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Extension > Agriculture > Agricultural Business Management > Crop budgets > 2016 West Central Minnesota corn, soybean, and wheat budgets

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2016 Central Minnesota corn, soybean, and alfalfa hay budgets

Pauline Van Nurden

Central Minnesota corn 2016 budget

Corn budget Central MN FINBIN data Range in value 2005-2014 Average
05-2014
Actual 2014 10 year trend Trend 2015 Trend
2016
Forecast 2016
Yield per acre (bu.) 130.98 178.68 156.04 136.13 -1.59 134.54 132.95 160
Value per bushel ($) 2.06 6.59 4.13 3.82 0.28 4.10 4.39 3.25
Total product return/acre ($) 346.35 1,109.10 643.50 520.02 39.59 559.61 599.20 520
Miscellaneous income/acre ($) 2.07 242.30 59.55 192.44 15.62 208.06 223.67 5
Gross return/acre ($) 383.60 1,135.37 692.32 704.15 55.21 759.36 814.57 525
Direct Expenses
Seed ($) 47.37 120.04 83.55 120.04 8.72 128.76 137.48 110
Fertilizer 62.44 177.10 119.96 152.12 12.67 164.79 177.46 125
Chemicals 23.72 32.10 27.14 32.10 0.73 32.83 33.55 33
Crop insurance 9.74 30.65 20.53 24.17 1.37 25.54 26.90 18
Drying expense 8.37 40.39 18.58 22.06 0.14 22.20 22.34 15
Fuel & oil 19.61 44.45 31.87 40.29 2.61 42.90 45.52 28
Repairs 23.91 55.68 41.46 52.19 3.83 56.02 59.84 35
Custom hire 4.05 11.40 7.66 8.23 0.64 8.87 9.52 8
Land rent 96.74 213.75 146.33 209.70 14.02 223.72 237.74 190
Operating interest 7.57 14.06 11.17 11.89 0.18 12.07 12.24 12
Miscellaneous 4.18 10.23 7.23 8.15 0.66 8.81 9.46 10
Total direct expenses ($) 317.49 710.62 515.47 680.94 45.56 726.50 772.07 584
Return over direct ($) 23.21 477.74 176.85 23.21 9.65 32.85 42.50 (59)
Overhead Expenses
Hired labor ($) 7.72 17.18 12.15 15.55 1.05 16.60 17.65 14
Machinery leases 3.44 7.55 4.97 4.78 -0.32 4.46 4.14 6
Farm insurance 4.05 11.04 6.54 11.04 0.74 11.78 12.53 10
Utilities 3.23 7.68 5.18 7.68 0.49 8.17 8.66 7
Dues & professional fees 1.46 4.22 2.97 4.22 0.26 4.48 4.75 3
Interest 8.06 9.95 9.32 9.35 0.17 9.52 9.68 9
Mach & bldg depreciation 28.72 76.29 47.62 76.29 5.10 81.39 86.50 60
Miscellaneous 7.16 11.95 8.53 7.16 -0.01 7.15 7.13 7
Total overhead expenses ($) 68.02 136.07 97.26 136.07 7.48 143.55 151.03 116
Total expenses ($) 385.51 836.38 612.73 817.01 53.04 870.05 923.10 700
Net return per acre ($) (112.86) 366.35 79.59 (112.86) 2.17 (110.70) (108.53) (175)
Government payments 0.78 37.42 20.15 0.78 -2.89 -2.11 -4.99 57
Net return w/ Gov't pymts ($) (122.08) 383.54 99.74 (112.08) (0.72) (112.80) (113.52) (118)
Labor & mgmt. chge 27.87 58.13 44.14 54.00 3.38 57.38 60.77 50
Net return over lbr & mgt. ($) (166.08) 325.41 55.59 (166.08) (4.10) (170.19) (174.29) (168)
Cost of Production
Total direct expense per bu. ($) 1.89 5.00 3.36 5.00 0.34 5.34 5.68 3.65
Total expenses per bu. ($) 2.29 6.00 4.00 6.00 0.40 6.40 6.79 4.38
Less Gov't pymt & other inc. ($) 1.85 4.64 3.53 4.64 0.30 4.94 5.24 3.99
With labor & management ($) 2.03 5.04 3.82 5.04 0.32 5.36 5.69 4.30

