2014 Illinois Farm Economics Summit The Profitability of Illinois Agriculture: Back to the Future? Outlook For Corn and Soybeans Darrel Good University of Illinois

2014 Illinois Farm Economics Summit

Corn Balance Sheet Planted Acreage (mil.) Harvested Acreage Yield (bu/ac.) Production (mil. bu.)14,40713,464 Beginning stocks1,2361,998 Imports2520 Total15,66815,482 Export (mil. bu.)1,7501,850 Feed and residual5,3755,400 Ethanol5,1505,175 Other Processing1,3951,400 Total13,67013,825 Ending stocks1,9981,657 Average price$3.50$4.20

2014 Illinois Farm Economics Summit

2015 trend = 44.3

Soybean Balance Sheet Planted Acreage (mil.) Harvested Acreage Yield (bu./ac.) Production (mil. bu.)3,9583,739 Beginning stocks92410 Imports15 Total4,0654,164 Crush (mil. bu.)1,7801,820 Export1,760 Seed and feed115 Total3,6553,695 Ending stocks Average price$10.00$9.75