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Extension > Agriculture > Agricultural Business Management > Crop budgets > 2016 Minnesota statewide irrigated corn & navy bean budgets

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2016 Minnesota statewide irrigated corn & navy bean budgets

Pauline Van Nurden

Minnesota irrigated corn 2016 budget

Irrigated corn budget MN statewide 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.) 161.68 191.32 175.45 167.51 -0.30 167.21 166.90 176.00
Value per bushel ($) 1.98 6.47 4.12 3.72 0.27 3.99 4.27 3.25
Total production return/acre ($) 348.46 1,234.15 724.64 623.14 47.48 670.62 718.10 572.00
Other crop income ($) 9.88 121.94 40.63 121.94 8.47 130.41 138.89 5.00
Gross return/acre ($) 386.77 1,247.69 765.28 745.08 55.96 801.03 856.99 577.00
Direct Expenses
Seed ($) 45.40 117.93 82.26 117.93 7.96 125.89 133.85 110.00
Fertilizer 72.73 186.01 131.29 171.22 12.90 184.12 197.02 135.00
Chemicals 23.16 35.77 27.65 35.77 1.05 36.82 37.86 38.00
Crop insurance 8.72 27.16 19.39 20.52 1.32 21.84 23.15 18.00
Drying & storage expense 6.12 45.04 19.88 26.65 0.03 26.68 26.71 15
Fuel & oil 20.62 48.83 33.49 42.80 3.03 45.83 48.86 27.00
Repairs 29.77 57.36 45.73 57.36 3.40 60.76 64.15 50.00
Custom hire 4.23 13.75 8.48 8.09 0.56 8.65 9.21 8.00
Land rent 93.96 193.11 132.19 179.58 11.33 190.91 202.24 165.00
Operating interest 6.47 19.35 10.24 10.79 -0.20 10.59 10.39 10.00
Miscellaneous 5.04 21.16 13.41 16.83 1.69 18.52 20.20 15.00
Total direct expenses ($) 348.04 742.50 543.44 710.08 44.09 754.17 798.25 616.00
Return over direct expenses($) 35.00 574.02 221.83 35.00 11.87 46.87 58.74 -39.00
Overhead Expenses
Hired labor ($) 10.65 24.37 18.61 24.37 0.91 25.28 26.19 20.00
Machinery & bldg. leases 2.49 7.84 5.11 6.39 0.15 6.54 6.69 6.00
Farm insurance 5.00 10.59 7.34 10.59 0.41 11.00 11.40 10.00
Utilities 2.74 4.94 3.99 4.67 0.21 4.88 5.09 5.00
Dues & professional fees 1.09 4.75 2.81 4.75 0.28 5.03 5.32 3.00
Interest 6.14 9.87 7.83 8.39 0.16 8.55 8.71 8.00
Mach & bldg depreciation 26.50 74.44 45.69 74.44 5.75 80.19 85.95 65.00
Miscellaneous 5.49 9.63 7.01 7.77 0.11 7.88 8.00 5.00
Total indirect expenses ($) 65.27 141.37 98.37 141.37 7.99 149.36 157.34 122.00
Total expenses ($) 413.31 869.37 641.81 851.45 52.07 903.52 955.60 738.00
Net return per acre ($) -106.37 455.50 123.47 -106.37 3.88 -102.49 -98.60 -161.00
Government payments 1.01 43.00 20.60 1.01 -3.15 -2.14 -5.29 56.00
Net return w/ Gov't pymts ($) -105.36 473.12 144.07 -105.36 0.73 -104.63 -103.89 -105.00
Labor & mgmt. charge 20.77 68.48 40.85 44.08 4.05 48.13 52.19 45.00
Net return over lbr & mgt. ($) -149.44 427.28 103.21 -149.44 -3.32 -152.76 -156.08 -150.00
Cost of Production
Total direct expense per bu. ($) 1.98 4.50 3.11 4.24 0.26 4.50 4.77 3.50
Total direct & ovhd exp./bu ($) 2.35 5.27 3.68 5.08 0.31 5.39 5.71 4.19
Less Gov't pymt & other inc. ($) 1.89 4.50 3.32 4.35 0.28 4.63 4.91 3.85
With labor & management ($) 2.02 4.91 3.55 4.61 0.30 4.91 5.22 4.10

