Last Friday was the last day of the discovery price period for corn, soybeans, spring wheat and some other crops. We now know that the corn price should be $4.15 (2014 - $4.62) and soybean price should be $9.73 (2014 - $11.36). Spring wheat price should be $5.85 (2014 - $6.51). These lower guarantee prices will result in lower guarantee RP revenues for each crop and the differences can be material to your operation. For example, a corn grower with corn APH of 180 and soybean APH of 55 is looking at a reduction in their guarantee levels ranging from $55-72 for corn (depending on elected coverage) and $58-$76 for soybeans.
I have prepared a chart showing the guarantee coverage levels for both corn and soybeans for this year as compared to last year. It may provide a simple look at your coverage options and resulting differences in guarantee levels. There should be a reduction in the premium outlay, but I think most farmers would rather pay a little more to get higher coverage.
You don't have too many days left to sign up for coverage. This year it may be even more important to have maximum coverage than in years past.