Corn and soybeans futures prices have recently rallied to their highest levels in years, providing hope for a market-driven profitable 2021 crop year. For corn, land costs account for about one-third of total costs of production (Figure 2). Since 2020, total costs have increased from $833 per acre to $1,161, an increase of $328 per acre, or 39%. 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. According to some studies, average yield of garlic per acre is between 10,000 and 12,000 pounds and yearly profit per acre is around $80,000 what makes this crop one of the best cash crops with the highest profit per acre. 1.3 Billion bushels) of winter wheat in 2019. 3: How much better is this field than the county average? And in some years, growing corn may not be the best option. 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. A string of great crops from 2010-2013. %PDF-1.6 % The projected season-average farm price is unchanged at $4.00 per bushel. The 2020-2021 national average corn price, which will be finalized on Sept. 30, is now estimated at $4.40 per bushel. {\U{f~uoos;h?zYQ HUoTn>'?{GYHY S|DB?QBZ?Bj+W?=}(]'+?L p?8Pv' B5UFWVTM}UJ9{QGQ4tOygp9 z,OloloKOlfo+V} \f>8t&^U `H198R00t(0TM Up!X ['SMezWgop%B R 1&[UMSi4!k Zm]4#7{qmS7v;lW->b.%I zv9 It is hard to trim costs so you can make a better profit if you dont know your inputs. _. At a Farmland Owners Update webinar, Johnson said he estimates that Iowa farmers, on average, will receive about $95 an acre in federal payments for the 2020 corn crop. When breaking down the costs of production, the ISU update stated that, "For corn, land represents . Willows . <> Learn more. At $75 per ton, that's an extra $40 per acre in profit to the grower. The average corn profit since 1968 has been $0.05/bu, however in the last 5 years the cost to price margin was, on average, -$0.05/bu, if this average is extended to 10 years the average corn profit per bushel is $0.49/bu. That program is the CFAP (Coronavirus Food Assistance Program) for 2020, but the payment being made now reflects the 2019 production and unpriced bushels as of January 15. Lower commodity prices are possible from any number of causes. At projected cost levels, per bushel prices of $5.30 for corn and $12.75 for soybeans result in marginal profitability, similar to levels experienced from 2014 to 2019. 4 0 obj Many farmers purchased fertilizer for 2022 before much of the price increase in fall and early winter of 2021. The U.S. Department of Agriculture's National Agricultural Statistics Service reported on Friday that Iowa averaged 200.0 bushels per acre for corn and 58.5 bushels per acre . Since 2020, total costs have increased from $833 per acre to $1,161, an increase of $328 per acre, or 39%. In fact, there was a farm in Dubuque County that sold on June 1st for $30,600/acre! How Much Profit Per Acre of Corn Can a Farmer Make Yearly? Overall, costs have increased dramatically since 2020, from $577 to $860, an increase of $283 per acre, or a 49% increase. In the cash corn division, the average cost per bushel has ranged from $1.25 to $1.95, and in the livestock corn division, the average cost per bushel has ranged from $1.13 to $1.81. Yields are set at trend levels for 2023, with trends established through historical yields. The biggest is that corn and soybean prices decline, and costs do not-- an event that could happen.. 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). 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. USDA projections for 2020-2021, published in October 2019, put the average U.S. farm prices for corn and soybean at $3.40 and $8.85. Projected prices are $5.30 per bushel for corn and $12.70 for soybeans, near current 2023 fall bids. Timing of purchases. There is substantial uncertainty regarding crop prices in the coming season. Variable costs represent just over half of the costs of production, and nitrogen and seed costs account for about 43% of the variable costs. The break-even soybean price is $12.54. Having considered all variables, experts have come to the conclusion that farms averaged $673 total revenue per acre and averaged $664 total cost per acre. The United States grew 1,304,003,000 bushels (i.e. In 2023, total costs are projected at $1,161 per acre, up from the $1,054 level in 2022, Schnitkey says. 