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Extension > Agriculture > Agricultural Business Management > Crop budgets > 2016 Northwest Minnesota - Non-Red River Valley soybean, wheat, corn, and alfalfa budgets

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2016 Northwest Minnesota - Red River Valley soybean, wheat, and corn budgets

Pauline Van Nurden

Northwest Minnesota soybean 2016 budget - Red River Valley

Soybean budget NW MN FINBIN data Range in value 2005-2014 Average
05-2014
Actual 2014 10 year trend Trend 2015 Trend
2016
Forecast 2016
Yield 30.9 39.7 35.5 37.5 -0.1 37.4 37.3 38
Value/bushel ($) 5.66 13.97 9.78 9.85 0.70 10.55 11.25 8.25
Total production return/acre ($) 218.02 554.75 346.11 369.08 25.31 394.39 419.70 313.50
Other income ($) 3.36 46.08 15.07 21.96 0.85 22.81 23.65 2
Gross return/acre ($) 222.52 558.11 361.18 391.04 26.15 417.19 443.35 315.50
Direct Expenses
Seed ($) 34.40 68.79 50.19 68.79 4.22 73.01 77.23 67
Fertilizer 3.39 15.38 8.33 12.15 1.31 13.46 14.77 10
Chemicals 13.03 25.74 19.16 24.54 0.81 25.35 26.15 25
Crop insurance 11.66 25.84 19.49 22.34 1.33 23.67 25.01 17
Fuel & oil 11.75 19.88 16.37 19.88 0.85 20.73 21.58 17
Repairs 14.03 25.35 20.24 23.41 1.25 24.66 25.90 22
Custom hire 1.45 4.11 2.84 4.11 0.21 4.32 4.52 4
Land rent 63.54 129.86 88.47 129.86 7.23 137.09 144.32 120
Operating interest 3.10 5.46 4.21 4.42 -0.12 4.30 4.18 5
Miscellaneous 0.39 5.89 2.35 5.89 0.55 6.44 6.99 5
Total direct expenses ($) 160.82 315.45 231.82 315.45 17.62 333.07 350.70 292
Return over direct expenses ($) 61.70 274.41 129.36 75.59 8.53 84.12 92.65 23.50
Overhead Expenses
Hired labor ($) 6.23 11.93 9.03 11.93 0.60 12.53 13.13 11
Machinery leases 2.19 4.48 3.49 4.41 0.18 4.59 4.77 4
Farm insurance 3.65 6.51 5.08 6.51 0.31 6.82 7.14 6
Utilities 2.24 4.27 3.19 4.27 0.22 4.49 4.70 5
Dues & professional fees 2.13 3.82 2.99 3.82 0.18 4.00 4.18 3
Interest 3.35 4.53 3.91 3.35 -0.04 3.31 3.27 4
Mach & bldg depreciation 11.29 32.50 20.28 32.50 2.44 34.94 37.38 27
Miscellaneous 3.51 5.66 4.36 3.72 0.01 3.73 3.74 4
Total overhead expenses ($) 36.50 70.51 52.32 70.51 3.90 74.41 78.32 64
Total expenses ($) 197.32 385.96 284.14 385.96 21.53 407.49 429.01 356
Net return per acre ($) 5.08 212.50 77.04 5.08 4.63 9.71 14.33 (40.50)
Government payments 5.97 15.31 13.07 5.97 -0.67 5.30 4.62 15
Net return w/ Gov't pymts ($) 11.05 225.57 90.10 11.05 3.95 15.00 18.96 (25.50)
Labor & mgmt. chge 17.95 33.06 24.99 28.06 1.48 29.54 31.03 30
Net return over lbr & mgt ($) (17.01) 192.51 65.11 (17.01) 2.47 (14.54) (12.07) (55.50)
Cost of Production
Total direct expenses per bu. ($) 4.17 8.74 6.58 8.42 0.49 8.91 9.41 7.68
Total direct & ovhd exp. per Bu. ($) 5.12 10.66 8.07 10.30 0.60 10.90 11.51 9.37
Less Gov't pymt & other inc. ($) 4.61 9.91 7.25 9.56 0.60 10.15 10.75 8.92
With labor & management ($) 5.13 10.80 7.96 10.30 0.64 10.94 11.58 9.71

