Illinois farmers like Mark Tuttle are planting more soybeans and less corn this year in a desperate attempt to minimize losses. This shift comes amid a slump in crop prices that has reached a three-year low.
The lower production costs of soybeans make them a more attractive option for farmers than corn, even though planting more soybeans could further drive down prices due to increased supply.
Despite the switch, farmers are bracing for significant financial hardship. According to University of Illinois agricultural economists, farmers in northern Illinois could lose as much as $140 per acre on corn and $30 per acre on soybeans.
This year’s profits are expected to be the lowest in at least five years. The situation is further complicated by heavy rains that are limiting the planting window for corn, potentially leading to a further increase in soybean acreage.
Source: Reuters