INDIAN WELLS, Calif. — USDA Chief Economist Seth Meyer said here today the crop insurance price guarantee for corn in 2023 may be $5.80 per bushel and the guarantee for soybeans may be $14.11

Meyer, who serves on the Federal Crop Insurance Board, told the National Crop Insurance Convention that the higher price reflects continued high demand for commodities and the various factors that USDA uses to determine the crop insurance election price.

Meyer made the statement as part of a speech on the farm economy. Farm incomes may fall in comparison with 2021 due to the end of trade and pandemic-related government payments, but farm incomes will still be higher than the average for the past several decades, he said.

In 2021 John Newton, who was then the chief economist for the American Farm Bureau Federation, explained how the Agriculture Department calculates the commodity prices for the crop insurance program. Newton is now the chief economist for the Republicans on the Senate Agriculture Committee.

Meyer urged the attendees at the convention to sign up for the USDA Outlook Forum to be held online Feb. 24 to 25.

The event is free, but registration is required. Go to https://www.labroots.com/ms/virtual-event/usda-aof-2022 for more information.