Northwest Minnesota wheat 2016 budget - Red River Valley

Wheat budget NW MN FINBIN data Range in value 2005-2014 Average
05-2014
Actual 2014 10 year trend Trend 2015 Trend
2016
Forecast 2016
Yield 41.8 67.7 57.6 66.4 2.1 68.4 70.5 68
Value/bushel ($) 3.65 8.47 6.10 5.75 0.30 6.05 6.34 5.25
Total production return/acre ($) 152.39 539.20 354.28 381.51 27.52 409.04 436.56 357
Other income ($) 0.29 37.65 9.76 13.54 0.69 14.23 14.91 5
Gross return/acre ($) 162.39 542.26 364.04 395.05 28.21 423.26 451.47 362
Direct Expenses
Seed ($) 12.55 27.92 20.39 23.69 1.33 25.02 26.36 25
Fertilizer 41.7 112.2 79.3 99.5 8.2 107.8 116.0 75
Chemicals 18.4 30.0 26.5 30.0 1.2 31.1 32.3 32
Crop insurance 9.3 29.3 17.2 15.8 0.8 16.6 17.4 19
Fuel & oil 11.1 21.2 16.4 21.2 1.1 22.3 23.4 16
Repairs 12.6 23.7 19.1 23.7 1.4 25.1 26.5 22
Custom hire 2.5 8.5 4.8 8.5 0.4 9.0 9.4 7
Land rent 62.3 118.1 84.7 118.1 6.3 124.5 130.8 115
Operating interest 2.8 5.0 3.6 3.9 -0.1 3.7 3.6 3
Miscellaneous 0.9 10.9 3.3 10.9 0.8 11.7 12.5 6
Total direct expenses ($) 178.35 355.75 275.26 355.28 21.51 376.79 398.30 320
Return over direct exp. ($) (15.96) 198.71 88.78 39.77 6.70 46.47 53.17 42
Overhead Expenses
Hired labor ($) 5.83 12.89 9.32 12.69 0.88 13.57 14.45 12
Machinery leases 1.9 3.8 2.8 2.9 0.1 3.1 3.2 3
Farm insurance 3.7 6.8 5.0 6.8 0.3 7.0 7.3 7
Utilities 2.1 4.0 2.9 4.0 0.2 4.2 4.4 4
Dues & professional fees 2.0 3.5 2.7 3.5 0.1 3.6 3.7 3
Interest 3.2 4.2 3.7 3.2 -0.1 3.1 3.0 4
Mach & bldg depreciation 10.5 31.0 19.6 31.0 2.5 33.5 35.9 25
Miscellaneous 3.7 6.6 4.8 3.9 0.1 3.9 4.0 4
Total indirect expenses ($) 34.46 67.92 50.80 67.92 4.09 72.01 76.10 52
Total expenses ($) 212.81 423.20 326.06 423.20 25.60 448.80 474.40 382
Net return per acre ($) (50.42) 134.18 37.98 (28.15) 2.61 (25.54) (22.93) (20)
Government payments 1.8 16.9 13.2 1.8 -0.9 0.9 0.1 0
Net return w/ gov't payments ($) (35.01) 147.32 51.14 (26.32) 1.72 (24.60) (22.87) (20)
Labor & mgmt. chge 17.0 30.4 23.3 25.8 1.2 27.1 28.3 25
Net return over lbr &mgt. ($) (53.30) 116.92 27.85 (52.16) 0.51 (51.65) (51.14) (45)
Cost of Production
Total direct expenses per bu. ($) 3.52 7.07 4.79 5.35 0.21 5.57 5.78 4.71
Total direct & Ovhd exp./bu. ($) 4.18 8.41 5.68 6.38 0.25 6.63 6.88 5.62
Less Gov't pymts & other inc. ($) 3.83 7.26 5.25 6.15 0.27 6.42 6.69 5.54
With labor & mgmt ($) 4.15 7.89 5.66 6.54 0.28 6.81 7.09 5.91