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. With an expected harvest price of $3.65, the anticipated market revenue is $657 per acre. Corn stocks down, soybean stocks down from year earlier Soybeans are projected to be more profitable in all regions of Illinois (see Table 1). Corn has been grown across the United States and other parts of the world for hundreds of decades. Machinery cost per crop acre - total of machinery repairs, fuel, custom machine hire, utilities, machinery depreciation and auto expense, less 75% of all custom hire income received, divided by crop acres. Non-land costs are projected to be $860 in 2023, up from $758 in 2022. Iowa produced almost 500 times more corn than Utah, which ranks #41 in US corn production by state. In northern Illinois, cash rents are projected to increase from $296 per acre up to $301 per acre. Other than 160 acres purchased this year, he aquired this land 10+ years ago at an average land cost under $2,000/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. <> Member. Using the average miles per gallon of a US automobile, this equates to 9,691 miles driven per acre of corn per year. The average corn yield per acre has _____ during the last forty years. In the livestock corn division, the average cost per acre is $206 (minimum = $186 during 1993; maximum = $235 during 1987). Government programs to protect farmers from agriculture risk have been around for many years, Although ARC and PLC have only been around since 2014. ~ Providing Timely, Accurate and Useful Statistics in Service to U.S. Agriculture ~, County and District Geographic Boundaries, Crop Condition and Soil Moisture Analytics, Agricultural Statistics Board Corrections, Still time to respond to the 2022 Census of Agriculture, USDA to follow up with producers who have not yet responded, 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), 2022 Census of Agriculture due next week Feb. 6, Corn and soybean production down in 2022, USDA reports Projected prices are $5.30 per bushel for corn and $12.70 for soybeans, near current 2023 fall bids. 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. Corn stocks down, soybean stocks down from year earlier Copyright 2023 Profitable Venture Magazine Ltd | All Rights Reserved | See About Us | Contact Us | Privacy Policy | Disclaimer. From 2000 to 2012, farmer returns averaged $148 per acre for corn and $95 per acre for soybeans. Yield = 190 bushels per acre on average (US Midwest) 3. The highest returns are in central Illinois with high-productivity farmland, with farmer returns of $8 for corn and $43 per acre for soybeans. . In recent years, corn profits have been significantly more volatile than in years past, thus affecting the income of farmers per acre. However, futures prices are currently reflecting a market reaction to unexpected USDA production and stocks figures, and they could retrench fast once the market reassess the real impact of the new information. If theyre paying average cash rent, theyre not making any money, Johnson said of his outlook for soybeans. The Quick Stats Database is the most comprehensive tool for accessing agricultural data published by NASS. 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. As of Friday, $130 billion hadnt been spent, Tidgren said. We're still protecting positive returns for 2023 but there are risks. So any change requires processor buy-in. At the farm level, the study predicts it could mean over $40,000 per acre in revenue, depending on quality and yield. Very large or small farms may have lower or higher fixed costs per acre. The 2022 fertilizer costs will likely top the average fertilizer expenses of $194 . First, fertilizer and lime costs include volume and early purchase discounts. State Averages Total costs to produce corn for all combined areas of the state were $868 per acre. Central Illinois with high-productivity farmland, Central Illinois with low-productivity farmland, and. Are you getting any. Current futures prices seem to indicate that corn and soybean prices might average $3.90 and $9.50 per bushel in 2020-21, respectively. % Post Application Coverage Endorsement Tool (Sheet), Balance Sheet & Historical Financial Statements, Briomass Crop Budget Tool Miscanthus & Switchgrass, Illinois Soil Productivity & Yield Utilities, Farmland LEasing Facts Sheets & Pricing Information, Schnitkey, G., K. Swanson, C. Zulauf and J. Baltz. average profit per acre of corn in iowa. Price. Given higher costs, break-even levels will be much higher. But farmers also must maintain a production level that will result in profitable returns. Variable costs: Fuel, fertilizer, seed, irrigat. Schnitkey, G. and K. Swanson. endobj Interest rates, energy prices, and wage rates continue to increase, and supply issues that began in Covid have not been resolved. And Mexico is huge! The 2023 farmer return is projected to be close to the average from 2013 to 2019 when the return averaged $29 per acre. Cost of production estimates for herbicide tolerant soybeans amount to $9.16, $8.94 and $8.74 per bushel for target yields of 50, 56, and 62 bushels per acre, respectively. It doesn't appear that farmland prices are slowing down anytime soon either with the steady increase in prices as seen in the graph above. Iowa State University The USDA pegged the U.S. corn yield at 168.4 bushels per