The 2014 Illinois Crop Budgets have lower returns than received in recent years. This suggests incomes will be down from recent levels in the upcoming year.
Much can happen between now and 2014 harvest. Price expectations can change. Moreover, cost expectations, particularly for fertilizer, could vary from those shown in this release of the budgets. These budgets will be updated as market conditions change.
Budgets represent averages across many farms. Individual farms can vary from the budgeted amounts. Farmers should evaluate their own costs contained in budgets.
Submitted by: Gary Schnitkey, Department of Agricultural and Consumer Economics, University of Illinois
Listen to Gary Schnitkey and Todd Gleason using the link on this page. Or read the whole of the article on the Farm Doc Daily website.