Central Minnesota soybean 2016 budget

Soybean budget Central MN FINBIN data Range in value 2005-2014 Average
05-2014
Actual 2014 10 year trend Trend 2015 Trend
2016
Forecast 2016
Yield 35.71 48.71 43.34 41.00 -0.48 40.52 40.05 43
Value/bu. ($) 5.64 13.92 9.94 10.09 0.70 10.79 11.49 8.25
Total production value ($) 258.09 647.56 428.24 413.69 26.64 440.11 466.52 354.75
Other income ($) 3.43 69.39 27.35 69.39 4.73 74.12 78.85 2
Gross revenue per acre ($) 268.08 673.53 455.59 483.08 31.15 514.23 545.38 356.75
Direct Expenses
Seed ($) 29.02 62.22 44.36 62.22 4.20 66.42 70.62 60
Fertilizer 6.60 23.01 13.09 17.71 1.83 19.54 21.37 12
Chemicals 19.27 39.12 27.94 39.12 1.85 40.97 42.82 41
Crop insurance 10.26 27.23 18.45 21.29 1.08 22.37 23.45 17
Fuel & oil 14.66 25.63 20.21 22.38 0.81 23.19 24.00 16
Repairs 18.42 32.96 27.06 28.38 1.43 29.81 31.25 25
Custom hire 3.46 7.49 5.64 6.60 0.43 7.03 7.46 7
Land rent 94.63 213.06 146.86 213.06 14.14 227.20 241.34 190
Operating interest 5.83 10.60 7.50 6.83 -0.25 6.58 6.34 7
Miscellaneous 3.32 9.76 7.05 9.32 0.79 10.11 10.90 8
Total direct expenses ($) 208.92 426.91 318.17 426.91 26.32 453.23 479.54 383
Return over direct exp. ($) 56.17 279.68 137.42 56.17 4.83 61.00 65.84 (26.25)
Overhead Expenses
Hired labor ($) 5.30 8.54 7.06 7.90 0.32 8.22 8.53 7
Machinery leases 2.19 3.97 3.11 3.49 0.04 3.53 3.57 3
Farm insurance 3.42 7.07 4.80 7.07 0.38 7.45 7.83 7
Utilities 2.55 4.47 3.51 4.47 0.18 4.65 4.83 4
Dues & professional fees 1.22 2.83 2.15 2.83 0.12 2.95 3.07 2
Interest 5.07 6.56 5.87 5.21 -0.11 5.10 4.98 5
Mach & bldg depreciation 21.20 45.12 31.95 45.12 2.49 47.61 50.10 35
Miscellaneous 4.77 7.20 5.77 4.77 -0.05 4.72 4.67 4
Total overhead expenses ($) 47.98 80.86 64.21 80.86 3.37 84.23 87.60 67
Total expenses ($) 256.90 507.77 382.38 507.77 29.69 537.46 567.14 450
Net return per acre ($) (24.69) 211.89 73.21 (24.69) 1.46 (23.23) (21.76) (93.25)
Government payments 0.93 32.54 18.25 0.93 -2.21 -1.28 -3.48 30
Net return with gov't payments ($) (23.76) 229.23 91.47 (23.76) (0.74) (24.50) (25.25) (63.25)
Labor & mgmt. change 21.91 36.10 30.60 31.00 1.25 32.25 33.50 30
Net return over lbr &mgt. ($) (54.76) 193.13 60.87 (54.76) (1.99) (56.75) (58.75) (93.25)
Cost of Production
Total direct expense per bu. ($) 4.57 10.49 7.46 10.41 0.70 11.11 11.81 8.91
Total expenses per bu. ($) 5.61 12.40 8.97 12.38 0.79 13.18 13.97 10.47
Less Gov't pymts & other inc. ($) 4.68 11.04 7.88 10.67 0.72 11.39 12.11 9.72
With labor & mgmt ($) 5.18 11.88 8.59 11.43 0.76 12.18 12.94 10.42

