What is the expected corn price?
Expected corn prices for months in an insurance period are determined using three-day average settlement prices on CBOT corn futures contracts and a basis adjustment that varies by month and state. For corn months with unexpired futures contracts, the expected corn price is the simple average of the CBOT corn futures contract for that month over the three trading days prior to the last trading day in the month of the sales closing date expressed in dollars per bushel plus the state-specific corn basis for that month. For example, for a sales closing date of February 27, the expected corn price for July in Iowa equals the simple average of the daily settlement prices on the CBOT July corn futures contract over the three trading days prior to the last trading day in February plus the July Iowa corn basis. For corn months with expired futures contracts, the expected corn price is the simple average of daily settlement prices for the CBOT corn futures contract for that month expressed in d
