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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 - Non-Red River Valley soybean, wheat, corn, and alfalfa budgets

Pauline Van Nurden

Northwest Minnesota soybean 2016 budget - Non-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 28.22 37.88 32.23 31.82 0.27 32.09 32.36 35
Value/bushel ($) 5.57 13.82 9.68 9.80 0.71 10.51 11.22 8.25
Total production return/acre ($) 172.38 523.50 315.72 311.84 25.59 337.42 363.01 288.75
Other income 4.91 23.51 12.17 19.60 0.33 19.93 20.26 $2
Gross return/acre ($) 183.83 531.00 327.89 331.44 25.92 357.35 383.27 290.75
Direct Expenses
Seed ($) 29.12 65.06 46.35 65.06 4.27 69.33 73.60 62
Fertilizer 9.40 38.36 22.24 33.60 3.09 36.69 39.78 20
Chemicals 12.16 27.86 18.33 17.79 0.00 17.79 17.79 20
Crop insurance 10.94 23.14 16.10 15.60 0.50 16.10 16.60 14
Fuel & oil 13.01 22.10 17.67 22.10 1.02 23.12 24.13 17
Repairs 14.74 24.34 20.15 23.23 1.17 24.40 25.57 22
Custom hire 1.74 7.02 3.73 4.49 0.38 4.87 5.24 5
Land rent 40.01 70.82 53.73 70.82 3.47 74.29 77.76 70
Operating interest 3.13 5.35 4.04 3.16 -0.14 3.02 2.87 4
Miscellaneous 0.61 5.12 2.59 5.12 0.43 5.55 5.97 3
Total direct expenses ($) 144.11 260.97 204.92 260.97 14.17 275.14 289.31 237
Return over direct expenses ($) 39.72 278.35 122.96 70.47 11.75 82.21 93.96 53.75
Overhead Expenses
Hired labor ($) 4.04 8.39 6.22 7.30 0.32 7.62 7.93 7
Machinery & bldg leases 1.56 3.68 2.72 3.68 0.18 3.86 4.04 3
Farm insurance 2.72 4.96 3.71 4.96 0.23 5.19 5.43 5
Utilities 2.10 4.03 2.88 4.03 0.18 4.21 4.40 4
Dues & professional fees 1.63 2.52 1.99 2.49 0.09 2.58 2.66 2
Interest 3.60 4.87 4.14 3.74 -0.10 3.64 3.55 4
Mach & bldg depreciation 11.79 24.70 18.02 24.70 1.56 26.26 27.82 22
Miscellaneous 2.60 5.48 3.93 3.32 -0.06 3.26 3.20 2
Total overhead expenses ($) 34.66 54.22 43.61 54.22 2.41 56.63 59.03 49
Total expenses ($) 178.77 315.19 248.53 315.19 16.58 331.77 348.34 286
Net return per acre ($) 5.06 228.76 79.36 16.25 9.34 25.59 34.93 4.75
Government payments 0.56 16.26 12.51 0.56 -1.02 -0.46 1.47 5
Net return w/ Gov't pymts ($) 16.81 242.65 91.87 16.81 8.33 25.13 33.46 9.75
Labor & mgmt. chge 16.82 29.91 23.26 24.37 1.31 25.68 26.99 25
Net return w/ labor & mgt. ($) (7.56) 212.74 68.61 (7.56) 7.02 (0.55) 6.47 (15.25)
Cost of Production
Total direct expenses per bu. ($) 4.52 8.20 6.37 8.20 0.39 8.59 8.98 6.77
Total expenses per Bu. ($) 5.61 9.91 7.72 9.91 0.45 10.36 10.81 8.17
Less Gov't pymt & other inc. ($) 4.90 9.27 6.95 9.27 0.48 9.75 10.23 7.97
With labor & management ($) 5.43 10.04 7.67 10.04 0.51 10.55 11.07 8.69

