Project Details:

Farmer Profitability and Farm Management Communications

Parent Project: This is the first year of this project.
Checkoff Organization:Illinois Soybean Association
Categories:Economics, Education, Communication
Organization Project Code:
Project Year:2019
Lead Principal Investigator:Gary Schnitkey (University of Illinois at Urbana-Champaign)
Co-Principal Investigators:

Contributing Organizations

Funding Institutions

Information and Results

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Project Summary

Every farmer wants to find an edge—from practical financial management tips to the latest tools, technologies and innovations to practical research and in-season developments.

The Farmer Profitability project connects with farmers throughout the state, locally, through our proven Profitability Radio program, while providing overall alignment and support for all ISA farmer-facing efforts related to technology, innovation and profitability via existing ISA communications vehicle.

Project Objectives

- Identify traditional and high-yield systems.
-Identify farmers willing to share information.
-Collect field pass information from farmers.
-Collect crop input information from farmers

Project Deliverables

This project includes communications support for a planned extension of Gary Schnitkey’s Resilient Farmers research. For FY19, we will be looking at real-world finances of various soybean cropping schemes, including full-season beans in the north and south plus double-cropped soybeans. The project explores costs and ROI for both standard and high-input management approaches.

Identify traditional and high-yield systems. Two panels of individuals will be gathered, one along I-74 and the other along I-70 corridors. This panel will include experts in soybean production who have expertise in high yield systems and farmers, industry representatives, and Illinois Soybean Association staff.
Identify farmers willing to share information. The second step will be to identify farmers who are willing to share information about traditional and high yield systems and across the three rotations. Farmers will be willing to provide field passes on one or more of their soybean fields. These fields will be geo-coded so that soil type and other information can be obtained from the farm.
Collect field pass information from farmers. Representative will complete worksheets with farmers giving field passes.
Collect crop input information from farmers. Representatives will complete worksheets with farmers records inputs applied and cost.
Field information will be collected and summarized. This summarized information will then be used to prepare budgets and return on investment. Information will be share through Farm Doc, ILSoyAdvisor, extension, webinars and presentations.

Progress of Work

Final Project Results

Benefit to Soybean Farmers

Soybean production is perceived to be less profitable than corn
Growers are unaware of the potential return on investment when using better business management practices for their farming operations

Developing an expanded understanding of soybean production economics as a way to increase profitability
Educating growers that investment in better farm business management tactics can improve profitability

Performance Metrics

Develop a list of practices for traditional and high yield production systems
Develop a list of practices for the corn-soybean, soybean-soybean, and wheat soybean rotation
Develop a list of costs for different practices and products in traditional and high yield systems in the three rotations
Project ROI when adopting practices and products
Increase awareness of the costs of machinery passes and input purchases at different levels of production and in different production systems
Increase awareness of practices and products for a Return on Investment and to consider that when making production decisions.

Project Years