Soybeans are selling at an all time low and yields in NC are obviously way off due to weather.
Pay him lb for lb in cow. Beef prices are pretty close to an all time low too.
It depends what kind of 'crop insurance' he bought, assuming he did in fact buy any at all, and not all soybean acreage is insurable.
One kind covers loss due to wind and hail.
Another is called Multi-peril crop insurance (MPCI) and it covers loss due to several different causes.
general destructive weather
flood
insect damage
fire
drought
disease
Still another kind which most people think of, protects against low prices and low yields. Crop Revenue Insurance. For this to pay, the crop has to be harvested and it's only after it's delivered to the bin that a value is placed on it, and "the amount that an insurer will pay reflects how much lower a year’s revenues are compared to previous years’ earnings."
No harvest...no paid claim/no check in the mail.
None of them pay 100% of the value that the futures market estimated that particular month's crop would be worth.
In all cases, any part of the soybean crop that can't be marketed (or harvested) still belongs to the farmer and he can do what he wants with it AFTER performing all due diligence in finding an alternative market or use for the soybeans.*
*IF the farmer had a policy that includes a ZMF (Zero Market Value) clause then there are strict guidelines as to what the failed crop can be used for. It usually (but not always) requires the entire covered crop acreage be destroyed and won't pay off if anyone derives any benefit from the failed crop, and that includes using it for grazing.
I do understand the mindset about him double dipping, but consider this:
1. Crop insurance isn't free. The farmer had to pay for it.
2. It's still his soybean crop regardless of whether he was/will be paid a claim.
3. It presumably wasn't his fence that didn't hold the cows and I presume NC has a stock law (It isn't open range) meaning he had no obligation to fence other people's livestock out of his soybean fields.
4. Someone's cows, got to eat for free unless due compensation for that feed (the soybeans) is paid to the farmer.
The question isn't only what the crop may have been worth had he been able to get combines in, but what was the feed value to the encroaching cows worth?
There are few if any free rides in this world....someone somewhere paid/pays for everything.