Welcome to IFES 2024! The Illinois Farm Economics Summit returns this December to help producers and landowners navigate the latest economic conditions and policy issues impacting Illinois agriculture. Following three years of excellent farm incomes from 2020 to 2022, price declines coupled with elevated productions costs have resulted in another margin squeeze for producers.
Join us at IFES 2024 this December as the farmdoc team analyzes factors shaping farm profitability this year through presentations and Q&A on crop budgets, grain markets, risk management, farm policy, land values, and more. The farmdoc team of experts will provide information and insights to aid with management decisions during this period of financial stress.
The Illinois Farm Economic Summit series is scheduled for December. It includes the the larger Farm Assets Conference kickoff event on the University of Illinois campus and three IFES events around the state. All of the farmdoc team IFES presentations will be included in the Champaign event.
December 2024 Presentation Follow Up
Grain Market Outlook
Thursday, January 16th
Joe Janzen
Department of ACE, University of Illinois
Joe Janzen will discuss corn, soybean, and wheat price prospects for 2025. 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.
What to Expect from the South American Crop Season
Thursday, January 23rd
Joana Colussi
Department of ACE, University of Illinois
Joana Colussi will provide an update on South America’s crop production, focusing on soybeans and corn in Brazil and Argentina. She will also explore the potential for cropland expansion and export prospects, taking into account supply dynamics and global demand trends.
Macro and Farm Financials Update
Thursday, January 30th
Brad Zwilling & Gerald Mashange
Department of ACE, University of Illinois
With projected lower farm incomes than the highs in the early 2020’s, we analyze Illinois FBFM data and economic factors impacting agriculture. Using this information and trends, we will assess the impact of inflation, interest rates, and farm credit conditions on liquidity, land values, farm debt, and deferred tax liabilities.
Alternative Ag Insurance Products
Thursday, February 6th
Brittney Goodrich
Department of ACE, University of Illinois
Brittney Goodrich will review some less commonly used federal crop insurance options, like Pasture Rangeland and Forage Rainfall Index Insurance, Whole Farm Revenue Protection, and livestock price and margin protection products.
Management Strategies with Low Incomes
Thursday, February 13th
Gary Schnitkey & Nick Paulson
Department of ACE, University of Illinois
Illinois Crop Budgets for 2024 and 2025 suggest negative per acre returns to corn, soybeans, and wheat that could result in some of the lowest farm incomes experienced in the last 4 decades. This session will focus on management strategies farm businesses should consider as they prepare for what could be another multiple-year period of low returns.
Farm Policy Update
Thursday, February 20th
Jonathan Coppess
Department of ACE, University of Illinois
Jonathan Coppess will discuss the state of and outlook for the Farm Bill and farm policy including commodity (ARC/PLC), conservation, and crop insurance programs. He will review the issues challenging Farm Bill reauthorizations, as well as initiatives to modify farm policy from crop insurance changes, to refence prices, and the Inflation Reduction Act.