Crop Insurance by the Numbers

The only sure thing about crop prices is change.

History proves it. Crop insurance can help you stay on track.

Illinois is home to more than 75,000 farms at an average size of 348 acres.

More than 80% of Illinois farmland is insured by crop insurance – and for good reason. Crop insurance is a valuable risk management tool to protect the land your livelihood is built on. 

Benefits of crop insurance

There are many benefits of crop insruance. This coverage provides peace of mind that you’ll be able to stay in business and have a successful year if disaster strikes while giving you the ability to customize your coverage to fit your unique farm operation.

Crop insurance gives you more financial strength when forward contracting and grain marketing and many lenders require farmers to have crop insurance to get a loan. Crop insurance pays indemnities in a timely manner and allows you to stay competitive and be more innovative. Premiums are partially subsidized by the Federal Government so coverage is more affordable for you

Crop insurance can also protect you against loss of revenue in a changing market if you select options that settle on base prices or harvest prices. The chart below shows the historical performance of base prices and harvest prices for soybeans, wheat, and corn.1

YEAR CORN BASE PRICE CORN VOLATILITY CORN HARVEST PRICE
2010 $3.99 $0.29 $5.46
2011 $6.01 $0.29 $6.32
2012 $5.68 $0.22 $7.50
2013 $5.65 $0.20 $4.39
2014 $4.62 $0.19 $3.49
2015 $4.15 $0.21 TBD
YEAR SOYBEAN BASE PRICE SOYBEAN VOLATILITY SOYBEAN HARVEST PRICE
2010 $9.23 $0.20 $11.63
2011 $13.49 $0.23 $12.14
2012 $12.55 $0.18 $15.39
2013 $12.87 $0.17 $12.87
2014 $11.36 $0.13 $9.65
2015 $9.73 $0.16 TBD
YEAR WHEAT BASE PRICE WHEAT VOLATILITY WHEAT HARVEST PRICE
2010 $5.29 N/A $6.52
2011 $7.19 $0.32 $6.75
2012 $8.20 $0.27 $8.67
2013 $8.57 $0.25 $6.63
2014 $6.72 $0.21 $5.93
2015 $5.93 $0.19 TBD

1Base prices are averages of settlement prices of the Chicago Board of Trade (CBOT) futures contracts. Harvest prices are determined by averaging CBOT futures contracts during the fall.

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Policies issued by COUNTRY Mutual Insurance Company®, Bloomington, IL. This entity is an equal opportunity provider.

1Base prices are averages of settlement prices of the Chicago Board of Trade (CBOT) futures contracts. Harvest prices are determined
by averaging CBOT futures contracts during the fall.