U Of Illinois Releases 2020 Crop Budgets, Revises 2019

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Source: Univ of Illinois news release

To view the complete report, click here.

Crop budgets for 2020 have been released and made available on farmdoc. In addition, 2019 budgets have been revised in light of wet weather and late planting. Overall, low returns are projected in 2019 and 2020, particularly for soybeans. Current projections indicate corn returns will be higher than soybean returns.

Background
Historical results and budgets are maintained for Illinois farms in four regions:

1. Northern Illinois.
2 Central Illinois with high productivity farmland (Central-high). From 2013 to 2018, central-high farms averaged 220 bushels per acre for corn.
3. Central Illinois with low-productivity farmland (Central-low). From 2013 to 2018, central-high farms averaged 207 bushels per acre for corn.
4. Southern Illinois.

Actual values are summarized from farms enrolled in Illinois Farm Business Farm Management (FBFM). FBFM is an accounting and financial consulting cooperative servicing over 5,000 farms representing around 25% of the acres farmed in Illinois. Actual results have been finalized for 2018.

These results are summarized for corn, soybean, wheat, and double-crop soybeans for the years from 2013 to 2018 in a publication entitled Revenue and Cost for Illinois Crops available for download from the farmdoc website. The format of the document is illustrated in Table 1, which shows actual 2018 results, and projections for 2019 and 2020 for northern Illinois.

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