Northwest Minnesota wheat 2016 budget - Non-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 42.16 66.82 55.16 63.10 2.15 65.25 67.39 65
Value/bushel ($) 3.67 8.31 6.00 5.56 0.29 5.85 6.13 5.25
Total production return/acre ($) 154.73 498.85 335.73 350.84 26.30 377.13 403.43 341
Other income ($) 0.84 13.69 6.60 10.85 0.26 11.11 11.36 5
Gross return/acre ($) 159.11 501.55 342.33 361.69 26.55 388.24 414.79 346
Direct Expenses
Seed ($) 11.06 26.88 19.34 22.52 1.38 23.90 25.29 25
Fertilizer 37.57 102.09 74.43 95.45 7.48 102.93 110.41 85
Chemicals 19.67 30.85 27.48 30.01 1.05 31.06 32.10 32
Crop insurance 10.48 30.40 15.82 13.70 0.32 14.02 14.34 13
Fuel & oil 13.41 22.12 18.09 22.12 1.08 23.20 24.27 16
Repairs 13.70 25.17 19.78 22.99 1.25 24.24 25.49 22
Custom hire 2.35 10.27 4.66 6.73 0.68 7.41 8.09 7
Land rent 38.90 70.08 50.32 70.08 3.47 73.55 77.02 70
Operating interest 2.53 4.29 3.14 2.84 -0.11 2.73 2.63 3
Miscellaneous 1.39 9.26 3.50 9.26 0.61 9.87 10.48 5
Total direct expenses ($) 153.92 301.13 236.58 295.70 17.20 312.90 330.10 278
Return over direct exp. ($) 5.19 209.99 105.76 65.99 9.35 75.34 84.69 68
Overhead Expenses
Hired labor ($) 4.32 9.30 6.52 8.71 0.44 9.15 9.59 8
Machinery & bldg leases 1.58 3.68 2.65 3.55 0.19 3.74 3.93 3
Farm insurance 2.82 5.09 3.82 5.09 0.21 5.30 5.51 5
Utilities 1.97 4.00 2.80 4.00 0.22 4.22 4.44 4
Dues & professional fees 1.32 2.22 1.78 2.22 0.09 2.31 2.40 2
Interest 2.65 3.91 3.20 2.86 -0.09 2.77 2.67 3
Mach & bldg depreciation 10.33 25.29 17.09 25.29 1.81 27.10 28.92 25
Miscellaneous 2.02 5.40 3.52 2.96 -0.09 2.87 2.79 3
Total overhead expenses ($) 29.19 54.68 41.38 54.68 2.78 57.46 60.25 53
Total expenses ($) 185.86 351.43 277.95 350.38 19.98 370.36 390.35 331
Net return per acre ($) (26.75) 160.63 64.38 11.31 6.57 17.87 24.44 15
Government payments 0.15 16.47 12.86 0.15 -1.08 -0.93 -2.01 0
Net return with gov't payments ($) (10.28) 174.18 77.24 11.46 5.49 16.94 22.43 15
Labor & mgmt. charge 17.05 31.88 24.21 24.68 1.53 26.21 27.74 25
Net return over lbr &mgt. ($) (27.79) 142.79 53.03 (13.22) 3.96 (9.27) (5.31) (10)
Cost of Production
Total direct expenses per bu. ($) 3.42 5.57 4.26 4.69 0.15 4.84 5.00 4.28
Total expenses per bu. ($) 4.06 6.51 5.01 5.55 0.18 5.73 5.90 5.09
Less Gov't pymts & other inc. ($) 3.73 5.98 4.64 5.38 0.21 5.59 5.79 5.02
With labor & mgmt ($) 4.13 6.60 5.08 5.77 0.22 5.99 6.21 5.40

