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Best of NAMA 2022

Blog by Gary Schnitkey, Krista Swanson, Nick Paulson, and Jim Baltz, Department of Agricultural and Consumer Economics, University of Illinois and
Carl Zulauf, Department of Agricultural, Environmental and Development Economics, Ohio State University

Illinois crop budgets for 2022 have been revised from their December release (farmdoc daily, December 7, 2021). Projected costs have been raised for 2022, and corn and soybean costs are at their highest in history. Positive farmer returns are still expected because of high projected corn and soybean prices. While profits are projected, risks remain. Corn is projected to be more profitable than soybeans.

However, Illinois farmers do not intend to increase planted corn acreage, likely due to higher risks with corn. In particular, price and supply risks associated with nitrogen fertilizer risks can be avoided by planting soybeans. Moreover, adjusting acres and changing input plans now could be problematic given input certainty.

Updated Crop Budgets

Updated 2021 and 2022 projections are contained in two publications in the Management section of farmdoc. First, the 2022 Crop Budgets give corn-after-corn, corn-after-soybeans, soybeans-after-corn, soybeans-after-soybeans, and wheat budgets for four regions: northern Illinois, central Illinois with high-productivity farmland, central Illinois with low-productivity farmland, and southern Illinois. In addition, a double-crop soybeans budget also is given for all regions except northern Illinois.

The second publication - Revenue and Costs for Illinois Grain Crop - shows yearly returns and costs of producing corn, soybeans, wheat, and double-crop soybeans by region of Illinois. These budgets represent average returns no matter the preceding crop and are summarized from farms enrolled in Illinois Farm Business Farm Management (FBFM).

Table 1 shows corn and soybeans' actual and projected performance for 2020, 2021, and 2022 on high-productivity farmland in central Illinois. Similar results for northern Illinois, central Illinois low-productivity farmland, and southern Illinois are available in the Revenue and Costs for Illinois Grain Crops Crop publication. Trends in Table 1 for high-productivity farmland also occur across regions.

To view the complete report, click here.

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