The US Department of Agriculture recently announced the payouts it will offer to farmers covered by crop insurance programs. The better than expected payments will come as welcome news for farmers who faced a brutally dry summer.
For most of the summer, farmers experienced one of the worst droughts in recent history. With temperatures across the country reaching record highs and with precipitation at all time lows, farmers nationwide helplessly watched as their fields and crops baked.
Farmers who chose to pay extra to protect their crops at harvest prices have received welcome news from the USDA, which recently announced the payouts it will send to farmers. Corn farmers, for example, can expect $7.50 per bushel, while soybean farmers can expect $15.39 per bushel.
Farmers who declined the more expensive insurance options can still expect federal aid. Less expensive crop insurance options will payout $5.68 per bushel of corn and $12.55 per bushel of soybeans.
Federal crop insurance payments are expected to reach all time highs this year due to the damage caused by the drought. According to USDA reports, crop-loss insurance payments through October 29 have already reached $3.5 billion nationally.
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Written by: Justin Ellison / Farm Plus Staff Writer