2020 truly has been a year like no other for Illinois agriculture. The year started with great hope for a surge in agricultural exports to China as a result of the Phase I trade agreement with China and then the COVID pandemic hit. The pandemic absolutely rocked the global economy and caused the US economy to fall into the worst contraction since the Great Depression. This caused most agricultural prices to plummet and the creation of new ad hoc government programs to assist the sector. Just when it appeared that things might get even worse with large crops this summer, the grain markets took off, with corn prices rising to $4 and soybean prices to $11.
Grain farm incomes in 2020 were supported by above-trend yields, higher prices than expected, and several forms of Federal payments. These 2020 incomes serve as a backdrop for 2021 income projections. Sufficient 2021 incomes will be dependent on a combination of above-trend yields and continued Federal payments. Risk management will be critical, and several new tools are available this year. Levels of cash rental likely will depend on continued Federal payments.
The webinar will consist of 30 minutes of presentation and 30 minutes for Q&A. Registration is free. Signing up for this session also gives access to the entire 2020 Virtual Illinois Farm Economic Summit
Other 2020 Virtual Illinois Farm Economic Summit sessions
- December 1: 2021 Market Outlook for Corn and Soybeans
- December 8: Farm Program and Crop Insurance Decisions for 2021
- December 11: Straining the alphabet soup: Post-election farm policy outlook after three years of ad hoc farm payments
- December 15: Farmland Markets and Macro Markets
Illinois Extension provides equal opportunities in programs and employment. If you need a reasonable accommodation to participate in programming, please contact Ryan Batts at firstname.lastname@example.org. Early requests are strongly encouraged to allow sufficient time for the requested accommodation.