Illinois Crop Budgets Show Improved Return Projections for Corn and Soybeans

The Illinois Crop Budgets for 2027 have been released by farmdoc daily, showing improved return projections for corn and soybeans despite increases in production costs. The budgets include four different region scenarios: northern Illinois, central Illinois high-productivity soils, central Illinois low-productivity soils, and southern Illinois. Corn and soybean prices were revised upward from the May 2026 version, with the corn price increasing from $4.50 per bushel to $4.95 per bushel and the soybean price increasing from $11.50 to $12.20 per bushel.

The adjustments led to improved return projections for corn and soybeans above costs including cash rent compared with the May 2026 budgets. For the northern and central Illinois regions, projected returns on corn improved from around -$50 per acre to $50-60 per acre. Projected soybean returns in southern Illinois remain around $30 per acre.

The initial release of corn and soybean crop budgets for 2027 shows trend yield levels are assumed for each region. Price assumptions are based on current harvest futures for the 2027 crop, adjusted for typical basis in Illinois. The price projections are $5 per bushel for corn, $12 per bushel for soybeans, and $7.30 for wheat.

Despite improved return projections, net farmer return projections for corn acres in 2027 are slightly above break-even for all costs including cash rent at $28 to $36 per acre for the northern and central Illinois regions while projected corn returns for southern Illinois are negative at -$61 per acre. Projected returns on soybeans are $68 to $86 per acre for northern and central Illinois and $18 per acre for southern Illinois.