SAN ANTONIO - On February 27, 2026, projected spring crop insurance prices were finalized at $4.62 per bushel for corn, $11.09 for soybeans and $6.19 for spring wheat, establishing the revenue protection benchmarks that will guide U.S. farmers' financial and planting decisions for the 2026-27 crop year. These prices matter because they directly determine revenue guarantees under federal crop insurance policies ahead of the March 15 enrollment deadline.

The projected prices are calculated using the average daily closing prices during February for December corn and November soybean futures contracts. They serve as the foundation of Revenue Protection (RP) policies, the most widely purchased form of crop insurance among commercial row-crop producers.

Compared to last year, corn declined 8 cents, while spring wheat dropped 36 cents, signaling weaker price protection levels. In contrast, soybeans increased 55 cents, emerging as the clear beneficiary of February's futures rally.

Most producers select coverage levels between 70% and 85%, combining the projected price with their farm's Actual Production History (APH) to determine a guaranteed revenue floor. At 85% coverage, the protection levels translate to:

• Corn floor: $3.93 per bushel

• Soybean floor: $9.43 per bushel

• Spring wheat floor: $5.26 per bushel

At 80% coverage, indemnity payments would begin without yield losses if corn falls to $3.70 or soybeans drop below $8.87 per bushel.

Despite soybeans' stronger projected price, profitability remains tight. Based on USDA cost-of-production forecasts and 10-year average yields, both corn and soybeans are projected to generate negative per-acre returns at February insurance price levels, although corn retains a slight competitive edge.

USDA's early outlook for 2026-27 anticipates producers will plant 94 million acres of corn, 85 million acres of soybeans, and roughly 12 million acres of spring wheat and durum. While soybean prices improved, analysts do not see a strong enough financial signal to trigger a dramatic acreage shift. Instead, a more typical "mean reversion" in acreage distribution appears likely.

Policy changes under the One Big Beautiful Bill Act (OBBBA) may provide some relief on input costs by lowering crop insurance premiums. Congress increased premium subsidies and protection levels for area-based add-ons such as the Enhanced Coverage Option (ECO) and Supplemental Coverage Option (SCO). According to USDA officials, these adjustments could save producers approximately $400 million in premiums in 2026, improving the cost-benefit balance of expanded coverage.

From a marketing standpoint, February rarely represents the annual high in new-crop futures markets. Historical data dating back to 1994 show that only once has February marked the calendar-year high for either November soybean or December corn contracts. That history reinforces the importance of remaining attentive to seasonal pricing opportunities through late spring and early summer.

With soybean futures recently revisiting late-2025 highs, some analysts suggest incremental, risk-managed sales for producers who remain unsold on new-crop bushels. Tools such as put options may also enhance effective price floors beyond base insurance guarantees.

Overall, crop insurance remains a cornerstone of U.S. agricultural risk management, protecting against both yield volatility and commodity price swings. As farmers finalize planting plans, these 2026 projected prices will shape decisions on acreage allocation, coverage levels, marketing strategies and overall farm financial resilience within a shifting farm policy landscape.