acre vs. the average trade estimate of 167.5 bu./acre and its previous estimate of 168.2. Landscaping trees and shrubs. Nationally, the average is 172 bushels per acre. of Science and Technology Working capital - current assets minus current liabilities. Risks will exist throughout the autumn as many decisions concerning 2023 production are made, and input prices are locked in. Corn Following Corn 167 bushels per acre 185 bushels per acre 204 bushels per acre Your Fixed Variable Fixed Variable Fixed Variable Estimate Preharvest Machinery 1/ $28.30 $27.10 $ Seed, Chemical, etc. Variable costs decreased $10 per acre or 2 percent, other nonland costs decreases $14 per acre, and land costs increased $4 per . What is the average bushel of corn per acre? Take, for example, the Central CRD in Illinois. Over time, corn yields have increased an average of 2.0 bushels per acre, while soybean yields have increased by .5 bushels per acre. goya cuban black beans recipe; July 9, 2022 . Iowa farmers averaged 205 bushels per acre on corn for grain, the Jan. 12 report noted. 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. Eligibility is determined in part by last years payroll and self-employment income. In any case, farm operators can always improve their profitability or limit losses by focusing on managing costs and using their break-even estimations to implement a tailored marketing plan. Alejandro Plastina, extension economist, 515-294-6160, plastina@iastate.edu, Department of Economics U.S. farmland values remained high in 2020, averaging $3,160 per acre, a small decrease of 0.8 percent compared with 2019. The governmental agency estimated corn production at 13.77 billion bushels vs. the avg. Do you want to know how much money corn farming businesses make yearly? It will take nearly all of that to reach Johnson's projected net return to the farmer of $86.60 an acre for corn. While commodity prices are projected lower, those prices still are not low by historical standards. Farmers need to manage nutrients and pesticides carefully to avoid adverse effects on the environment and to reduce the costs of purchased inputs. Until that point, the risks of low returns from price declines will be large. However, a grower generally has more control over the cost of production than price. In northern Illinois, cash rents are projected to increase from $296 per acre up to $301 per acre. Is this correct? AgDay TV Markets Now: Randy Martinson of Martinson Ag Talks About How the February Crop Insurance Prices May Impact Planting Decisions. Land costs account for 44% of total costs of soybean production, and variable costs account for an additional 42%. The break-even soybean price is $12.54. The 1964 Iowa corn yield test The average corn yield per acre has doubled during the last forty years. Soybeans: 14 cents per bushel The base rate bushels increased in 2020 for wheat harvesting compared to that reported in 2018. The technology trend causes an upward slope of yield over time. These variations impact US state corn production.. Each is important for creating an accurate corn yield forecast. State Corn Yield Per Acre: Causes of Variations. Costs are projected to increase in 2023 from 2022 levels. 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. He estimates the average cash rent in Iowa this year at $222 per acre, which has changed little over the past four years. (Source: USDA, Jan. 2021) Knowing costs is key, as it is to understand the assumptions behind the budgets used in the calculations. However, it is great that you are reviewing the budget line by line and adjusting our state average estimates to reflect the specifics of your operation. In northern Illinois, cash rents are projected to increase from $296 per acre up to $301 per acre. The average of all farms in each table represents a weighted average of the values for each size group listed. This measures the total production per farm. trade estimate of 13.68 billion and its previous estimate of 13.7 billion. Have a specific question for one of our subject experts? Farm Bureau members may subscribe for a free email news service, featuring the farm and rural topics that interest them most. Arable Farmer. 518 Farm House Lane All these serve to influence what a farmer can make from an acre of corn. County yields ranged from 37.9 bushels per acre in Decatur County to 69.1 bushels per acre in Scott County. 10 Most Profitable Specialty Crops to Grow Lavender. In an average year, Iowa produces more corn than most COUNTRIES! Inventory value gain or loss - change in value of crops or livestock sold due to differences in opening inventory price and final sale price. The projected corn-to-nitrogen price ratio used in the calculator amounted to 12.35. By accessing or using the Service you agree to be bound by these Terms. Such methodological adjustment resulted in an average 6% increase in the amount of nitrogen applied to corn following corn, and an 11% increase in the amount applied to corn following soybeans. corn takes the worst figure in the study to the third best at $144 per acre profit . The breakeven price for corn at a yield level of 200 bushels per acre is $3.23 per bushel. x=8z98[; @&bg6;bfV_de{HEv:r'@;EbIXoo.