stream Only farms with sales of $100,000 or more were counted in making the weighting. Interest is not included. Create fishing lakes or ponds for local fisherman or groups to rent. The tables are calculated on a per acre basis. Profits from soybean production would exceed $110 per acre. equals the gross return per acre. The full report is available online through the Ag Decision Maker website. For example, if the custom rate for chopping, hauling and storing silage is $10.00/ton, the value of the standing silage to the buyer is reduced to $41.23 - $10.00 = $31.23 per ton, or $624.60 per acre. All rights reserved. 3 0 obj This . If YES, here is an analysis of the income & profit margin corn farmers make per acre. The Quick Stats Database is the most comprehensive tool for accessing agricultural data published by NASS. Given higher costs, break-even levels for northern Illinois for corn are $5.34 per bushel on cash rented land. Given higher costs, break-even levels will be much higher. Sign-up for the CFAP program, through your local Farm Service Agency, is still underway. 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. For corn, Johnson estimates a PLC payment of $65 an acre. Your email address will not be published. Central Illinois with high-productivity farmland, Central Illinois with low-productivity farmland, and. where did the 198,870 kWh per acre in Iowa come from? By comparing our estimate to the USDA's data on the average rental price per acre in Kane County, we can see that this rent would be 29 percent higher than the average rent in this county. This measures the total production per farm. The budgets are for four regions of Illinois (northern Illinois, central Illinois with high-productivity farmland, central Illinois with low-productivity farmland and southern Illinois). Garlic. A string of great crops from 2010-2013. We're still protecting positive returns for 2023 but there are risks. Profitability risks will be mitigated over time as input prices are locked in and as projected prices for crop insurance are set in February 2023. Answer (1 of 4): The answer varies from farm to farm, field to field and year to year. And Mexico is huge! This compares to U.S. corn yields of 172 bushels per acre in 2020, 167.4 bushels per acre in 2019, 176.4 bushels per acre in 2018 and the current record U.S. average . Starting in 2021, the amount of nitrogen applied to corn production follows the recommendations from the ISU Corn Nitrogen Rate Calculator. At 180 bushels per acre it is $3.58 per bushel. Corn costs were much smoother than prices. While 2023 is projected to be profitable, risks exist. Variable costs: Fuel, fertilizer, seed, irrigat. There is substantial uncertainty regarding crop prices in the coming season. All records were kept on the accrual, or inventory, basis. In 2023, total costs are projected at $1,161 per acre, up from the $1,054 level in. Corn stocks down, soybean stocks down from year earlier The total cost per bushel of soybeans is projected at $8.72 for non-herbicide-tolerant beans at 56 bpa, according to the report.". For 2021, Purdue's Crop Cost and Return Guide suggests and expected corn yield of 180 bushels per acre for rotation corn on average quality farmland. Iowa State University Ways to Make Money Off Your Land Almost Immediately Rent plots to groups looking to build a community garden. Similarly, a projected 2014 soybean price of $12.70 compares to an average price of $9.69 from 2014 to 2019. CFAP isnt the only corona virus-related program that farmers might be able to use. Land costs account for 44% of total costs of soybean production, and variable costs account for an additional 42%. Loans can be made through June 30 and this is money available, Tidgren said. Soybeans could trigger a $10-per-acre PLC or ARC-CO payment and CFAP would bring another $12 an acre. 14 percent or 2.065 billion bushels of Iowa corn was exported out of the state in the 2018/19 marketing year. State Corn Yield Per Acre: Causes of Variations. The average yield on an acre of popcorn ranges from 1,000 to 4,000 pounds of grain. Yields are set at trend levels for 2023, with trends established through historical yields. 