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An Overview of Meat Consumption in the United States

Livestock feed is a significant use of both corn and soybeans. Forty percent of the domestic corn crop and over 60% of domestic soybean production are used as livestock feed (April 2021 USDA WASDE). Animal agriculture is obviously important to…

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Illinois Farm Management Handbook

Machinery Cost of Operations Estimates

Machinery Cost Estimates Summary

Summary of costs for Field Operations, Havest Operations, Tractor and Forage Operations.
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Field Operations

This publication shows estimated costs of performing agricultural field operations.
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Harvest Operations

This publication shows estimated costs for combining, using grain carts, and hauling grain.
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Tractor Costs

Shows estimated costs for different sized tractors
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Forage Operations

This publication shows estimated costs for owning and operating forage machinery.
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Illinois Crop Budgets and Historic Returns

2017 Budgets For All Regions

This publication presents crop budgets for three regions in Illinois: northern, central, and southern Illinois.
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2016 Budgets For All Regions

This publication presents crop budgets for three regions in Illinois: northern, central, and southern Illinois.
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2013 – 2016 Budgets For All Regions

This provides summary cost of production budgets for corn and soybeans. Results are included for all regions in Illinois.
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Cost to Produce Corn and Soybeans in Illinois

The total of all economic costs per acre for growing corn and soybeans in Illinois.
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Illinois Farmland Leasing and Rental Forms

Farmland Leasing Facts Sheets and Pricing Information

Cash Rent Leasing Fact Sheet

Facts on Cash Rent leases.
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Share Rent Leasing Fact Sheet

Facts on Crop Share leases.
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Variable Cash Rent Leasing Fact Sheet

Summary of statistical data on variable case rent leases in Illinois.
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Illinois County Average Cash Rents (NASS)

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Finance

Financial Characteritics of Illinois Farms

This report is based on data obtained from farm business records on Illinois farms. It is an annual summary of such records obtained from farmers cooperating with University of Illinois Extension, the Department of Agricultural and Consumer Economics, and the Illinois Farm Business Farm Management (FBFM) Association.
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Credit Reports and Consumer Credit Scoring

This report is based on farm income and earnings data on Illinois farms. It is an annual summary of such records obtained from farmers cooperating with University of Illinois Extension, the Department of Agricultural and Consumer Economics, and the Illinois Farm Business Farm Management (FBFM) Association.
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Whole Farm and Other Reports

Summary of Illinois Farm Business Records

This report is based on farm income and earnings data on Illinois farms. It is an annual summary of such records obtained from farmers cooperating with University of Illinois Extension, the Department of Agricultural and Consumer Economics, and the Illinois Farm Business Farm Management (FBFM) Association.
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Farm Income and Production Cost Summary

This report summarizes farm income and earnings for FBFM enrolled farms for 2012-2016.
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Farm and Family Living Income and Expenses

Summary of annual capital and noncapital family living expenditures and income and social security tax payments.
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Cost to Produce Beef in Illinois

Report with summary of cost to produce beef in Illinois.
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Cost to Produce Milk in Illinois

Report with summary of cost to produce milk in Illinois.
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Weekly Farm Economics

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Chances of Lower Harvest Time Prices on Corn and Soybeans Futures Contracts in 2021

Prices on 2021 harvest-time futures contracts are above $6.00 per bushel for corn and $14.00 per bushel for soybeans, well above most prices since 2013. Some farmers express concerns about price declines. We use a farmdoc web-based tool to arrive…

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Crop Insurance Coverage Levels and ECO Use on Corn

Enhanced Coverage Option (ECO) became available as an add-on to a farm-level crop insurance product in 2021. While available for other plans, we focus on Revenue Protection (RP) in this article. Farmers who purchase Revenue Protection (RP) now have the…

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Recent State Soybean and Corn Yields in Illinois

For 2020, the state of Illinois had an average soybean yield of 60 bushels per acre and an average corn yield of 192 bushels per acre. Illinois’ exceptional soybean and corn yields since the 2012 drought have caused large increases…

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Fertilizer Price Increases for 2021 Production

Fertilizer prices have increased since fall 2020. These price increases lead to rising fertilizer costs for farms, with the timing of fertilizer purchases impacting the level of fertilizer costs associated with 2021 production. Overall, fertilizer cost increases are larger for…

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What Questions Should Farmers Ask about Selling Carbon Credits?

