So what should you produce in the coming year? The Purdue economists calculated returns in the area of $300 each for corn, soybeans and wheat, on average land and using early September market prices. Those calculations will have to be redone for your land costs, and using more current market pricing. The farm management specialists seem to strongly urge wheat to be part of your crop mix, whether it is double cropped with soybeans, or shares acreage with corn and soybeans. They say the market is bidding for acres for all three, unlike 2009, when wheat was not in the picture. They anticipate more wheat acres and fewer soybean acres in 2011.

Summary

Production costs will be up slightly for 2011, with higher costs for seed and fuel, and slightly higher prices for fertilizer. Current market prices are well above breakeven levels for corn, wheat and soybeans. All three crops are expected to show profitability in 2011, and the market is currently bidding for corn and wheat acres, particularly, at the cost of soybean acres.