Does the performance of Illinois corn and soybean farmers lag the market?

The aggregate marketing performance of corn and soybean producers in Illinois over 1973-2003 was examined. Two measures of the marketing performance of farmers were used. The first is based on the U.S. Department of Agriculture (USDA) average producer price received salaries, while the second is based on spot cash market prices. Benchmarks for evaluating the performance of farmers include the same twenty-four- and twenty-month market benchmarks used in Agricultural Market Advisory Service (AgMAS) performance evaluations of market advisory services as well as a twelve-month postharvest average cash price benchmark and a harvest cash price benchmark. It was found that the price farmers received for corn and soybeans in Illinois over 1973-2003 falls in the middle third of the price range in most crop years. There was no evidence that farmers consistently market most of their production in the bottom third of the price range. Nevertheless, the average marketing performance of Illinois farmers was about $5-$10 per acre below market benchmarks in the majority of comparisons. Performance was better in soybeans compared to corn.