3: How much better is this field than the county average? For corn following soybeans, the following targets were used to figure the gross revenue estimate of slightly more than $600 per acre for a farmer who has 50% crop loss. Sell local honey at farmers markets. The estimated cost of production for continuous corn is $3.88 per bushel for a target yield of 166 bushels per acre, and it goes down to $3.82 for target yields of 184 and 202 bushels per acre. Your email address will not be published. At 180 bushels per acre, it is $3.58 per bushel. The most recent release, September 2019, showed county-level rental rates for non-irrigated cropland ranging from less than $10 per acre in several Western states to more than $250 per acre across portions of the Corn Belt in Illinois and Iowa. Ames, IA 50011-1054. In the corn divisions, depending upon year, the average maximum and minimum cost per acre is $215 to $260 in the cash grain division, and $187 to $234 in the dairy and livestock division (Table 1). The top portion of each table shows income. soybeans per acre, farms averaged $673 total revenue per acre and averaged $664 total cost per acre. While advancements in technology make producing corn more efficient, there are still commodity markets which must be contended with. It is difficult to predict corn-production economics. Annual production costs for established alfalfa or alfalfa-grass hay as well as a budget for maintaining grass pastures are included. A decline in commodity price likely would not be associated with similar decreases in cost levels, reducing already narrow margins. Client Corner: Where can I find average prices for corn and soybeans? "pdf" file that you can access by clicking here. Nationally, the average is 172 bushels per acre. 1.3 Billion bushels) of winter wheat in 2019. Non-land costs are projected to be higher in 2023 than in 2022, as is illustrated for corn grown in northern Illinois in Figure 1. In 2023, total costs are projected at $1,161 per acre, up from the $1,054 level in 2022, Schnitkey says. In recent years, corn profits have been significantly more volatile than years past. Current futures prices seem to indicate that corn and soybean prices might average $4.45 and $11.40 per bushel in 2021/22, respectively. A continuous corn system would not be able to cover all costs even with high yields, and corn production following soybeans would generate $30 to $40 per acre in profits. do champions league winners get automatic qualification. 518 Farm House Lane 710,250 miles. For 2023, much higher prices than average historical prices are needed to maintain some profitability. This is $20 per acre lower than 2019. It allows you to customize your query by commodity, location, or time period. Are you getting any. Sac county had the largest year-over-year increase of 5.8 bushels per acre while Plymouth County saw the largest decrease of . Iowa's corn for grain yield is estimated at 178 bushels per acre. 2 0 obj Current futures prices seem to indicate that corn and soybean prices might average $4.45 and $11.40 per bushel in 2021/22, respectively. In 2019/2020, Iowa corn growers grew an average of 178 bushels per acre. Written byAlejandro Plastina,Extension Economist,plastina@iastate.edu. In the livestock corn division, the average cost per acre is $206 (minimum = $186 during 1993; maximum = $235 during 1987). For corn, land costs account for about one-third of total costs of production (Figure 2). If you thinking of going into the corn farming business and are worried about what your income would look like, or you are just plain curious, we would try to provide an estimate of the profit that can be had per acre of farmed corn. The silage . In northern Illinois, cash rents are projected to increase from $296 per acre up to $301 per acre. Seriously, Iowa grows about three times as much corn as a country like Mexico. . Like non-land costs, can rents have increased since 2020, increasing from $256 per acre up to $301 per acre, an increase of $45 per acre, or 18%. The rest of expected federal payments will be from CFAP, at about $30 an acre. Corn seed costs have increased 74% since the inception of the contest in 1987. The return on soybeans fares better at $150 per acre because fertilizer, seed and drying costs for soybeans are projected to be $226 per acre cheaper than for corn. - One instrument that can be used is The average corn yield per acre has _____ . An analysis of state average corn yield history data provided by the USDA NASS indicates there are two causes of corn yield (in bushel per acre) variations at the regional level in the United States. Additionally, what used to take days to plant can now be done in minutes. Member. Knowing costs is key, as it is to understand the assumptions behind the budgets used in the calculations. The increase between the five and ten-year averages is because the very high prices of the drought years (2011-2013) are added in. Net farm income, cash - total sales and other cash income minus cash expenses, including purchases of livestock and feed. Watch this video with Gary Schnitkey, University of Illinois ag economist: 3 Strategies to Manage Around High Fertilizer Prices, 5 Considerations for Rising Prices and Cost of Production in 2022, Three precision ag features lead the updates being made to John Deeres 7, 8 and 9 Series Tractors for the new model year. Non-land costs are projected to be higher in 2023 than in 2022, as is illustrated for corn grown in northern