Presentations
W11
Crop Management
Wed, Dec 14, 2022
11:00am to 11:50am
W4
Crop Management
Wed, Dec 14, 2022
4:00pm to 4:50pm
Economics in Corn and Soybean Production
We will forecast prices, costs, and returns for the 2023 production of corn and soybeans. Overall, costs will be much higher in 2023 compared to earlier levels. Inflation has been a significant factor in production cost increases, with fertilizer price uncertainty playing a prominent role. Prices for 2023 likely will allow for profitable production. However, breakeven prices have increased to $5.00 per bushel for corn and $12.50 per bushel for soybeans.
Speaker
Gary Schnitkey
Dr. Gary Schnitkey is the Soybean Industry Endowed Chair in Agricultural Strategy within the Department of Agricultural and Consumer Economics, University of Illinois. His activities focus on farm and risk management on Corn Belt grain farms. He analyzes factors causing differences in profitability across farms, and develops ways of mitigating risk on farms. He writes the Weekly Farm Economics article that appears each Tuesday on the farmdocDaily website.