Northwest Minnesota corn 2016 budget - Red River Valley

Corn budget NW MN FINBIN data Range in value 2005-2014 Average
05-2014
Actual 2014 10 year trend Trend 2015 Trend
2016
Forecast 2016
Yield 114.77 153.57 137.11 131.88 -1.16 130.72 129.57 140
Value/bushel ($) 2.29 6.40 4.05 3.65 0.25 3.90 4.16 3.25
Total production return/ac. ($) 331.07 929.92 553.47 481.36 30.79 512.16 542.95 455
Other income ($) 3.20 86.56 22.84 86.56 6.58 93.14 99.72 5
Gross return/acre ($) 342.88 935.63 576.30 567.92 37.37 605.30 642.67 460
Direct Expenses
Seed ($) 42.16 101.53 74.03 101.22 7.21 108.43 115.65 95
Fertilizer 55.56 157.66 109.24 138.38 11.44 149.82 161.26 110
Chemicals 17.14 25.10 20.70 22.73 0.68 23.41 24.09 25
Crop insurance 11.31 30.97 23.61 26.07 1.58 27.65 29.23 20
Drying & storage exp. 3.39 44.10 16.71 20.76 0.02 20.78 20.80 14
Fuel & oil 17.59 33.22 26.88 33.22 1.76 34.98 36.74 25
Repairs 22.26 41.37 33.31 39.05 2.30 41.35 43.65 37
Custom hire 2.01 6.67 3.70 4.29 0.23 4.52 4.75 6
Land rent 66.56 129.32 91.71 129.32 7.16 136.48 143.64 120
Operating interest 5.03 9.46 7.16 8.64 -0.04 8.60 8.56 9
Miscellaneous 1.16 7.03 2.96 7.03 0.59 7.62 8.21 3
Total direct expenses ($) 257.10 547.15 410.02 530.71 32.93 563.64 596.57 464
Return over direct exp. ($) 5.09 429.20 166.28 37.21 4.44 41.66 46.10 (4)
Overhead Expenses
Hired labor ($) 9.95 21.22 15.38 21.22 1.13 22.35 23.49 20
Machinery leases 3.29 11.21 7.05 6.45 0.12 6.57 6.70 8
Farm insurance 3.79 8.07 5.92 8.07 0.47 8.54 9.02 8
Utilities 3.25 6.17 4.49 6.17 0.28 6.45 6.73 6
Dues & professional fees 2.30 4.52 3.36 4.47 0.23 4.70 4.93 4
Interest 4.70 6.85 6.15 5.86 0.10 5.96 6.07 6
Mach & bldg depreciation 14.65 56.62 32.95 56.62 4.72 61.34 66.05 50
Miscellaneous 3.04 9.80 5.60 6.59 0.30 6.89 7.18 4
Total indirect expenses ($) 48.66 115.45 80.89 115.45 7.35 122.80 130.16 106
Total expenses ($) 305.76 652.52 490.91 646.16 40.28 686.44 726.73 570
Net return per acre ($) (78.24) 331.94 85.39 (78.24) (2.91) (81.15) (84.06) (110)
Government payments 7.52 15.78 12.92 7.52 -0.67 6.85 6.18 45
Net return w/ gov't payments ($) (70.72) 344.00 98.31 (70.72) (3.58) (74.30) (77.88) (65)
Labor & mgmt. chge 25.93 53.14 40.06 47.50 2.87 50.37 53.24 40
Net return over lbr &mgt. ($) (118.22) 290.86 58.25 (118.22) (6.45) (124.67) (131.12) (105)
Cost of Production
Total direct expenses per bu. ($) 1.78 4.17 3.02 4.02 0.27 4.29 4.56 3.31
Total direct & Ovhd exp./bu ($) 2.11 4.98 3.62 4.90 0.33 5.23 5.55 4.07
Less Gov't pymts & other inc. ($) 1.93 4.48 3.35 4.19 0.28 4.47 4.75 3.71
With labor & mgmt ($) 2.15 4.87 3.65 4.55 0.30 4.85 5.15 4.00

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 Red River Valley Regions of Minnesota & North Dakota.

2015

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