Illinois in Figure 1. farmdoc daily (12):106, Department of Agricultural and Consumer Economics, University of Illinois at Urbana-Champaign, July 19, 2022. Current futures prices seem to indicate that corn and soybean prices might average $3.90 and $9.50 per bushel in 2020-21, respectively. In northern Illinois, for example, corn is projected to have a -$11 per acre return, while soybeans are projected to have an $11 return, a difference of $22 per acre. Schnitkey, G. and K. Swanson. Interest rates, energy prices, and wage rates continue to increase, and supply issues that began in Covid have not been resolved. The technology trend causes an upward slope of yield over time. The projected season-average farm price is unchanged at $4.00 per bushel. Japanese maples. Interest is not included. Current futures prices seem to indicate that corn and soybean prices might average $4.45 and $11.40 per bushel in 2021/22, respectively. Units Nitrogen, $0.83 per pound 167 138.61 177 146.91 187 155.21 Phosphate, $0.75 per pound 63 47.25 69 51.75 77 57.75 7 . Winter is a great time for farm operators to concentrate on calculating their own costs of crop production, not only because they have more control over costs than crop prices, but also because knowing their break-even prices might ease the struggle to lock-in profits before harvest time. Price = $5.00/bushel 2. Special Tabulations and Restricted Microdata, 02/15/23 Still time to respond to the 2022 Census of Agriculture, USDA to follow up with producers who have not yet responded, 02/15/23 Still time to respond to the 2022 Puerto Rico Census of Agriculture, USDA to follow-up with producers who have not yet responded (Puerto Rico - English), 01/31/23 United States cattle inventory down 3%, 01/30/23 2022 Census of Agriculture due next week Feb. 6, 01/12/23 Corn and soybean production down in 2022, USDA reports The average yield of corn (bushels per acre) for Iowa counties during 2022 follows a bell-shaped (symmetric and unimodal) distribution with a mean of 180 bushels per acre and a standard deviation of 24 bushels per acre. Explore Statistics By State By Subject Crops and Plants Demographics Economic and Prices Environmental Livestock and Animals Research, Science, and Technology Charts and Maps All https://www.barchart.com/solutions/ is provided by Barchart Solutions. You list seed costs as the same for corn after corn rotation as corn after soybeans. On rented farms, only operator income and expenses were recorded. The 2023 farmer return is projected to be close to the average from 2013 to 2019 when the return averaged $29 per acre. In northern Illinois, cash rents are projected to increase from $296 per acre up to $301 per acre. In this scenario, soybean production would only be profitable for operations with medium and high yields, but the profitability margins could be very tight (Figure 3). The lowest returns are projected for southern Illinois, with farmer returns of -$63 per acre for corn and -$61 per acre for soybean. Cost of production in 2018 is predicted to be $645 per acre . The 2023 crop budgets are based on projected input cost levels, trendline corn and soybean yields and per-bushel prices of $5.30 for corn and $12.75 for soybeans. So any change requires processor buy-in. Brazil became the second country in the world after Argentina to approve planting of GMO wheat, following a decision by the nations biosecurity agency CTNbio. Machinery costs are projected to decline by 6% primarily due to lower diesel costs: $2.02 in 2021 versus $2.53 in 2020. However, higher expected corn yields over a 30-year trend for 2021 suggest that on a per bushel basis, costs would increase by 1.0% 2.6% to remain below their 2019 marks (Figure 1). How many farmers know what their inputs are, let alone their costs per acre or per bushel? M. Davis Michaelsen and Editor Brian Grete discuss this week's market action From conventional horizontal tillage to strip-till and no-till, the key is applying a production system that can overcome each fields weakness. Those differences are not likely to change normal rotational decisions. Government programs to protect farmers from agriculture risk have been around for many years, Although ARC and PLC have only been around since 2014. These returns are for a typical 50% corn and 50% soybean rotation in central Illinois. Iowa farmers averaged 205 bushels per acre on corn for grain, the Jan. 12 report noted. Corn stocks down, soybean stocks down from year earlier The 1973-75, 2010-2012, and 2019-2021 weighted-average land value maps are color coded from light to dark, with the darkest colors showing the highest average land values. The Estimated Costs of Crop Production use average corn seed prices paid by farmers in Fall 2020 around the state in both corn budgets, so our budgets do not disaggregate seed traits. Those crop costs are coming from the ISU Estimated Cost of Crop Production publication released in January 2020 for corn following soybeans and soybeans following corn rotations. All rights reserved. Overall, costs have increased dramatically since 2020, from $577 to $860, an increase of $283 per acre, or a 49% increase. Farm Business Association data on farm family living expenses. Woody ornamentals. 