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2010 Illinois Farm Economics Summit The Profitability of - FarmDoc - farmdoc illinois

2010 Illinois Farm Economics Summit The Profitability of - FarmDoc - farmdoc illinois-2025

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The document outlines the 2010 Illinois Farm Economics Summit, focusing on the profitability of Illinois agriculture amidst a strong economic climate. It provides details about registration, locations, speakers from the University of Illinois, and an agenda covering topics such as crop and livestock price prospects, tax legislation, farmland rent trends, and crop insurance decisions. The summit aims to assist farm operators in managing their businesses effectively during a period of high prices and economic challenges.

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What percentage of farms are owned by families?

97 percent of all U.S. farms are family-owned, and family farms account for 90 percent of all farm production by value, Resnick said. In addition, 88 percent of all farms are classified as small family farms.

What are the top 5 agricultural products in Illinois?

Illinois is a leading producer of soybeans, corn and swine. The states climate and varied soil types enable farmers to grow and raise many other agricultural commodities, including cattle, wheat, oats, sorghum, hay, sheep, poultry, fruits and vegetables.

What percentage of Illinois farms are family owned?

Did you know that today, nearly all Illinois farms 96 percent are family owned? While our farms may come in different shapes and sizes, we all value the same thing: responsibly growing safe, healthy food for your table and ours.

Who owns most of the farmland in Illinois?

Nearly 60% of all farmland in Illinois is owned by absentee landowners and farmed by someone else. The Church of Jesus Christ of Latter-day Saints owns the most farmland in Illinois, with nearly 54,000 acres.

What is almost 90% of US farms owned by?

Almost 90% of U.S. farms are owned by individual farmers, despite the increasing influence of large corporations.

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How much is Illinois farmland worth per acre?

The average farmland value in Illinois was $9,550 per acre for 2024, an increase of $250 per acre (2.7%) from 2023 (see middle panel of Figure 1). Average land values have increased by nearly 31% since 2020, following the stable period from 2015 to 2020.

Which US state has the most family farms?

States with the most amount of farms Research from the Extension Agricultural Economics shows that Texas consistently has the most farms out of all U.S. states, ranking first in cattle, sheep, goat, and cotton sales.

What is the profitability of a farm?

Profitability is the difference between the value of farm goods produced and the cost of the resources used in the production of those farm goods. In other words, profitability is whats left after the farm business has paid all of its bills.

2010 Illinois Farm Economics Summit The Profitability of - FarmDoc - farmdoc illinois-2025

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