Northwest Minnesota corn 2016 budget - Non-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 118.52 146.45 128.41 118.52 -0.54 117.98 117.44 128
Value/bushel ($) 2.19 6.45 3.96 3.54 0.25 3.79 4.05 3.25
Total production return ($) 293.26 886.23 512.69 419.56 31.34 450.90 482.23 416
Other income ($) 2.85 78.76 19.48 78.76 3.70 82.46 86.17 5
Gross return/acre ($) 314.15 892.70 532.17 498.32 35.04 533.36 568.40 421
Direct Expenses
Seed ($) 38.66 97.44 69.64 97.44 6.96 104.40 111.37 95
Fertilizer 47.48 146.39 97.08 125.99 10.59 136.58 147.18 110
Chemicals 13.46 22.87 19.17 22.87 0.45 23.32 23.78 25
Crop insurance 10.31 27.47 18.02 18.82 0.56 19.38 19.94 17
Drying & storage exp. 2.10 19.77 11.50 15.58 0.08 15.66 15.73 12
Fuel & oil 19.89 38.67 29.64 34.87 1.50 36.37 37.87 25
Repairs 24.73 49.55 36.85 49.55 3.04 52.59 55.64 39
Custom hire 1.56 9.19 4.42 5.82 0.71 6.53 7.25 7
Land rent 50.29 93.86 68.03 93.86 4.50 98.36 102.86 90
Operating interest 7.04 11.94 9.21 7.06 -0.35 6.71 6.37 8
Miscellaneous 0.71 11.43 4.90 3.66 0.78 4.44 5.22 4
Total direct expenses ($) 240.71 487.82 368.44 475.52 28.84 504.36 533.20 432
Return over direct exp. ($) 10.59 439.69 163.73 22.80 6.20 29.00 35.20 (11)
Overhead Expenses
Hired labor ($) 9.29 23.61 14.23 23.61 1.32 24.93 26.24 20
Machinery & bldg leases 2.57 7.56 4.27 3.86 0.04 3.90 3.93 5
Farm insurance 4.17 7.79 5.60 7.56 0.36 7.92 8.27 8
Utilities 3.52 6.07 4.17 6.07 0.16 6.23 6.39 6
Dues & professional fees 1.98 5.08 3.10 5.08 0.28 5.36 5.63 4
Interest 7.65 11.33 9.07 8.82 -0.08 8.74 8.66 8
Mach & bldg depreciation 21.88 40.00 31.91 39.55 2.12 41.67 43.79 35
Miscellaneous 6.02 11.80 7.91 6.21 -0.11 6.10 5.98 4
Total overhead expenses ($) 62.99 100.76 80.24 100.76 4.07 104.83 108.90 90
Total expenses ($) 303.70 580.45 448.68 576.28 32.91 609.19 642.10 522
Net return per acre ($) (82.04) 351.71 83.48 (77.96) 2.13 (75.83) (73.70) (101)
Government payments 0.85 20.29 13.16 0.85 -1.35 -0.05 -1.86 30
Net return with gov't payments ($) (77.11) 364.37 96.64 (77.11) 0.78 (76.33) (75.56) (71)
Labor & mgmt. chge 26.18 44.82 35.05 36.55 1.52 38.07 39.59 35
Net return over lbr &mgt. ($) (113.66) 319.55 61.59 (113.66) (0.74) (114.40) (115.14) (106)
Cost of Production
Total direct expenses per bu. ($) 1.80 4.05 2.89 4.01 0.24 4.26 4.50 3.38
Total exp./bu ($) 2.27 4.86 3.52 4.86 0.28 5.14 5.42 4.08
Less Gov't pymts & other inc. ($) 1.96 4.50 3.26 4.19 0.26 4.45 4.70 3.80
With labor & mgmt ($) 2.16 4.82 3.53 4.50 0.27 4.77 5.04 4.08

