FARM LIFE NEWS
Insurance Watch - 1
Elizabeth Williams DTN Special Correspondent
Tue Nov 6, 2012 01:20 PM CST

INDIANOLA, Iowa (DTN) -- The nation's corn yields nosedived more than 25% below trend this year, with lesser damage to soybeans and other crops. That means there's just one little detail standing between many of the hardest hit 2012 crop disaster victims and a record $23 billion to $24 billion in crop insurance claims this year: Audits.

When the Risk Management Agency (RMA) finalized Revenue Protection's harvest price guarantees for corn at $7.50/bu. and soybeans at $15.39/bu. on Nov. 1, it guaranteed what some expect will be claims nearly 2.5 times the all-time record in 2011.

At those prices, it ...

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