Illinois Crop Budgets 2027 Show Improved Returns Despite Rising Costs

The Illinois Crop Budgets for 2027 have been released, showing that despite increased production costs, improved pricing prospects result in higher per acre return projections compared to recent years. However, projected returns remain below longer-run averages.

According to the publication, adjustments were made to the 2026 crop budgets on the revenue side, primarily due to changes in corn and soybean prices based on recent futures market trading and harvest delivery cash bids observed at various locations in Illinois. The corn price was increased from $4.50 per bushel to $4.95 per bushel, while the soybean price rose from $11.50 to $12.20 per bushel.

The higher prices resulted in partially offsetting reductions in projected payments from the ARC/PLC programs for 2026. Expectations for crop insurance proceeds are now included in the 2026 projections, based on expectations for some yield-driven insurance claims valued at a higher harvest price compared to spring insurance price levels.

The 2027 crop budgets show that individual cost items are assumed to see moderate increases relative to those experienced in 2025 and projected for 2026. Larger cost increases are projected for fertilizers, crop insurance, fuel and oil in the power cost category, and interest charges in the overhead cost category.