Northwest Minnesota alfalfa hay 2016 budget - Non-Red River Valley

Alfalfa hay 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 2.61 3.75 3.29 3.75 0.05 3.80 3.86 3.3
Value/bushel ($) 63.08 126.61 86.62 124.02 6.70 130.72 137.42 120
Total production return/ac. ($) 190.30 465.08 283.98 465.08 25.98 491.05 517.03 396
Other income ($) 0.00 9.28 4.17 5.30 0.19 5.49 5.68 3
Gross return/acre ($) 197.40 470.38 288.15 470.38 26.17 496.54 522.71 399
Direct Expenses
Seed ($) - 0.79 0.30 - (0.04) (0.04) (0.08) -
Fertilizer 15.61 44.46 28.73 44.46 3.68 48.14 51.81 40
Chemicals 0.17 3.98 1.80 2.65 0.22 2.87 3.09 4
Crop insurance 1.61 5.11 2.58 5.11 0.28 5.39 5.68 4
Fuel & oil 22.80 39.82 30.87 37.50 1.85 39.35 41.20 35
Repairs 26.89 47.45 36.34 47.45 2.41 49.86 52.27 45
Custom hire 1.10 13.48 6.12 6.02 0.63 6.65 7.28 9
Land rent 34.15 59.46 45.38 58.37 3.11 61.48 64.60 60
Operating interest 4.57 8.11 6.29 4.63 -0.06 4.57 4.51 6
Miscellaneous 0.58 3.09 1.82 2.64 0.17 2.81 2.99 3
Total direct expenses ($) 115.42 216.92 160.23 208.83 12.26 221.09 233.34 206
Return over direct exp. ($) 78.33 261.55 127.92 261.55 13.91 275.46 289.37 193
Overhead Expenses
Hired labor ($) 5.12 24.91 11.95 24.91 1.76 26.67 28.43 20
Machinery & bldg leases 1.99 11.08 5.06 1.99 0.24 2.23 2.47 7
Farm insurance 3.97 11.60 6.40 11.60 0.73 12.33 13.06 10
Utilities 4.11 8.17 5.56 6.27 0.36 6.63 7.00 7
Dues & professional fees 1.71 6.14 3.31 5.63 0.52 6.15 6.66 6
Interest 5.93 8.33 7.08 6.03 -0.05 5.98 5.93 7
Mach & bldg depreciation 19.80 40.87 26.86 40.87 2.13 43.00 45.13 35
Miscellaneous 4.30 13.97 7.64 4.99 -0.01 4.98 4.96 6
Total overhead expenses ($) 53.55 102.29 73.87 102.29 5.68 107.97 113.64 98
Total expenses ($) 168.97 311.12 234.10 311.12 17.93 329.05 346.98 304
Net return per acre ($) 6.46 159.26 54.06 159.26 8.23 167.49 175.72 95
Government payments 0.00 14.20 10.56 0.00 -0.66 -0.66 -1.32 0
Net return with gov't payments ($) 15.23 159.26 64.62 159.26 8.23 167.49 175.72 95
Labor & mgmt. chge 27.53 46.70 35.02 40.58 1.78 42.36 44.15 45
Net return over lbr &mgt. ($) (21.40) 118.68 29.60 118.68 5.79 124.47 130.26 50
Cost of Production
Total direct expenses per bu. ($) 37.47 74.18 49.14 55.69 3.10 58.79 61.89 62.42
Total direct exp./bu ($) 54.86 109.10 71.81 82.97 4.53 87.49 92.02 91.12
Less Gov't pymts & other inc. ($) 47.85 100.20 67.07 81.55 4.72 86.27 91.00 91.21
With labor & mgmt ($) 57.88 115.75 77.87 92.37 5.12 97.49 102.61 104.85

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

Average data comes from www.finbin.umn.edu and includes data from the Northwest, MN counties of: Becker, Clay, Clearwater, Kittson, Mahnomen, Marshall, Normal, Pennington, Polk, Red Lake, and Roseau. All farms are outside of the Red River Valley Region.

2015

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