Central Minnesota alfalfa 2016 budget

Alfalfa budget Central MN FINBIN data Range in value 2005-2014 Average
05-2014
Actual 2014 10 year trend Trend 2015 Trend
2016
Forecast 2016
Yield 3.27 5.11 4.35 4.49 0.09 4.58 4.68 4.6
Value/bu. ($) 89.98 212.15 141.09 189.03 13.04 202.07 215.12 180
Total production return ($) 356.32 980.54 621.39 848.74 68.75 917.49 986.24 828
Other income ($) 0.25 13.83 5.06 4.32 0.67 4.99 5.66 2
Gross return per acre ($) 356.57 983.60 626.44 853.06 69.42 922.48 991.90 830.00
Direct Expenses
Seed ($) - 2.31 0.67 2.31 0.19 2.50 2.69 2
Fertilizer 19.01 45.52 32.89 42.48 3.03 45.51 48.53 40
Chemicals 2.70 13.53 7.16 11.84 0.96 12.80 13.76 13
Crop insurance 1.56 4.08 2.86 2.75 0.19 2.94 3.13 3
Storage & packaging 0.00 6.47 3.28 5.68 0.64 6.32 6.96 6
Fuel & oil 24.36 59.06 43.68 57.55 4.24 61.79 66.03 50
Repairs 31.37 75.89 53.39 71.30 4.75 76.05 80.81 65
Custom hire 6.81 35.47 24.54 30.64 3.00 33.64 36.63 30
Land rent 58.91 158.16 101.49 158.16 10.26 168.42 178.68 150
Operating interest 3.75 7.66 5.69 7.09 0.33 7.42 7.75 8
Miscellaneous 4.32 9.61 7.18 9.61 0.46 10.07 10.53 10
Total direct expenses ($) 160.86 399.41 282.82 399.41 28.04 427.45 455.49 377
Return over direct exp. ($) 176.71 608.71 343.62 453.65 41.38 495.03 536.41 453
Overhead Expenses
Hired labor ($) 12.58 42.76 25.73 42.76 3.64 46.40 50.03 40
Machinery leases 3.23 12.02 5.89 9.39 0.68 10.07 10.75 9
Farm insurance 4.20 8.12 6.24 8.05 0.50 8.55 9.05 8
Utilities 2.67 5.61 4.27 5.61 0.36 5.97 6.34 6
Dues & professional fees 0.83 3.47 2.40 3.23 0.27 3.50 3.77 3
Interest 7.17 14.60 11.25 10.04 0.38 10.42 10.81 13
Mach & bldg depreciation 31.12 59.13 43.10 59.13 2.56 61.69 64.24 50
Miscellaneous 5.22 13.04 7.94 6.41 -0.47 5.94 5.47 8
Total overhead expenses ($) 72.76 144.62 106.84 144.62 7.92 152.54 160.45 137
Total expenses ($) 240.90 544.03 389.66 544.03 35.95 579.98 615.94 514
Net return per acre ($) 85.52 470.59 236.79 309.03 33.46 342.50 375.96 316
Government payments 1.45 32.85 12.65 1.45 -1.99 -0.54 -2.53 -
Net return with gov't payments ($) 95.44 480.62 249.44 310.48 31.48 341.96 373.43 316
Labor & mgmt. change 31.63 49.35 39.21 38.29 1.30 39.59 40.89 40
Net return over lbr &mgt. ($) 60.76 431.27 210.23 272.19 30.18 302.37 332.55 276
Cost of Production
Total direct costs per ton ($) 40.62 88.96 64.67 88.96 5.13 94.08 99.21 81.96
Total expenses per ton ($) 58.99 121.16 89.25 121.16 6.41 127.57 133.98 111.74
Less Gov't pymts & other inc. ($) 50.84 119.88 85.03 119.88 6.82 126.70 133.52 111.30
With labor & mgmt ($) 58.52 128.41 94.06 128.41 6.91 135.32 142.24 120.00

Projected Budget Data for 2016 crop year. No representation intended for final 2016 production or cost figures. Educational use only.

Data source is www.finbin.umn.edu and includes the counties of: Benton, Carver, Kandiyohi, McLeod, Meeker, Morrison, Renville, Scott, Sherburne, Sibley, Todd, Wadena, and Wright.

2015

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