Higher Costs and Lower Grain Prices Lead to Lower Farm Earnings in 2023

Based on Illinois Farm Business Farm Management Association (FBFM) records, average farm operator returns for labor and management on 2,013 Illinois farms was much lower for all geographic areas in the state in 2023 compared to 2022 and below the average for the last five years. Higher costs, along with lower grain prices were the main reasons for the lower incomes. Livestock farmers were also much lower. Farm earnings were highest in the central and east central areas of the state. Earnings were lowest in the far southern part of the state.