The USDA’s July cattle inventory report estimates the total inventory on July 1 at 4.2 million head, down 1.26% from two years ago, as the USDA didn’t release the report last July. That July herd estimate reflects two main indicators of expansion and contraction—specifically, the share of the cowherd slaughtered and the share in feedlots that are heifers again are turning downward at 6.7% and 38.1%, respectively.

Despite USDA projections showing low corn ending stocks for 2025/26, new-crop December corn futures remain historically low. Markets are pricing in higher yields than USDA’s 181 bushel/acre estimate, though perhaps less than the 187 bushels per acre anticipated by some analysts, which would increase the stocks-to-use ratio and justify current price levels.

Survey respondents were asked to identify their most important farm goal using the following list: stable income, conservation, profit, farm transfer, and reduce debt. All five goals were chosen by at least 10% of the respondents. The most common choice was farm transfer, which was chosen by one-third of the respondents. We encourage readers to think about the goals that are important to their farm or business.

The survey suggests Illinois farmers consult a range of information sources in making their N rate decisions. University Extension systems, crop advisors, soil test results, and retailer recommendations play important roles. Market conditions, including fertilizer and crop prices, also impact N application rates. Application timing varies regionally across Illinois, but the majority of N applied to corn acres is done so at various points in the spring.

The modern US crop insurance program has undergone substantial mission creep since its creation by the Federal Crop Insurance Act of 1980. Coverage levels, Federal premium subsidy rates, and types of risk covered have all increased. Of particular note, the offering of ECO insurance starting with the 2021 crop year and the 2025 Farm Bill increase in SCO coverage to 90% with an 80% subsidy rate point to crop insurance policy entering a new chapter: publicly subsidized management of price risk.

A review of selected four-year average costs by farm size reveals that larger farms do not always experience lower costs per acre. While certain efficiencies are evident—especially in fertilizer and pesticide expenses for large farms in northern Illinois—other costs, such as machine hire or depreciation, may rise with size. The data also show significant regional variation, reinforcing the importance of benchmarking within your geographic context.