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Wrapping it Up. The USDA cost of production estimates suggest that 2016 input costs will be similar to 2015. With prices at current levels, this would mean another challenging year for many farmers.or instance, at the estimated trend yield of 166 bushels per acre for corn the costs of production would be $4.11 per bushel. Using this approach soybeans and wheat come in at costs of $10.65 and $6.50 per bushel respectively.
The first two columns of Table 1 shows corn and soybean budgets for central Illinois farmland with lower productivity. Expected yields are 184 bushels per acre for corn and 53 bushels per acre for soybeans (see 2016 Illinois Budgets for other yield levels). Prices are $4.00 per bushel for corn and $9.25 per bushel for soybeans. These prices are relatively optimistic compared to 2016 fall delivery bids, which are near $3.70 per bushel for corn and $8.70 per bushel for soybeans. Note that very low prices are not needed to induce the need to cut costs.