(~? M. Bonsai plants. History suggests that low prices would not lead quickly to lower costs, as costs typically exhibit lags in adjustments. hbbd```b``"_HRD2I V&%T$/"9;@h$-"%H`f3N$_ j6@ d-z endobj 7 . The most recent USDA projections for 2021/22, published in October 2020, put the average US farm prices for corn and soybeans at $3.65 and $10.00. 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. Sell plant seeds online. 5552 0 obj <> endobj 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. ", 2023 Crop Budgets: Higher Costs and Lower Returns, Revenue and Costs for Illinois Grain Crops, Revenue and Costs for Illinois Grain Crops, Actual for 2015 through 2021, Projected 2022, Nitrogen Fertilizer Outlook for 2023 Decisions, Corn and Soybean Prevent Plant and the Dakotas, Department of Agricultural and Consumer Economics, Department of Agricultural, Environmental and Development Economics. Weighting factors are based on the number of farms in each size group in the state, as computed from the most recent Census of Agriculture. Projections are for a return to much lower profits in 2023, continuing a pattern of rising and falling farm incomes. Iowa's corn for grain yield is estimated at 178 bushels per acre. Email: askusda@usda.gov The full report is available online through the Ag Decision Maker website. For soybeans, the yield is pegged at 55 bushels an acre with an average selling price of $8.20 per bushel. For a detailed statement, please see the University of Illinois Copyright Information and Policies here. The top portion of each table shows income. "pdf" file that you can access by clicking here. 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. 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. Section 207(f)(2) of the E-Government Act of 2002 requires federal agencies to develop an inventory of information to be published on their Web sites, establish a schedule for publishing information, make those schedules available for public comment, and post the schedules and priorities on the Web site. 2 0 obj 1). Garlic. The total cost per bushel of soybeans is projected at $8.72 for non-herbicide-tolerant beans at 56 bpa, according to the report.". I would think that corn seed with CRW resistance would be higher in cost. It will take nearly all of that to reach Johnsons projected net return to the farmer of $86.60 an acre for corn. Decision Tools on the Ag Decision Maker website, ISU cost of production estimates for 2021, https://www.youtube.com/watch?v=xuxGMkKuzeE. The lower projected profits in 2023 result from much higher costs and projected lower commodity prices than 2021 and 2022. 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. Disclaimer: We request all readers, electronic media and others follow our citation guidelines when re-posting articles from farmdoc daily. Click Image to Enlarge Changing Use Impacts Corn and Soybean Returns I do believe there will be some interest in lowering that fixed rent, Johnson said. The cost estimates are representative of average costs for farms in Iowa. CFAP isnt the only corona virus-related program that farmers might be able to use. corn and 59 bu. The 2022 projected costs exceed 2021 cost of $652 per acre by $124 per acre. Friday, an Iowa State University (ISU) farm management specialist told landowners that all of any profits farmers earn this year on corn will be due to those payments and that even with federal help, soybeans will lose an average of $15 an acre. 1.494 billion bushels of Iowa corn in the 2018/19 marketing year went into corn processing used in the wet mill industry for food and industrials usage. 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). Will Bird Flu Become a Recurring Issue Each Year. Machinery costs are projected to decline by 6% primarily due to lower diesel costs: $2.02 in 2021 versus $2.53 in 2020. corn takes the worst figure in the study to the third best at $144 per acre profit . Yield multiplied by price equals the total production return per acre. There has been an upward trend in the Required fields are marked *. It will be on corn for the 2020 crop but not received until October 2021.. 