If accurate, the projected 2024 corn yield in Illinois would shatter previous records. U.S. Department of Agriculture projected soybean yield for Illinois in 2024 would eclipse the previous record by 1 bushel per acre.

As of press time, corn prices had bottomed out at less than $4 per bushel — what does this mean to farmers with a record Illinois corn crop projected for 2024? We have a look at that and other top issues in rural and farm news this week … 

USDA predicts huge Illinois corn, bean harvests 

SPRINGFIELD — Farmers looking for relief from low corn prices (which had plunged to below $4 per bushel as of press time) found no solace in the most recent crop production forecast issued by the U.S. Department of Agriculture’s National Agricultural Statistics Service.

Based on Aug. 1 conditions, the Illinois corn yield is forecast at 225 bushels per acre, up 19 bushels from 2023. Production is forecast at 2.40 billion bushels, up 5 percent from last year.

For soybeans, planted area is estimated at 10.8 million acres, up 4 percent from last year. Harvested area, forecast at 10.7 million acres, is up 4 percent from 2023. The Illinois soybean yield is forecast at 66 bushels per acre, up 3 bushels per acre from 2023. Production is forecast at 710 million bushels, up 9 percent from last year.  

If accurate, the projected 2024 corn yield in Illinois would shatter previous records. USDA’s projected soybean yield for Illinois in 2024 would eclipse the previous record by 1 bushel per acre. However, with commodity prices so low — especially for corn — those with revenue-based crop insurance policies may be in for premiums this year.  

According to the University of Illinois farmdocDAILY team, crop-revenue insurance products, such as Revenue Protection and Revenue Protection with the Harvest Price Exclusion, are designed to provide revenue risk protection, compensating farmers for revenue losses from a covered percentage of a revenue guarantee. For 2024, the projected prices used to set those revenue guarantees were $4.66 per bushel for corn (compared with $5.91 in 2023 and $5.90 in 2022) and $11.55 per bushel for soybeans (compared with $13.76 in 2023 and $14.33 in 2022). 

Deere survives sluggish third quarter 

MOLINE — Well, at least the shareholders are happy. After an unprecedented cut to the company’s agriculture and construction machinery workforce in 2024, Deere and Company posted a solid third quarter, according to their quarterly earnings report. The report stated that Deere’s net sales declined approximately 20 percent year-over-year, though their operating margin still came in at over 18 percent. Company CEO John May credited a quick downward adjustment to its machinery production schedule for helping keep profits at a level pace.  

“Effective cycle management begins with ensuring that inventory levels are appropriately aligned to end market demand. Throughout 2024, we’ve prudently and proactively adjusted production schedules in our large ag business at a faster pace than ever before in order to reduce field inventory in our end markets,” said May, during the Aug. 15 earnings call. 

“We will also continue to focus on reducing used inventory levels, particularly in North American large ag for the remainder of the year. As we approach the start of fiscal 2025, the leading levels of field inventory resulting from these actions will best position our operations in both segments to respond effectively to changes in market demand.” 

Company officials noted that at the heart of the downturn in farm machinery sales are corn, soy and wheat prices, which all are down more than 15 percent year-over-year, bringing down farm margins as well. Due to Deere’s current inventory-to-sales ratio for ag machinery, the company is forecasting to end FY 2024 with less than one row crop tractor per dealer. 

Champion steer sales set State Fair records 

SPRINGFIELD — Sales of the 2024 Illinois State Fair’s Grand Champion Steer and Land of Lincoln Grand Champion Steer both set sales records during the Governor’s Sale of Champions on Aug. 14. The annual auction features the best livestock as judged by competitions throughout the fair. Grand Champion is the highest distinction youth exhibiting livestock in Illinois can earn. 

For the fifth consecutive year, Gov. J.B. Pritzker and First Lady M.K. Pritzker took home the Grand Champion Steer. Their bid of $105,000, along with a private contribution of another $5,000 towards the purchase of the animal, was the most ever paid for a steer during the auction. The Grand Champion Steer, shown by Kade Gensini of Putnam County, was donated to Feeding Illinois. 

The Land of Lincoln Grand Champion Steer also fetched a record sum at the auction, bringing in $65,000 from BRANDT, Friends of Chace Riley and Illinois Sen. Sue Rezin, R-38th. The steer was shown by Chace Riley of Grundy County.  

In addition to Riley and Gensini, eight other youth 4-H exhibitors were recognized as Grand Champions of the 2024 Governor’s Sale of Champions. Grand Champion exhibitors, along with Reserve Grand Champion exhibitors, each receive a portion of the proceeds from the sale of their animal. The exhibitors can use the funds towards their college education or invest it back into projects for the following year. (Illinois e-News) 

BRANDT nutrients aid nation’s biggest bean harvest — again 

SPRINGFIELD — Springfield-based BRANDT has once again provided the nutritional products used to set the nation’s soybean yield record, according to an Aug. 14 company news release. For the second consecutive year, innovative Smithville, Georgia soybean grower Alex Harrell established a new competitive benchmark. This year, Harrell reportedly achieved 218.2856 bushels per acre. 

According to the news release, Harrell’s success was built on a well-crafted fertility program, closely developed with BRANDT experts and his crop consultant. The program included key BRANDT products that were strategically applied to address specific crop nutrient demands at precise growth stages. 

“Congratulations, Alex, on pushing the boundaries of what’s possible in agriculture yet again,” said Rick Brandt, President and CEO of BRANDT. “Let me put this in perspective: The USDA average soybean yield last year was less than 50 bushels per acre. Alex’s yield is an extraordinary accomplishment. And it’s even more special in that he’s now done it twice. We are thrilled to be part of the team.” 

Illinois Farm Fact: 

In 2023, Illinois’ average corn yield was 206 bushels per acre. (USDA-NASS)