HANFORD INSURANCE · November 5, 2026
2026 Crop Insurance Harvest Prices and Claim Reporting
The 2026 crop insurance harvest prices are $4.75 per bushel for conventional corn and $12.63 per bushel for conventional soybeans in Illinois. With those prices established, now is the time to review your harvest results and contact Hanford about a possible claim.
Hanford asks customers to report potential crop insurance claims by December 1, 2026. This is our requested reporting date, not an official policy deadline. If you suspect damage or a production loss, contact your agent promptly because your policy may require earlier notice.
2026 harvest prices for corn and soybeans
| Crop | Projected price | Harvest price | Increase |
|---|---|---|---|
| Corn | $4.62 | $4.75 | $0.13 | 2.8% |
| Soybeans | $11.09 | $12.63 | $1.54 | 13.9% |
Prices are dollars per bushel for Illinois conventional crops. The corn figure excludes high amylose types. Organic crops and specialty insurance offers may use different values.
These harvest prices reflect October futures price discovery. Corn uses the December 2026 futures contract, and soybeans use the November 2026 contract. They are insurance values, so your local elevator’s cash bid may differ.
Sources: RMA harvest price announcement
University of Illinois projected and harvest price analysis
How the prices affect your coverage
Your policy determines how harvest prices enter the claim calculation. Revenue Protection uses the higher of the projected or harvest price when establishing its guarantee, subject to policy provisions. Because both crops have higher harvest prices this year, that feature can raise the guarantee.
Revenue Protection with Harvest Price Exclusion keeps the guarantee tied to the projected price while valuing production at the harvest price. Yield Protection values qualifying production losses using the applicable projected price. Your approved yield, coverage level, production to count, insured units and insured share also matter.
USDA overview of crop insurance plans
A simple corn Revenue Protection example
For an approved yield of 200 bushels per acre and 80% Revenue Protection coverage, a $4.75 harvest price produces a $760 revenue guarantee per acre. Production of 150 bushels per acre would be valued at $712.50. The difference is $47.50 per acre before insured share and other applicable adjustments. This example shows the calculation; your insurer determines the claim outcome.
Report possible losses promptly
Our December 1 request gives the team time to review harvest information and help coordinate next steps. It does not extend or replace your policy’s reporting requirements. You do not need a final payment estimate before contacting us about a potential loss.
RMA’s general claims guidance calls for notice of damage or production loss within 72 hours of discovery, and no later than 15 days after the insurance period ends, unless the individual crop policy states otherwise. Other loss types can have different requirements. Ask your agent which notices and dates apply to your situation.
RMA notice of damage and claims guidance
Gather your production records
Return yield reporting forms promptly when they arrive. To help your agent and adjuster review your information, gather:
- Harvest dates and production records for each insured unit.
- Elevator settlement sheets, scale tickets and storage records.
- Bin measurements and records separating old and new crop inventory.
- Details of crop damage, quality concerns or unharvested acreage.
- Questions about acreage, insured shares or production assigned to a unit.
Keep copies of your submissions. If information is missing, call us so we can help identify the next step.
Common claim reporting questions
Can I have a claim when harvest prices rise?
A covered production loss may still result in a payment. Higher prices alone do not determine whether your farm has a claim.
Should I wait for yield forms before reporting a suspected loss?
No. Contact your agent promptly. Production reporting and notice of a possible loss are separate responsibilities.
Contact Hanford about your harvest results
Our farm insurance team serves growers through our Geneseo, Orion, Erie, Prophetstown and Port Byron offices. Call (309) 944-5151 to review your harvest information, reporting requirements and next steps.
Related reading: 2026 ARC and PLC Election Guide for Illinois Farmers.
Coverage and claim decisions depend on your policy and insurer.