Abstract

Given corn and soybean futures prices during the first half of February, projected crop insurance prices will be much lower than in 2023, resulting in lower per acre premiums in 2024. Premiums are likely to be 16 to 18% for lower for corn policies and 10 to 12% lower for soybean policies based on current estimates for in Champaign and Jefferson Counties in Illinois. Since lower insurance prices also result in lower guarantees per acre, farmers may wish to increase their coverage levels with the premium savings. The 2024 insurance premium examples in this article are generated with the Excel-based Crop Insurance Decision Tool which can be used to generate premium estimates for crops in many States in the Midwest and Southeast regions of the US. The web-based Crop Insurance Premium Calculator has also been updated for 2024.

Suggested Citation

  • Paulson, Nick & Schnitkey, Gary & Batts, Ryan & Zulauf, Carl, 2024. "Weekly Farm Economics: First Look at Crop Insurance Decisions for 2024," farmdoc daily, University of Illinois at Urbana-Champaign, Department of Agricultural and Consumer Economics, vol. 14(30), February.
    • Handle: RePEc:ags:illufd:358290
    DOI: 10.22004/ag.econ.358290
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    File URL: https://ageconsearch.umn.edu/record/358290/files/fdd021324.pdf
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    References listed on IDEAS

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    1. Paulson, Nick & Schnitkey, Gary & Swanson, Krista & Zulauf, Carl, 2020. "The New Enhanced Coverage Option (ECO) Crop Insurance Program," farmdoc daily, University of Illinois at Urbana-Champaign, Department of Agricultural and Consumer Economics, vol. 10(203), November.
    2. Schnitkey, Gary & Paulson, Nick & Zulauf, Carl & Swanson, Krista, 2020. "Revenue Protection: The Most Used Crop Insurance Product," farmdoc daily, University of Illinois at Urbana-Champaign, Department of Agricultural and Consumer Economics, vol. 10(198), November.
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    Cited by:

    1. Paulson, Nick & Schnitkey, Gary & Zulauf, Carl, 2025. "Budget-Driven Crop Insurance Coverage Options for 2024," farmdoc daily, University of Illinois at Urbana-Champaign, Department of Agricultural and Consumer Economics, vol. 14(45).
    2. Coppess, Jonathan, 2025. "Decline and Fall of Crop Prices; Perspectives for Policy Design, Not Panic," farmdoc daily, University of Illinois at Urbana-Champaign, Department of Agricultural and Consumer Economics, vol. 14(155).

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