Great crops in many parts of the state this year, along with Market Facilitation Payments on soybeans, are helping to support incomes in 2018. Looking forward, the story of Illinois agriculture will continue to be one of managing volatility and financial stress. The stress has been brought on by low corn, soybean, and wheat prices, and especially the ongoing trade war with China. Producers and landowners continue to face a series of difficult management challenges as they grapple with adjusting to this highly volatile economic environment. What is the prospect for a recovery in grain prices? Should cash rents be lower? And if so, how much? What strategies can be used to weather the current tough times? The University of Illinois Extension and members of the farmdoc team from the Department of Agricultural and Consumer Economics will be holding a series of five Farm Economics Summit meetings to help producers navigate these difficult times.
Speakers from the farmdoc team at the University of Illinois will explore the 2019 outlook for crop and livestock prices the short- and long-term outlook for grain prices, farm profitability outlook and management challenges, the next farm bill, long-term trends in grain prices, and prospects for farmland values. The format for the meeting will be fast-paced and allow plenty of time for questions from the audience.