Archive: 2012 Illinois Farm Economics Summit

Just when you think you have seen it all the summer of 2012 appears. The drought that hit Illinois and most of the rest of the Corn Belt this summer was among the worst of the last century. Record high corn and soybean prices fol-lowed. On top of this source of volatility, agricultural policy remained very un-certain, the financial crisis in Europe continued, and political turmoil in the Middle East was heightened even further. Understanding these sources of volatility and how to deal with the associated large risks is front and center in the minds of all producers. 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 turbulent times.

Speakers from the farmdoc team at the University of Illinois will explore the farm profitability outlook and management challenges from several perspectives, including the outlook for prices, income prospects and crop rotation decisions, impact of biofuels mandates, tax implications of crop insurance payments, crop insurance choices, and changes to farm programs. The format for the meeting will be fast-paced and allow plenty of time for questions from the audience.