Projected budgets show soybeans more profitable than corn
By RHIANNON BRANCH
FarmWeek
While the national consensus points to better corn returns compared to soybeans this season, that might not be the case for farmers in the No. 1 soybean producing state.
USDA’s prospective plantings report predicted a 5% increase in corn acres and 4% decrease in soybean acres in the U.S. this planting season.
“I would note that much of the increase in corn acres is happening in the Great Plains and the western Corn Belt in states like Iowa and Nebraska and less so in the eastern Corn Belt,” University of Illinois ag economist Gary Schnitkey told FarmWeek.
The acreage shift in Illinois is projected to be lighter with 3% fewer soybean acres and 3% more corn acres.
But while market movements in recent months have generally favored corn, Schnitkey said projected per-acre returns continue to favor soybeans across regions of Illinois.
The U of I farmdoc team’s projected soybean return advantage of $39 per acre in central Illinois for 2025 is based on projected cash prices of $4.10 per bushel for corn and $10 for soybeans.
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Projected soybean returns also exceed corn returns by $47 per acre in northern Illinois and $14 per acre in southern Illinois, according to farmdoc’s updated budgets.
“Part of that is due to cost increases and specifically nitrogen costs having a pretty big impact on corn,” Schnitkey said.
Soybean yields are also higher in Illinois compared to states further west, which helps the local soybean balance sheet.
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“We’ve had such an increase in soybean yields over time that soybeans stack in there pretty well with corn,” Schnitkey said.
But, with most inputs purchased and planting season underway, significant adjustments to acreage decisions aren’t likely in the weeks ahead. However, spring weather and planting conditions, along with ongoing market developments, will continue to be monitored as those factors have the potential to cause smaller shifts in planted acreage.
This story was distributed through a cooperative project between Illinois Farm Bureau and the Illinois Press Association. For more food and farming news, visit FarmWeekNow.com.
