Welcome to IFES 2024! The Illinois Farm Economics Summit returns this year to help producers and landowners navigate the latest economic conditions and policy issues impacting Illinois agriculture.
2023 brought commodity price rebounds but continued high input costs and tight margins. Now in 2024, the ag economy continues evolving.
Join us at IFES 2024 as farmdoc analyzes factors shaping farm profitability this year through presentations and Q&A on crop budgets, grain markets, farm policy, land values, and more. We look forward to equipping Illinois producers to succeed in the year ahead.
Registration
Preregistration for the 2024 IFES meetings has closed. On site registration is $90.
For registration questions contact Todd Gleason, tgleason@illinois.edu.
Dates and Locations
- Tuesday, January 9, 2024 – Mt. Vernon, IL – DoubleTree Hotel
- Wednesday, January 10, 2024 – Peoria, IL – Par-a-dice Hotel
- Thursday, January 11, 2024 – Dekalb, IL – NIU Barsema Alumni & Visitors Center
Daily Schedule
- 7:45 – Registration
- 8:15 – Introduction and Overview – Todd Gleason
- 8:20 – Grain Market Outlook – Joe Janzen
- 8:50 – South America’s Crop Production Under the El Niño Influence – Joana Colussi
- 9:20 – Enterprise Budgets and Farm Income – Nick Paulson
- 9:50 – Break
- 10:10 – Farm Bill Update – Jonathan Coppess
- 10:40 – Macroeconomic Update – Gerald Mashange
- 11:10 – Biofuels Markets – Scott Irwin
- 11:40 – 1:00 Question & Answer / Wrap-Up
- 12:10 – 1:10 Lunch (Included)
2024 Presentations
Grain Market Outlook
Joe Janzen
Department of ACE, University of Illinois
Joe Janzen will discuss corn, soybean, and wheat price prospects for 2024. He will provide an update on current global market fundamentals and consider what price expectations based on the latest supply and demand estimates mean for farm grain marketing in the year ahead.
South America's Crop Production Under the El Niño Influence
Joana Colussi
Department of ACE, University of Illinois
Joana Colussi will discuss the recent forecast and information about South America’s soybean and corn season, focusing on Brazil and Argentina. She also will touch on Brazilian export estimates for corn and soybeans facing the available supplies, exchange rates, and global demand.
Farm Income and Return Outlook
Nick Paulson
Department of ACE, University of Illinois
This session will focus on projections for returns and net farm incomes in 2024 for Illinois producers. After 3 years of excellent returns from 2020 to 2022, and record incomes in 2022, commodity price levels have declined significantly throughout 2023. Sticky production costs coupled with lower prices suggest a more pessimistic for return levels for the 2023 and 2024 crop years. Trends in prices, yields, and production costs, and strategies for navigating what looks to be a much tighter margin environment moving forward, will be discussed.
Farm Policy: Current State & A Look Ahead
Jonathan Coppess
Department of ACE, University of Illinois
Jonathan Coppess will discuss the extension of the 2018 Farm Bill for the 2024 crop year, including the outlook for commodity (ARC/PLC), conservation, and crop insurance programs. Then, the session will turn to looking ahead at the cloudy and questionable prospects for a new Farm Bill in 2024, including challenges associated with Congressional partisanship and initiatives to modify PLC reference prices, as well as complications introduced by interactions between Farm Bill funding and the Inflation Reduction Act.
Macro and Farm Financial Update
Brad Zwilling & Gerald Mashange
Department of ACE, University of Illinois
This presentation examines aspects of the current U.S. economy that are relevant to agriculture, including inflation, interest rates, and farm credit conditions. Utilizing data from the Illinois Farm Business Farm Management (FBFM), it also examines the financial state and trends of Illinois farms. Key topics covered include farm income, liquidity, land values, farm debt, and deferred tax liabilities.
The Renewable Diesel Boom: What Does the Future Look Like?
Scott Irwin
Department of ACE, University of Illinois
This session will focus on the current and future state of the renewable diesel industry in the US. Renewable diesel production and industry size and trends will be covered, as well as the policy mechanisms underlying the renewable diesel boom. Finally, the presentation will provide an outlook for the future of the industry and its potential impact in terms of feedstock demand.