In 2021, the full of all financial prices per acre for rising corn in Illinois averaged $952 within the northern part, $960 within the central part for farmland with “excessive” soil scores, $908 within the central part for farmland with “low” soil scores, and $876 within the southern part.  Soybean prices per acre had been $704, $716, $660 and $668, respectively (see Desk 1).  Prices had been decrease in southern Illinois primarily due to decrease land prices.  The full of all financial prices per bushel within the completely different sections of the state ranged from $4.19 to $4.51 for corn and from $9.94 to $10.67 for soybeans.  Variations in these prices had been associated to climate, yields, and land high quality.

These figures had been obtained from farm enterprise information saved by farmers enrolled within the Illinois Farm Enterprise Farm Administration Affiliation.  The samples included solely farms with greater than 500 acres of productive and almost stage soils in every space of the state; these are farms with out livestock.  Farms positioned within the 22 counties north and northwest of the Illinois River are included within the pattern for northern Illinois.  Farms from 36 counties beneath a line from about Mattoon to Alton are within the pattern for southern Illinois.  The remaining 44 counties make up the pattern for central Illinois.  The pattern farms averaged 1,625 tillable acres in northern Illinois, 1,550 acres within the central part with excessive soil scores, 1,511 acres within the central part with decrease soil scores, and 1,885 acres in southern Illinois.

Value of Manufacturing For Corn In comparison with 2020

Prices per bushel of corn in 2021 as in comparison with 2020 had been greater in all areas of the state moreover southern Illinois.  Prices had been decrease in southern Illinois attributable to a lot greater yields.  Prices per bushel had been elevated even with greater yields attributable to higher fertility, pesticides, overhead prices in addition to equipment repairs, gas and machine rent prices.  Prices per bushel had been 17 cents greater in northern Illinois, 17 cents greater in central Illinois with the upper rated soils, 16 cents greater in central Illinois with the decrease rated soils and 20 cents decrease in southern Illinois.

The typical corn yield in 2021 was 11 bushels per acre greater than 2020 in northern Illinois, 6 bushels to 7 bushel greater in central Illinois and 25 bushels greater than 2020 in southern Illinois. The 2021 common corn yield within the completely different geographical places ranged from one bushel decrease to 25 bushels per acre greater than the five-year common from 2017 to 2021.

Prices per acre for corn had been greater in all of the completely different geographic areas in Illinois in comparison with 2020.  Throughout the state, whole prices per acre to provide corn elevated from 7 to 10 p.c.  Land and pesticide prices elevated probably the most statewide.

Value of Manufacturing For Soybeans In comparison with 2020

Manufacturing prices per bushel of soybeans in 2021 in Illinois in comparison with 2020 various throughout the state.  Prices per bushel elevated in northern Illinois due to greater seed prices and within the central part of Illinois with decrease soil scores attributable to much less of a rise in yields.  Prices had been decrease in central Illinois with greater soil scores and southern Illinois attributable to a better enhance in yields.  Soybean yields ranged from 5 to 7 bushels per acre greater in 2021 in comparison with 2020.  Modifications in prices per bushel ranged from 23 cents decrease in southern Illinois to 14 cents greater in northern Illinois.

Whole prices per acre for soybeans elevated in Illinois when in comparison with 2020.  Prices elevated $72 per acre in northern Illinois, $56 per acre in central Illinois with the upper rated soils, $53 per acre in central Illinois with the decrease rated soils and $60 per acre in southern Illinois when in comparison with 2020.  Common soybean yields within the completely different areas ranged from 3 to 7 bushel greater per acre when evaluating to the five-year common from 2017 to 2021.

State Averages

Whole prices to provide corn for all mixed areas of the state had been $937 per acre. That is $69 per acre greater than 2020.  Variable prices elevated $34 per acre or 8 p.c, different nonland prices elevated $14 per acre, and land prices elevated $21 per acre.  In 2021, money prices accounted for 47 p.c of the full price of manufacturing for corn, different nonland prices had been 27 p.c, and land prices had been 26 p.c.  The typical corn yield for all mixed areas of the state was 213 bushels per acre leading to a complete price of manufacturing of $4.40 per bushel.  The typical corn yield in 2021 was the very best within the final 3 years and 10 bushels to the acre greater than 2020.  Whole prices per acre had been the very best since 2013 whereas whole prices per bushel had been the second highest within the final 5 years.

Whole price per acre to provide soybeans elevated, from $635 per acre in 2020 to $693 per acre in 2021.  Variable money prices accounted for 33 p.c of the full price of manufacturing for soybeans, different nonland prices 32 p.c and land prices 35 p.c. The typical soybean yield for all mixed areas of the state was 68 bushels per acre leading to a complete price of manufacturing of $10.19 per bushel. The fee per bushel to lift soybeans the final 5 years averaged $10.23 per bushel.

Forecasts for Illinois manufacturing prices in 2022 look to extend utilizing Gary Schnitkey’s 2022 Crop Budgets and the USDA’s Value-of-Manufacturing Forecasts as a information.  For corn, 2022 variable prices are projected to extend 39 p.c, primarily attributable to soil fertility prices.  Nevertheless, this enhance might be extra relying on when fertilizer was bought.  For 2022, soybeans have a bigger projected share enhance of variable prices of 46 p.c.  This enhance can also be primarily attributable to soil fertility prices.  These will increase coupled with monitoring overhead and land prices have the likelihood to be offset with presently greater projected grain costs for 2022.

The writer wish to acknowledge that information used on this examine comes from Illinois Farm Enterprise Farm Administration (FBFM) Associations throughout the state.  With out their cooperation, info as complete and correct as this might not be obtainable for academic functions.  FBFM, which consists of 5,500 plus farmers and 60 plus skilled discipline employees, is a not-for-profit group obtainable to all farm operators in Illinois.  FBFM discipline employees present on-farm counsel with recordkeeping, farm monetary administration, enterprise entity planning and revenue tax administration.  For extra info, please contact the State FBFM Workplace positioned on the College of Illinois Division of Agricultural and Shopper Economics at 217-333-8346 or go to the FBFM web site at www.fbfm.org.

A extra full dialogue of how a number of the prices are calculated might be discovered beneath Illinois Farm Administration Handbook within the administration part of farmdoc: https://farmdoc.illinois.edu/handbook/cost-to-produce-corn-and-soybeans-in-illinois