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 Cost of production in 2018 is predicted to be $645 per acre . The most profitable farm made $275 per acre while the least profitable lost $222 per acre. This is a record yield and up substantially from 2020's average yield of 177 bushels per acre. Return on equity - net farm income minus value of operator and family labor, divided by net worth. The first release of the 2023 Illinois Crop Budgets is available on farmdoc. If water requirements are met with a good irrigation system and other cultural practices optimized, sweet corn yields can be up to 7 to 8 tons per acre or 2,000 dozen. for the fresh market and 4 to 6 tons per acre for processing. This is $20 per acre lower than 2019. Domestic use, exports, and ending stocks are also unchanged for 2020 /21. Answer (1 of 4): The answer varies from farm to farm, field to field and year to year. The wage rate used for operator labor was $2,500 per month. . To continue using this site and its features, you will need to use a newer browser. Want more news on this topic? Guidelines are available here. Interest is not included. Another is the Paycheck Protection Program, designed to help small businesses keep employees on the payroll and meet other costs. Profits from soybean production would exceed $110 per acre. Quick Stats Lite provides a more structured approach to get commonly requested statistics from our online database. Based on these numbers, corn is estimated to return about $155 per acre and beans will return about $70. At 180 bushels per acre, it is $3.58 per bushel. 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 While 2023 is projected to be profitable, risks exist. The break-even price to cover total costs less other revenue for soybean in 2022 is projected at $11.06 per bushel. At 160 bushels per acre, it is $4.03. However, vegetable processors choose the hybrid, provide seed of that hybrid, and set the population size. The most profitable farm made $275 per acre while the least profitable lost $222 per acre. The farm record data utilized in this report were obtained from the Iowa Farm Business Association. Written byAlejandro Plastina,Extension Economist,plastina@iastate.edu. Contract grazing: A flat rate is paid per animal per month or per day by the livestock owner to the landowner. Still, you can apply up through June 30 at your bank or Farm Credit System lender that is participating in the program. Corn seed costs are expected to increase by 2% to $262 per bag. Additionally, what used to take days to plant can now be done in minutes. Home Business ideas Agriculture Industry Crop Cultivation. Even with those, the net return on beans is projected at a negative $15 an acre. Use the 68-95-99.7 Rule (Empirical Rule) to answer the following questions. Offer indoor or outdoor storage. With an average direct cost of $751 per acre of corn and $900 in sales, the farmer has about $149 left. Given higher costs, break-even levels for northern Illinois for corn are $5.34 per bushel on cash rented land. Depreciation is estimated at 10% of current value of the machinery. The soybean price of $8.20 is only 20 under the soybean reference price of $8.40. Loans can be made through June 30 and this is money available, Tidgren said. All rights reserved. For central Illinois high-productivity farmland, we are projecting an average return of $25 per acre for a corn-soybean rotation, Schnitkey says. Having considered all variables, experts have come to the conclusion that farms averaged $673 total revenue per acre and averaged $664 total cost per acre. 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. Corn costs were much smoother than prices. Corn: 13 cents per bushel in charge; then 4 cents per month prorated daily through August 31, 2023. That's anywhere from $2,500 to more than $10,000 per acre gross profit! Average four-crop gross income per acre = approximately $790 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. Woody ornamentals. Farmer returns are projected to be lower for 2023, as is illustrated in Figure 2, which shows farmer returns for central Illinois farmland with high productivity farmland. Sell local honey at farmers markets. Phosphorus and potassium were charged, respectively, at $.39 and $.30 per pound. 14 percent or 2.065 billion bushels of Iowa corn was exported out of the state in the 2018/19 marketing year. 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. For all regions of Illinois, the relatively high returns experienced in recent years are projected to end in 2023. The key points to remember when growing popcorn is to make sure it doesn't cross pollinate with other corn you may be growing. This is likely a phenomenon caused by price expectations. Data for ending assets and liabilities represent those of the operator only, and do not include the value of rented land. 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. Current futures prices seem to indicate that corn and soybean prices might average $4.45 and $11.40 per bushel in 2021-22, respectively.
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