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U OF ILLINOIS ECONOMISTS ISSUE REPORT "BRIGHTENED 2020 INCOME OUTLOOK FOR GRAIN FARMS"
Sep. 25, 2020
Source: Univ of Illinois news release
To view the complete report, click here.
In the past month, much has changed in outlook for grain farm income. The U.S. Department of Agriculture (USDA) is projecting relatively high yields for corn and soybean in Illinois. Moreover, price expectations have increased considerably. In addition, payments for the second round of the Coronavirus Food Assistance Program (CFAP-2) have been announced, thereby reducing uncertainty about 2020 Federal payments. Herein, revised 2020 budgets for production on central Illinois high-productivity farmland are presented.
Central Illinois High-Productivity Budgets
Per acre revenues and costs for corn and soybean production in central Illinois on high-productivity farmland are shown in Panel A of Table 1. Results from 2018 and 2019 are summaries of farms enrolled in Illinois Farm Business Farm Management (FBFM). Values for 2020 are projections.
Previous 2020 projections were made in a July 21, 2020, farmdoc daily article. Major changes have occurred for 2020 revenue projections since release of the July 21 article. Projections of gross revenue for corn increased from $814 per acre in the July 21 version to $885 in Table 1, an increase of $71 per acre. Soybean gross revenue increased from $676 per acre in July 21 version to $707 per acre in Table 1, an increase of $31 per acre. Components of revenue increasing as a result of this update include yield, prices, and CFAP payments.
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