Soybeans Poised to Outperform Corn Amid Rising Fertilizer Costs
The decision-making process for the 2027 crop will soon begin in earnest for Midwest farmers. This article builds on historical differences between corn and soybean profitability, evaluating relative returns across regions in Illinois.
Average corn-minus-soybean returns have been negative in most years since 2013, except for 2020, 2021, and 2022. Soybeans tend to be more profitable than corn when crop prices are near or below long-term plateaus of around $4.50 for corn and $11.00 for soybeans.
The analysis breaks down the profitability difference between corn and soybeans into revenue and cost components. Corn revenue has not shown a discernible trend since the mid-2000s, averaging $227 per acre between 2006 and 2026 with significant variability around that average.