Harvest prices used in crop insurance calculations came in below spring prices for corn and soybeans. Indemnity calculations use the higher of the two.
Crop insurance payments will be more widespread in 2023 amid lower prices and drought-damaged yields. Farmers that purchased revenue protection policies with 85% coverage on corn could see crop insurance payments without needing a yield loss this year.
Newman Grove, Nebraska, farmer Ross Nelson points to a disappointing crop in 2015 as the reason why he fudged the numbers on a crop insurance claim. Nelson was indicted for making false statements to insurance companies.
Attorneys for the U.S. government have asked a federal court to expedite an ongoing crop insurance and benefits fraud case, alleging a Michigan farmer accused of using so-called straw-farms to receive crop insurance and other federal benefits is continuing the same scheme to protect his farm assets.