Agricultural carbon markets exist through privately and publicly owned companies with aim to reduce carbon emissions through trade of carbon units sequestered at the farm level. The sale of carbon credits presents an opportunity for farmers to receive financial benefits…

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Tax on Farm Estates and Inherited Gains

The U.S. Congress is debating two sets of new legislation that would impact the tax on farmer estates and inherited gains, indicative of the momentum for changes to the current code for estate, gifts, and generation skipping taxes. Both pieces…

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Precision Conservation Management (PCM)

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The Evolving US Cotton Safety Net

Cotton is an economically and politically important farm safety net commodity (Coppess).  Following its program is thus important to understanding the forces and issues impacting the US farm safety net (see, for example, the farmdoc daily articles of April 13,…

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An Overview of Meat Consumption in the United States

Livestock feed is a significant use of both corn and soybeans. Forty percent of the domestic corn crop and over 60% of domestic soybean production are used as livestock feed (April 2021 USDA WASDE). Animal agriculture is obviously important to…

read more

Chances of Lower Harvest Time Prices on Corn and Soybeans Futures Contracts in 2021

Prices on 2021 harvest-time futures contracts are above $6.00 per bushel for corn and $14.00 per bushel for soybeans, well above most prices since 2013. Some farmers express concerns about price declines. We use a farmdoc web-based tool to arrive…

read more

Impact of Higher Corn Prices on Feeding Cost of Gain for Cattle Finishing

Corn price futures for the July 2021 contract (December 2021 contract) increased from $4.68 per bushel ($4.31 per bushel) in early January to $6.56 ($5.57) for the week ending April 30.  Moreover, using the iFarm Price Distribution Tool there was…

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Supplemental Area Insurance and Basis Risk Measures: Part II

Yesterday, we examined the likelihood that payments from crop insurance policy combinations utilizing SCO and ECO would under-compensate farm-level losses compared to using a higher level RP policy, also referred to as “false-negatives”. Today, we examine the likelihood that policy…

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Supplemental Area Insurance and Basis Risk Measures: Part I

The Enhanced Coverage Option (ECO) is a new supplemental insurance program introduced this year, providing county coverage from 90% or 95% coverage level down to 86%. The Supplemental Coverage Option (SCO) is another county-based policy that can be used, with…

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Management Articles

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An Overview of Meat Consumption in the United States

Livestock feed is a significant use of both corn and soybeans. Forty percent of the domestic corn crop and over 60% of domestic soybean production are used as livestock feed (April 2021 USDA WASDE). Animal agriculture is obviously important to…

read more

Chances of Lower Harvest Time Prices on Corn and Soybeans Futures Contracts in 2021

Prices on 2021 harvest-time futures contracts are above $6.00 per bushel for corn and $14.00 per bushel for soybeans, well above most prices since 2013. Some farmers express concerns about price declines. We use a farmdoc web-based tool to arrive…

read more

Impact of Higher Corn Prices on Feeding Cost of Gain for Cattle Finishing

Corn price futures for the July 2021 contract (December 2021 contract) increased from $4.68 per bushel ($4.31 per bushel) in early January to $6.56 ($5.57) for the week ending April 30.  Moreover, using the iFarm Price Distribution Tool there was…

read more

Crop Insurance Coverage Levels and ECO Use on Corn

Enhanced Coverage Option (ECO) became available as an add-on to a farm-level crop insurance product in 2021. While available for other plans, we focus on Revenue Protection (RP) in this article. Farmers who purchase Revenue Protection (RP) now have the…

read more

Recent State Soybean and Corn Yields in Illinois

For 2020, the state of Illinois had an average soybean yield of 60 bushels per acre and an average corn yield of 192 bushels per acre. Illinois’ exceptional soybean and corn yields since the 2012 drought have caused large increases…

read more

Fertilizer Price Increases for 2021 Production

Fertilizer prices have increased since fall 2020. These price increases lead to rising fertilizer costs for farms, with the timing of fertilizer purchases impacting the level of fertilizer costs associated with 2021 production. Overall, fertilizer cost increases are larger for…

read more

Management Publication Archives

Farm Economics Facts & Opinions (FEFOs)

Management archives include Farm Economics Facts & Opinions (FEFO) articles. The FEFO series was published from 2000-2010. It is the predecessor to the current Weekly Farm Economics series.

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