Income prospects have been diminished for Illinois grain farms because of the COVID-19 crisis. Expectations are for lower prices to remain after COVID-19, which will lower crop revenues for 2020. Increased commodity title payments could partially offset crop revenue declines, and some non-land costs could decrease. However, the expected price declines have larger impacts than any increase in commodity title payments or decreases in expenses. Given current expected prices, a combination of above-trend yields or government aid is needed to get incomes at levels where financial deterioration does not occur.
|Original language||English (US)|
|Specialist publication||farmdoc daily|
|Publisher||Department of Agricultural and Consumer Economics, University of Illinois at Urbana-Champaign|
|State||Published - Mar 24 2020|
- novel coronavirus