November 30, 2020
Harvest season is here, and Ontario corn and soybean producers can now wrap up their Production Insurance participation for the year. Reporting yields early and keeping Agricorp informed about crop damage can help producers eligible for a payment get the payment process started early. And, by signing up for direct deposit, producers receiving a payment can get cash in their account faster.
Call us early to report yields
It's best not to wait for the deadline. The sooner yields are reported, the sooner producers can check it off their to-do list. Most farmers complete their harvest around the same time and therefore call us at the same time to report their yields. Producers can avoid longer-than-normal wait times around the deadline by reporting their yields as soon as they can. The deadline for reporting corn and soybean yields is December 15.
If wet conditions delay harvest beyond the yield reporting deadline, customers still need to call Agricorp to report a partial yield and confirm the status of their coverage.
See claim prices for corn and soybeans
The 2020 floating claim prices for corn and soybeans are now available. Customers who are in a claim position can estimate their potential payments at the following prices:
| Fixed ($/bu) | Floating ($/bu) |
|---|
| Corn | Conventional | $3.80 | $5.5572 |
|---|
| Organic | $8.55 | N/A |
|---|
| Soybeans | Conventional | $10.05 | $13.4055 |
|---|
| Organic | $25.15 | N/A |
|---|
| Tofu | N/A | $14.9055 |
|---|
| Natto | N/A | $16.3955 |
|---|
Floating claim prices are set at harvest time to compensate farmers with the at-harvest market price needed to replace their production shortfall. Fixed claim prices are set at renewal time and are based on forecasted market prices. The fixed option is often a low-cost alternative to the floating option, while the floating option usually produces a higher claim price than the fixed.
For more information about Production Insurance for corn and soybeans, visit the corn and soybean sections on agricorp.com.
Get your payment faster
Producers who receive claims can get their payment into their account faster with direct deposit. See how easy it is by visiting agricorp.com/directdeposit.
