Corn, Soybean Gross Revenue Projections at Record Levels

Based on a corn price of $5.70/bushel and soybean price of $13.85/bushel — the projected market year averages for 2021 released in the USDA-NASS May World Agricultural Supply and Demand Estimates (WASDE) report — gross revenue levels could be their highest ever for those two crops, according to a report released Tuesday. For corn, gross revenue is forecast at $1,247/acre based on trend yield expectations, its highest since the drought year of 2012 when $295/acre of the total $1,192/acre revenue comprised crop insurance payments. The 2021 figure is tallied with no crop insurance revenue included. The soybean projection is $942/acre based on a market year average price of $13.85/bushel and trend yield figure of 68 bushels/acre. The next-highest gross revenue number for soybeans came last year at $855/acre. Though “much can happen between now and harvest-time in the fall,” it’s an optimistic outlook that puts corn in the driver’s seat for expected crop revenue at this point. See more of the data.