The CEPP incorporates a range of commodity exchanges, contract months, and price discovery periods specific to each crop. In the context of this article, let’s consider Winter Wheat in Cascade County, Montana as an example to illustrate these principles.

The projected price represents the average daily settlement price of the pre-harvest year, specifically during the projected price discovery period for the futures contract of the upcoming harvest year. This value, which is rounded to the nearest whole cent, can be found in the table provided below. It’s important to note that the projected price will be made available within three business days after the projected price discovery period concludes.

The harvest price corresponds to the average daily settlement price during the harvest price discovery period of the futures contract for the current harvest year. This value, rounded to the nearest whole cent, can be found in the provided table (below). It is important to note that the harvest price will be made available no later than three business days after the conclusion of the harvest price discovery period.

The table above provides a clear overview of the settlement period for the harvest price of both Winter and Spring Wheat, which occurs in the month of August. In contrast, the projected price for Spring Wheat is established in the month of February, while for Winter Wheat, it is determined between August 15th and September 15th.

Both the harvest price and projected price play a vital role in determining your coverages and losses, depending on the specific program you have enrolled in, whether it is Revenue Protection or Yield Protection. In our upcoming article, we will delve into the significant distinctions between these two programs, providing you with a comprehensive understanding of their unique features.