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Washington, D.C. -  The first set of prices for corn and soybeans to be used in crop insurance policies for 2017 has been announced.

Those prices are $3.96 per bushel for corn and $10.19 per bushel for soybeans. Those are respective increases of 10 cents and $1.34 per bushel from 2016.

The prices are derived from the average prices during February at the Chicago Board of Trade on futures contracts for corn in December and soybeans in November. The higher of those prices or the futures prices averages in October for December corn and November soybeans will be used in the formula for crop insurance payment calculations.

An innovation introduced by some crop insurance companies for 2017 is a choice of months other than February or October for determining the prices. That option is available for an extra premium.

Growers of corn, soybeans, and other spring planted crops have until March 15 to either confirm the provisions in an existing crop insurance policy, to make changes, or to enroll in crop insurance for the first time.

In Wisconsin, crop insurance is available through Badgerland Financial, Greenstone Farm Credit, Premier Insurance Solutions, and numerous other insurance agencies. The same federal rules and rates apply regardless of the agency handling a policy.

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