Date of this Version
The prices established by the Risk Management Agency (RMA) used to calculate the premiums and indemnities for the standard APH/MPCI program for 2005 are: Corn $2.20 per bu. Grain Sorghum $2.15 per bu. Soybeans $5.00 per bu. The spring base prices for Crop Revenue Coverage (CRC) and Revenue Assurance (RA) are the averages of the closing prices during February for the December and November CBOT contracts for corn and soybeans, respectively. At the close on January 21, 2005, the DEC corn contract was at $2.28 and the NOV soybean contract was at $5.33. These are both significantly lower than the 2004 planting prices of $2.83 and $6.72 for corn and soybeans, respectively.