Analysis shows soybean profits top corn in 2014
Farmers raising more soybeans this year will tend to be more profitable than those raising more corn, according to Gary Schnitkey from the Department of Agricultural and Consumer Economics at the University of Illinois.
The 2014 projections may hold implications for shifts in acres next year. Similar to 2014 returns, return projections for 2015 suggest that soybeans will be more profitable than corn, according to Schnitkey.
Central Illinois has a larger comparative advantage in corn production over soybean production than many other areas of the United States. Hence, relative return differences between corn and soybeans likely are larger outside of central Illinois, offering even greater incentive to switch acres, Schnitkey said.
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