The projected price set in February is only the first of two discovery periods for some policies. A Harvest Price Discovery Period will set a second price using the same CBOT process of averages. Most states’ Harvest Price Discovery Periods for corn and soybeans are in October. Crop insurance policies using projected prices will take the higher of two to determine guarantees and other policy information. 

The high base prices create large guarantees, but it creates a potential for a price drop. The harvest price will determine if a loss for revenue protection (RP) plans. No one knows if the harvest price will be lower or higher than the base prices.