Minnesota navy bean 2016 budget

Navy bean budget MN statewide FINBIN data Range in value 2005-2014 Average
05-2014
Actual 2014 10 year trend Trend 2015 Trend
2016
Forecast 2016
Yield 14.75 23.19 17.63 16.88 0.55 17.43 17.98 20.00
Value/bu. ($) 18.09 36.52 28.05 30.29 1.92 32.21 34.13 26.50
Total production return/acre ($) 266.83 846.90 508.41 511.30 48.93 560.22 609.15 530.00
Other income ($) 0.51 80.32 27.47 80.32 2.76 83.08 85.83 5.00
Gross revenue per acre ($) 292.96 847.70 535.88 591.62 51.68 643.30 694.98 535.00
Direct Expenses
Seed ($) 33.48 56.17 45.03 51.36 2.35 53.71 56.07 53.00
Fertilizer 31.20 85.76 54.33 73.16 6.55 79.71 86.25 65.00
Chemicals 33.69 72.10 51.65 72.10 4.35 76.45 80.80 75.00
Crop insurance 16.11 36.94 26.90 36.94 1.86 38.80 40.67 35.00
Fuel & oil 16.76 32.70 25.11 21.79 1.19 22.98 24.18 22.00
Repairs 22.45 44.33 34.22 44.33 2.37 46.70 49.07 42.00
Custom hire 2.04 15.63/td> 6.43 11.23 0.99 12.25 13.23 12.00
Land rent 61.25 207.76 99.86 126.77 11.63 138.40 150.03 140.00
Operating interest 4.46 10.85 6.87 4.46 (0.10) 4.36 4.27 7.00
Miscellaneous 1.02 24.72 6.15 9.43 1.53 10.96 12.49 15.00
Total direct expenses ($) 227.49 558.38 356.55 451.60 32.72 484.32 517.05 466.00
Return over direct exp. ($) 48.63 295.34 179.33 140.02 18.96 158.98 177.94 69.00
Overhead Expenses
Hired labor ($) 6.81 26.49 13.75 26.49 0.63 27.12 27.75 15.00
Machinery & bldg leases 1.29 8.85 4.14 1.29 0.10 1.39 1.49 3.00
Farm insurance 5.37 7.23 6.16 7.23 0.15 7.38 7.52 8.00
Utilities 2.92 5.79 4.23 5.79 0.32 6.11 6.42 6.00
Dues & professional fees 1.46 4.32 2.61 2.05 (0.15) 1.90 1.76 2.00
Interest 4.78 10.09 6.34 4.78 (0.02) 4.76 4.73 7.00
Mach & bldg depreciation 15.63 36.63 26.45 36.63 2.38 39.01 41.39 35.00
Miscellaneous 3.29 9.26 6.73 5.95 0.03 5.98 6.00 6.00
Total indirect expenses ($) 51.93 90.21 70.41 90.21 3.43 93.64 97.07 82.00
Total expenses ($) 279.42 634.77 426.96 541.81 36.15 577.96 614.12 548.00
Net return per acre ($) -7.22 226.15 108.92 49.81 15.53 65.34 80.87 -13.00
Government payments - 1.08 0.11 - (0.02) (0.02) (0.04) -
Net return with gov't payments ($) -7.22 226.15 109.03 49.81 15.51 65.32 80.83 -13.00
Labor & mgmt. change 19.77 43.91 30.23 25.55 0.38 25.93 26.30 30.00
Net return w/ lbr &mgt. ($) -31.38 193.16 78.80 24.26 15.13 39.39 54.52 -43.00
Cost of Production
Total direct expenses ($) 14.79 26.75 19.99 26.75 1.25 28.01 29.26 23.30
Total direct & ovhd exp. ($) 18.17 32.10 24.02 32.10 1.35 33.44 34.79 27.40
Less Gov't pymts & other inc. ($) 16.80 27.34 22.35 27.34 1.20 28.54 29.75 27.15
With labor & mgmt ($) 18.75 28.85 24.09 28.85 1.18 30.04 31.22 28.65

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 all acres of irrigated corn and navy bean production in the State of Minnesota.

2015

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