Recently the wisdom of growing soybeans in Illinois has been questioned. In 2003, many Illinois farms experienced above average corn yields and below average soybean yields, leading to much higher returns for corn than for soybeans. In the long-run, soybean prices may decline relative to corn prices because of increased soybean production in South America. In September 2002, we suggested that planning prices for 2003 harvest-time supported planting more corn and wheat and less soybeans (see “Crop Rotations in 2003: More Corn and Wheat”. Illinois Farm Economics: Facts and Opinions. September 23, 2002).
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