Corn vs. Soy: Producers Weigh Inputs and Profit Potential for 2026 Crop Budgets

University of Illinois Ag Economist Gary Schnitker says early projections indicate soybeans will be more profitable than corn in 2026.

DEWEY, Ill. (RFD-TV)Harvest is in full swing, and we are looking at what next year holds for crop budgets, including fertilizer. One agricultural economist with the University of Illinois says prices could be coming down, depending on your crop.

“Looking at crop budgets for 2026 is where we’re at; we’re building in higher fertilizer costs for corn, and that’s being led by both anhydrous ammonia or nitrogen and DAP,” said Gary Schnitker. “Currently, prices are higher for those than they were at this time last year, so we built in a higher projection. Soybean costs are a little bit lower, primarily because, surprisingly, potash isn’t higher, and the tariff situation, even though we rely heavily on Canada, we seem to have an exemption now, so that’s going to flow okay, I suppose.”

Schnitker adds that early projections indicate soybeans will be more profitable than corn in 2026.

“Higher cost for corn is going to make corn relatively less profitable, and soybeans are impacting that relationship,” Schnitker continued. “We’ll see where farmers make their decisions as far as profitability, but right now, we’re predicting soybeans to be more profitable than corn. So, again, that’s been the case for a while, and you’re beginning to think, well, we do a lot of 50-50 corn and soybeans in this state. Maybe we’re going to have to shade more to soybeans, but that doesn’t look the best either if we consider that China hasn’t bought any of our soybeans, so we’ll see where all that goes.”

The Trump Administration is speaking out. Treasury Secretary Scott Bessent says an announcement is slated for Tuesday, promising to assist American soybean growers.

Related Stories
Farm Bureau Economist Faith Parum discusses key outcomes from the U.S.-China trade agreement and the benefits of expanding trade across Southeast Asia.
Farm CPA Paul Neiffer joined us on Thursday’s Market Day Report to discuss the implications for farmers.
Chris Bliley with Growth Energy discusses ongoing concerns about U.S. ethanol exports and the expansion of market access promised under the Phase One deal between the U.S. and China.
“It does not extinguish right away here — in any sort of sense — the real profitability concerns and people’s ability to pay bills and get to the other side of this in the very short term. This is where the skepticism builds.”
RFD-TV tax expert Roger McEowen discusses the renewed tax provision and how cattle producers can take advantage of it to recover investments in heifer retention and herd expansion more quickly.
U.S. Senator Roger Marshall (R-KS) shares his perspective on the U.S.-China trade developments and their potential impact on American producers, farmers, and ranchers.

LATEST STORIES BY THIS AUTHOR:

RFD-TV Farm Legal and Tax Expert Roger McEowen explains the basics of Low-Risk Credit in Farming, and how an understanding of the farm credit landscape lets producers tactfully approach debt.
Mike Steenhoek, with the Soy Transportation Commission, shares his outlook on current grain stocks and transportation lines amid bumper crops filling bins across the United States.
Renewable Fuels Association President & CEO Geoff Cooper explains their call for reciprocal duties on Chinese ag imports after China failed to meet past promises on ethanol production.
American soybean and corn leaders, along with Canada’s AgriFood sector, testified before the U.S. Trade Representative’s Office in support of the trade pact between the U.S., Mexico, and Canada.
The FAO Food Price Index for November fell by more than 1 percent in November, marking the third straight month of declines.
Texas livestock producers face a heightened biosecurity threat as New World screwworm detections in northern Mexico coincide with FDA approval of the first topical treatment.