2023 Meredith Corporation. Represents a return to unpaid labor, net worth (equity), management, and profit. Variable cost per acre peaked in 2013 at $462 per acre ($2.83 per bushel), and is projected to be $408 per acre ($2.27 per bushel) in 2021. Values of $187, $222, and $256 per acre rent charges for the low, medium, and high quality land were assumed. The 2022 projected costs exceed 2021 cost of $652 per acre by $124 per acre. How Much Profit Per Acre of Corn Can a Farmer Make Yearly? goya cuban black beans recipe; July 9, 2022 . The average of all farms in each table represents a weighted average of the values for each size group listed. Net returns per acre to herbicide-tolerant soybean production would range from $42 to $78 per acre, depending on target yield and tillage practice. Return on equity - net farm income minus value of operator and family labor, divided by net worth. The break-even soybean price is $12.54. Lower commodity prices are possible from any number of causes. The Illinois Central CRD has a 210.4 bushel per acre average corn yield, a 64.0 bushel per acre soybean yield, and a 3.29 corn-to-soybean yield ratio (3.29 = 210.4 corn yield / 64.0 soybean yield). "Nitrogen Fertilizer Outlook for 2023 Decisions." Iowa has led the Nation in corn production for the last 27 consecutive years and 42 of the last 43 years. trade estimate of 13.68 billion and its previous estimate of 13.7 billion. A central Illinois corn farmer will make a $24 per acre profit in 2022 after paying for inputs and land costs, according to the latest crop budgets from the University of Illinois. When breaking down the costs of production, the ISU update stated that, "For corn, land represents . Corn has been grown across Iowa for more than 150 years, nearly 30,000 kernels are planted per acre, and corn yields can be close to 200 bushels per acre in a good year on high CSR land. 1 0 obj The break-even price to cover total costs less other revenue for soybean in 2022 is projected at $11.06 per bushel. The data for this report were collected by Iowa Farm Business Association consultants and compiled by Iowa State University Extension and Outreach. Do you want to know how much money corn farming businesses make yearly? Reference yields for corn and soybean budgets in the annual Iowa State University Extension and Outreach report reflect 30-year trend yields. The Guide also reports expected variable costs of $403 per acre. Domestic use, exports, and ending stocks are also unchanged for 2020 /21. Iowa produced almost 500 times more corn than Utah, which ranks #41 in US corn production by state. Quick Stats Lite provides a more structured approach to get commonly requested statistics from our online database. x=8z98[; @&bg6;bfV_de{HEv:r'@;EbIXoo.(~? How to Write a Community Garden Business Plan [Sample Template], 10 Best Agricultural Crops That are Most Profitable Per Acre, How to Write a Hemp Processing Plant Business Plan [Sample Template], How to Start a Cut Flower Business in 19 Steps, How to Start a Tea Farm Sample Business Plan Template, How to Start a Peanut Farm Sample Business Plan Template, How to Start a Cucumber Farm Sample Business Plan Template, How to Start a Plantain Farm Sample Business Plan Template, How to Start a Sunflower Farm Sample Business Plan Template, How to Start an Avocado Pear Farm Sample Business Plan Template. And those optimum populations increased yield of marketable ears by an average of 0.53 tons per acre. Seed and fertilizers amount to 44% of variable costs. U.S. corn production is unchanged from the previous month at 14,506.8 million bushels, based on a national average yield of 175.8 bushels per acre. Be ready for a big profit swing for 2023 to the downside. hb```b``fb`e`0ed@ Aa,Y 4>hNem}AS1d03r3yU b<4,dPC765b/N`` r::y;L}/X8Q!7j0c|xq)f$=x>dC1^ ]< LK@&q;k !|HJ``*5 |pU_D u Z!, Current futures prices seem to indicate that corn and soybean prices might average $4.45 and $11.40 per bushel in 2021-22, respectively. The wage rate used for operator labor was $2,500 per month. Soybeans: 14 cents per bushel The base rate bushels increased in 2020 for wheat harvesting compared to that reported in 2018. Thats exactly what we want all farmers doing to estimate their own costs of production! From 2014 to 2018, farmer returns averaged -$30 per acre for corn and $64 per acre for soybeans. It's important to note that there was only 200 acres was family land that was purchased, at a slight discount to appraised value. 