“For FY2025 — which began Oct. 1 — USDA announced that the Natural Resources Conservation Service (NRCS) would make $7.7 billion available to assist with conservation practices, $5.7 billion from the additional funding in the Inflation Reduction Act of 2022. With Congress in recess for the upcoming November election, the Farm Bill remains stalled, though IRA and Farm Bill conservation funding continue through the uncertainties. This article reviews potential tradeoffs between the two.

The Pasture, Rangeland and Forage Rainfall Index (PRF-RI) is a crop insurance product underutilized by Illinois livestock and forage producers. Only 6% of the eligible acres in Illinois were insured in 2024, much lower than use west of the Mississippi. Like other Federal crop insurance programs, PRF-RI is heavily subsidized. Over time, PRF-RI has returned $1.29 in payments for each $1.00 in producer-paid premium.

Net incomes on many Midwest grain farms will be negative in 2024, some of the lowest in the past thirty years. Low incomes could continue into future years. Herein, we present eight strategies for dealing with low incomes. Also, prospects for ad hoc Federal payments are discussed. Ad hoc disaster payments could present issues regarding slowing necessary economic adjustments within the agricultural sector.

Recent corn price increases have come despite general pessimism about the overall state of the corn market. This article reviews data points supporting the recent rally, including grain stocks and export sales information, and considers what they mean for corn prices dynamics in the current marketing year.

Midwest crop producers have experienced a significant downturn in corn, soybean, and wheat prices since the beginning of the year and farm incomes are expected to be much lower in 2024 than they have been the last three to four years. Moreover, current expectations are that prices will continue to remain at or below the cost of production for at least a couple more years. Consequently, a key question being asked is as follows: “who is the most vulnerable financially during this downturn”?

The September 2024 USDA yield forecasts of 183.6 bushels for corn and 53.2 bushels for soybeans are both well above trend and new national records. Some argue that these forecasts will become even larger, but there is no evidence to support the notion that “big crops get bigger and small crops get smaller.” There is, however, a well-documented tendency for USDA crop production forecasts to be smoothed across the forecasting cycle regardless of crop size.