“At some point, you wonder if there’s just not enough acreage to do all that we might need to do,” said Darrel Good, a professor of agricultural economics at the University of Illinois.
The reports came Monday as wheat hit a record $10.095 a bushel on the Chicago Board of Trade before falling back to $9.68. Corn and soybeans also continued to trade at historic highs of nearly $4.39 a bushel for March corn and nearly $11.57 for January beans.
Good said demand for grain as food and fuel continues to drive prices, and there are no signs the trends will reverse in 2008. In fact, most forecasts are for continued high prices beyond next year.
A report was released by the University of Illinois estimating yields in various crop rotation scenarios for 2008:
The outlook for ’08
Estimates of 2008 revenue and non-land costs for corn and soybeans (per acre, prime farmland).
Source: Springfield State Journal-Register Online