4 0 obj If you're making 1000/acre +, you need to keep very quiet about it, otherwise peeps will jump on the bandwagon and wreck the job for everyone, as has happened with organic veg/free range chickens etc. From 2000 to 2012, farmer returns averaged $148 per acre for corn and $95 per acre for soybeans. This is a record yield and up substantially from 2020's average yield of 177 bushels per acre. Johnson expects federal payments to come from two main sources, the farm bill programs of ARC (Agriculture Risk Coverage) and PLC (Price Loss Coverage) and from extraordinary payments meant to cushion losses from the economic effects of the coronavirus. Projected prices are $5.30 per bushel for corn and $12.70 for soybeans, near current 2023 fall bids. At the same time, farm income was forecast to increase nationwide in 2020 (see Farm Income and Wealth Statistics for details). 10 Most Profitable Specialty Crops to Grow Lavender. Non-land costs are projected to be $860 in 2023, up from $758 in 2022. For related content and insights from industry experts, sign up for Successful Farming newsletters. Table 1 provides corn and soybean budgets for four regions of Illinois: More detailed budgets are available here in the management section of farmdoc. The cost estimates are representative of average costs for farms in Iowa. While fertilizer prices have declined recently (see farmdoc daily, July 19, 2022), fertilizer prices are still much higher than last year. Table 2 shows actual results for northern Illinois for 2021, along with projections for 2022 and 2023. The total cost per bushel of soybeans is projected at $9.04 for non-herbicide-tolerant beans at 56 bushels per acre, according to the report. This is likely a phenomenon caused by price expectations. of Science and Technology For a detailed statement, please see the University of Illinois Copyright Information and Policies here. 0 Operator landowners on fully paid land will have much lower accounting costs, since the cash rent used in the report will only be an opportunity cost and not a cash cost (as it is for tenants). Disclaimer: We request all readers, electronic media and others follow our citation guidelines when re-posting articles from farmdoc daily. Management return - accrual net farm income less 4% interest on value of equity (net worth), and wages for operator and family labor. Gross income = $950 / acre 4. State Averages Total costs to produce corn for all combined areas of the state were $868 per acre. In this optimistic scenario, corn production would generate profits north of $95 per acre in a continuous corn rotation, and above $200 per acre following soybeans. The Census Data Query Tool (CDQT) is a web based tool that is available to access and download table level data from the Census of Agriculture Volume 1 publication. average profit per acre of corn in iowa. Authors Television Broadcast average profit per acre of corn in iowa Yield = 190 bushels per acre on average (US Midwest) 3. Net returns to corn following soybeans would range from $55 to $74 per acre under conventional tillage, and average $82 and $75, respectively, under strip tillage and no-till. Website: https://ask.usda.gov/s/, June Turner, Director Email: / Phone: (202) 720-8257, Find contact information for Regional and State Field Offices. Keep in mind that for the buyer, harvest costs for silage would be different than harvest costs for grain. Non-land costs are projected to be $860 in 2023, up from $758 in 2022. The hemp -derived CBD market is projected to top $23 billion by 2023, according to the Hemp Cultivation Landscape study conducted by the Brightfield Group. Second, farmers paying land rents higher than the ones projected in the report might face higher costs of production. More details on 2023 budgets are available in the management section of farmdoc through two documents: Schnitkey, G. and K. Swanson. endobj The season average price for corn, projected in USDAs most recent supply and demand estimates, is $3.20, well below the $3.70 reference price that triggers PLC payments. Corn production would not be profitable in a continuous corn scenario if the price per bushel is $3.65. AgDay TV Markets Now: Randy Martinson of Martinson Ag Talks About How the February Crop Insurance Prices May Impact Planting Decisions. The most profitable farm made $275 per acre while the least profitable lost $222 per acre. John Deere Updates 7, 8 and 9 Series Tractors For Model Year 2024, AgDay TV Markets Now: Randy Martinson Talks About How the February Crop Insurance Prices May Impact Planting Decisions. By accessing or using the Service you agree to be bound by these Terms. For northern Illinois, the break-even corn price is $5.34 per bushel on cash rented land. %PDF-1.6 % Revenue and Costs for Illinois Grain Crops, Actual