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Weekly Farm Economics: Revised 2024 Crop Budgets

Author

Listed:
  • Paulson, Nick
  • Schnitkey, Gary

Abstract

Illinois crop budgets for 2024 have been revised from their initial release in August (farmdoc daily, August 29, 2023). The main revision in the budgets is a reduction in the corn and soybean prices assumed for both 2023 and 2024, resulting in lower return and profitability projections. Current farmer return expectations are negative for both corn and soybeans across all regions for 2024 for cash rented land at average cash rent levels, suggesting cost adjustments will be needed in 2024 and beyond. As is always the case, actual returns can vary from projections made this early in the year.

Suggested Citation

  • Paulson, Nick & Schnitkey, Gary, 2024. "Weekly Farm Economics: Revised 2024 Crop Budgets," farmdoc daily, University of Illinois at Urbana-Champaign, Department of Agricultural and Consumer Economics, vol. 14(6), January.
    • Handle: RePEc:ags:illufd:356898
    DOI: 10.22004/ag.econ.356898
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