Forecast of 2017 Net Income on Grain Farms in Illinois08/16/2017
Net incomes on Illinois grain farms are forecast for 2017 using recently released yield estimates by U.S.D.A. (see Crop Production and 2017 prices projected by University of Illinois economists during an August 11, 2017 webinar). Forecast 2017 net incomes are down from 2016 levels primarily due to lower yields. Decreases in non-land costs should partially offset revenue declines from lower yields. U.S.D.A. yield estimates for Illinois are above trend levels and could decline due to dry August weather. Reductions in yields will result in lower incomes if no positive price response occurs. As always, net incomes will vary across Illinois, with areas of lower yields facing lower incomes.