for 2015 through 2021, Projected 2022. Department of Agricultural and Consumer Economics, University of Illinois at Urbana-Champaign, August 2, 2022. Eligibility is determined in part by last years payroll and self-employment income. The average cost per acre has been $238 (minimum = $215 during 1995; maximum = $260 during 1992). bushel higher per acre when comparing to the five-year average from 2016 to 2020. It is important to mention that although there are clear profits and losses, this does not sum up the complete profitability of a corn or soybean farmer. gendergp subscription cost. Fuel and insecticide costs, interest expenses on pre-harvest input financing, and crop insurance premiums are projected lower in 2021. For soybeans, with $621 in income, total direct costs are $485. Copyright 1995-document.write(new Date().getFullYear()) Click Image to Enlarge Changing Use Impacts Corn and Soybean Returns Take, for example, the Central CRD in Illinois. I would think that corn seed with CRW resistance would be higher in cost. If your fuel cost last year was $2.50/gallon and this year it is $5.00/gallon it will only cost you a little over $3 more per acre and if you get 2 tons/acre first cutting, .How Much Does it Cost to Ship Cattle? An agricultural economics and business website. The 2020-2021 national average corn price, which will be finalized on Sept. 30, is now estimated at $4.40 per bushel. The 2022 fertilizer costs will likely top the average fertilizer expenses of $194 . Required fields are marked *. The deadline is August 28. An average corn fertilizer program in Southern Minnesota is expected to cost about $250 to $300 per acre in 2022, as compared to an estimated $140 per acre in 2021 and $121 per acre in 2020, based on South Central College (SCC) Farm Business Management (FBM) data. During the prolonged and excessive rainfall that fell on a good portion of the U.S. in 2018, the Southeast, portions of Iowa, and the Upper Midwest had more than 60 inches of rainfall, resulting in increased abandonment rates and many unharvested acres of corn. soybeans per acre, farms averaged $673 total revenue per acre and averaged $664 total cost per acre. The Census Data Query Tool (CDQT) is a web based tool that is available to access and download table level data from the Census of Agriculture Volume 1 publication. Corn has been grown across the United States and other parts of the world for hundreds of decades. The United States produced 14.2 billion bushels of corn in 2019. Dec 9, 2014. Winter Wheat Seedings up for 2023, 12/13/22 NASS to publish milk production data in updated data dissemination format, 11/28/22 USDA-NASS Crop Progress report delayed until Nov. 29, 10/28/22 NASS reinstates Cost of Pollination survey, 09/06/22 NASS to review acreage information, 09/01/22 USDA NASS reschedules 2021 Conservation Practice Adoption Motivations data highlights release, 05/06/22 Respond Now to the 2022 Census of Agriculture, 08/05/20 The NASS Mission: We do it for you, 04/11/19 2017 Census of Agriculture Highlight Series Farms and Land in Farms, 04/11/19 2017 Census of Agriculture Highlight Series Economics, 04/11/19 2017 Census of Agriculture Highlight Series Demographics, 02/08/23 Crop Production (February 2023), 01/31/23 Cattle & Sheep and Goats (January 2023), 12/23/22 Quarterly Hogs and Pigs (December 2022), 12/15/22 2021 Certified Organics (December 2022), Talking About NASS - A guide for partners and stakeholders, USDA and NASS Anti-Harassment Policy Statement, REE Reasonable Accommodations and Personal Assistance Services, Safeguarding America's Agricultural Statistics Report and Video, Agriculture Counts - The Founding and Evolution of the National Agricultural Statistics Service 1957-2007, Hours: 7:30 a.m. - 4:00 p.m. Eastern Time Monday - Friday, except federal holidays Toll-Free: (800) 727-9540, Hours: 9:00 a.m. - 5:30 p.m. Eastern Time Monday - Friday, except federal holidays Toll-Free: (833) One-USDA Those break-even price are above average prices received from 2014 to 2019: $3.66 per bushel for corn and $9.69 for soybeans. The latest issue of the ISU Extension and Outreach, Estimated Costs of Crop Production, reports average cost estimates for Iowa farms in 2021, and provides guidelines to help farmers calculate their own costs of production. Sell plant seeds online. The breakeven price for corn at a yield level of 200 bushels per acre is $3.23 per bushel. These estimates compare to national average prices of $3.56 per bushel in 2019-2020, $3.61 per bushel for both 2018-2019 and 2015-2016 and $3.36 per bushel in both 2017-2018 and 2016-2017. Soybeans are projected to be more profitable in all regions of Illinois (see Table 1). The highest returns are in central Illinois with high-productivity farmland, with farmer returns of $8 for corn and $43 per acre for soybeans.