INDIAN WELLS, Calif. — USDA Chief Economist Seth Meyer stated right here in the present day the crop insurance coverage worth assure for corn in 2023 could also be $5.80 per bushel and the assure for soybeans could also be $14.11
Meyer, who serves on the Federal Crop Insurance coverage Board, advised the Nationwide Crop Insurance coverage Conference that the upper worth displays continued excessive demand for commodities and the varied components that USDA makes use of to find out the crop insurance coverage election worth.
Meyer made the assertion as a part of a speech on the farm economic system. Farm incomes could fall as compared with 2021 because of the finish of commerce and pandemic-related authorities funds, however farm incomes will nonetheless be increased than the common for the previous a number of many years, he stated.
In 2021 John Newton, who was then the chief economist for the American Farm Bureau Federation, defined how the Agriculture Division calculates the commodity costs for the crop insurance coverage program. Newton is now the chief economist for the Republicans on the Senate Agriculture Committee.
Meyer urged the attendees on the conference to join the USDA Outlook Discussion board to be held on-line Feb. 24 to 25.
The occasion is free, however registration is required. Go to https://www.labroots.com/ms/virtual-event/usda-aof-2022 for extra info.