2024 Spring Farm Magazine

Page 18 2024 Logan County Spring Farm Magazine LINCOLN DAILY NEWS March 2024 Most people involved in agriculture will testify to the fact the tide has turned, and not in a good way. Looking at historical information compiled by Gary Schnitkey and Nick Paulson of the University of Illinois, their farmer returns in the “Revenue and Costs for Illinois Grain Crops” bulletin show estimated negative farmer returns in 2023 for the first time since 2017 for corn and even longer ago for soybeans. The stark reality of corn net income decline is shown in estimated corn prices. In 2021 the average was $5.79 per bushel, 2022 averaged $6.40, and the estimated 2023 average is $4.80. The estimated 2024 average is $4.50. Soybean prices in 2021 averaged $13.40, 2022 averaged $14.00, and the estimates for 2023 sit at $12.90 and see a projected drop to $11.50 for the 2024 year. Elevator bids at the Producers will need a watchful eye on budgets and costs in 2024 end of February were substantially below the estimates for 2024 for both commodities. Turning to another publication from Schnitkey and Paulson on 2024 Illinois Crop Budgets, looking at Central Illinois High Productivity Farmland similar numbers are found. Slightly higher corn yields are used with corn at 230 bushels per acre after a soybean crop the prior season. Soybean estimates remain the same at 72 bushels per acre after a corn crop the preceding season. We will delve a bit further into costs, but the corn bottom line is $223. However, that also needs to cover the land costs in this publication. Estimated land costs are $363 per acre, leaving a potential deficit of $140 per acre. Soybeans fare better with $311 estimated return. Deducting the land cost still leaves a deficit of $52 per acre. Continued --

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