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.
The election and enrollment period for the ARC and PLC programs for the 2021 crop year is now open, and decisions must be made by March 15th. A new crop insurance program, the Enhanced Coverage Option (ECO), will also be available for crops produced throughout the Midwest. ECO is a county-based program, similar to the Supplemental Coverage Option (SCO) that can be used to supplement underlying multi-peril coverage for eligible crops. This session will address these decisions, and provide some examples and recommendations for typical Illinois farm situations.
College of Agricultural and Consumer Economics Presenters
Nick Paulson, Associate Professor and Director of Graduate Programs; Gary Schnitkey, Soybean Industry Chair in Agricultural Strategy; and Jonathan Coppess, Assistant Professor
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 4: 2020 and 2021 Grain Farm Income Outlook with Risk and Rental Implications
- 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 batts@illinois.edu. Early requests are strongly encouraged to allow sufficient time for the requested accommodation.