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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 West Central Minnesota corn, soybean and wheat budgets

Pauline Van Nurden

West Central Minnesota corn 2016 budget

Corn budget WC MN FINBIN data Range in value 2005-2014 Average
05-2014
Actual 2014 10 year trend Trend 2015 Trend
2016
Forecast 2016
Yield 130.96 180.02 155.10 139.27 -1.61 137.66 136.05 160.00
Value per bushel ($) 2.06 6.36 4.00 3.73 0.27 4.00 4.28 3.25
Total production return/acre ($) 354.40 1,144.93 619.54 519.48 39.06 558.54 597.60 520.00
Other income ($) 3.82 114.33 42.49 114.33 7.83 122.16 129.98 5.00
Gross return/acre ($) 399.00 1,156.15 662.03 633.81 46.89 680.69 727.58 525.00
Direct Expenses
Seed ($) 48.06 112.18 84.56 112.18 7.85 120.03 127.88 110.00
Fertilizer 65.54 169.39 121.41 149.53 11.38 160.91 172.30 125.00
Chemicals 16.69 27.53 22.50 27.53 0.87 28.40 29.28 29.00
Crop insurance 10.12 27.80 19.73 20.21 1.39 21.60 22.99 18.00
Drying & storage expense 4.67 36.16 16.89 23.43 0.41 23.84 24.25 15.00
Fuel & oil 19.14 35.82 26.44 33.81 1.87 35.68 37.55 27.00
Repairs 21.75 48.54 32.87 43.92 2.97 46.89 49.85 35.00
Custom hire 3.79 9.75 6.59 7.76 0.59 8.35 8.94 8.00
Land rent 77.74 154.03 111.88 148.42 9.16 157.58 166.75 140.00
Operating interest 6.85 12.23 9.00 7.92 -0.33 7.59 7.27 8.00
Miscellaneous 1.15 8.40 4.59 8.40 0.83 9.23 10.06 7.00
Total direct expenses ($) 291.06 617.86 456.46 583.11 37.00 620.11 657.11 522.00
Return over direct expenses ($) 50.70 587.92 205.57 50.70 9.89 60.58 70.47 3.00
Overhead Expenses
Hired labor ($) 6.42 14.31 9.04 14.24 0.93 15.17 16.11 12.00
Machinery & bldg leases 4.04 11.63 5.95 8.41 056 8.97 9.54 8.00
Farm insurance 4.39 8.78 6.17 8.78 0.46 9.24 9.70 9.00
Utilities 3.35 6.14 4.36 6.14 0.28 6.42 6.70 6.00
Dues & professional fees 1.47 4.31 2.61 4.31 0.32 4.63 4.95 3.00
Interest 4.93 6.99 6.25 6.88 0.20 7.08 7.28 7.00
Mach & bldg depreciation 19.37 52.48 32.79 52.48 3.86 56.34 60.20 45.00
Miscellaneous 4.89 11.09 6.72 8.00 0.48 8.48 8.96 6.00
Total indirect expenses ($) 50.33 109.24 73.87 109.24 7.10 116.34 123.44 96.00
Total expenses ($) 341.39 726.50 530.33 692.35 44.10 736.45 780.55 618.00
Net return per acre ($) -58.54 500.19 131.69 -58.54 2.79 -55.76 -52.97 -93.00
Government payments 3.72 36.94 16.74 3.72 -2.32 1.40 -0.92 55.00
Net return w/ Gov't pymts ($) -54.82 514.77 148.43 -54.82 0.47 -54.36 -53.89 -38.00
Labor & mgmt. chge 23.55 60.34 39.52 54.06 4.20 58.26 62.46 50.00
Net return over lbr & mgt. ($) -108.88 463.24 108.91 -108.88 -3.73 -112.62 -116.35 -88.00
Cost of Production
Total direct expense per bu. ($) 1.69 4.37 2.99 4.19 0.28 4.46 4.74 3.26
Total direct & ovhd exp/bu. ($) 1.98 5.14 3.48 4.97 0.33 5.30 5.63 3.86
Less Gov't pymt & other inc. ($) 1.51 4.43 3.08 4.12 0.28 4.41 4.69 3.49
With labor & management ($) 1.65 4.86 3.34 4.51 0.31 4.83 5.14 3.80

West Central Minnesota soybean 2016 budget

Soybean budget WC MN FINBIN data Range in value 2005-2014 Average
05-2014
Actual 2014 10 year trend Trend 2015 Trend
2016
Forecast 2016
Yield 34.96 47.60 40.14 38.49 -0.33 38.16 37.82 40.00
Value/bushel ($) 5.72 13.69 9.66 9.87 0.68 10.55 11.24 8.25
Total production return/acre ($) 249.79 651.64 386.66 379.90 25.52 405.42 430.94 330.00
Other income ($) 2.68 49.44 14.81 20.27 1.30 21.57 22.87 5.00
Gross revenue/acre ($) 252.52 657.31 401.47 400.17 26.82 426.99 453.81 335.00
Direct Expenses
Seed ($) 29.64 62.65 44.58 62.65 3.94 66.59 70.53 60.00
Fertilizer 3.67 19.38 10.38 16.98 1.80 18.78 20.58 10.00
Chemicals 17.32 30.82 23.62 30.82 1.11 31.93 33.04 33.00
Crop insurance 9.08 23.43 16.36 18.32 1.28 19.60 20.88 17.00
Fuel & oil 15.19 21.64 18.88 19.06 0.48 19.54 20.02 16.00
Repairs 18.17 30.34 24.12 26.26 1.23 27.49 28.72 23.00
Custom hire 2.78 7.81 5.40 5.28 0.42 5.70 6.13 5.00
Land rent 75.70 145.22 106.87 144.93 8.75 153.68 162.43 140.00
Operating interest 3.71 8.99 6.07 3.75 -0.49 3.26 2.77 4.00
Miscellaneous 0.94 5.23 3.46 4.75 0.43 5.18 5.60 4.00
Total direct expenses ($) 182.09 332.80 259.74 332.80 18.95 351.75 370.70 312.00
Return over direct exp. ($) 67.37 329.03 141.73 67.37 7.87 75.23 83.10 23.00
Overhead Expenses
Hired labor ($) 5.06 8.72 6.43 8.72 0.41 9.13 9.53 7.00
Machinery & bldg leases 2.90 6.92 4.23 3.41 0.13 3.54 3.67 4.00
Farm insurance 3.78 6.26 4.85 6.26 0.26 6.52 6.78 6.00
Utilities 2.73 4.42 3.47 4.42 0.16 4.58 4.74 5.00
Dues & professional fees 1.40 3.65 2.24 3.65 0.24 3.89 4.12 3.00
Interest 4.07 5.90 4.72 4.10 -0.04 4.06 4.03 4.00
Mach & bldg depreciation 15.56 31.23 23.08 31.23 1.79 33.02 34.81 27.00
Miscellaneous 4.07 6.93 5.21 6.69 0.26 6.95 7.22 4.00
Total indirect expenses ($) 41.44 68.48 54.23 68.48 3.21 71.69 74.90 60.00
Total expenses ($) 223.98 401.28 313.97 401.28 22.16 423.44 445.60 372.00
Net return per acre ($) -1.11 266.75 87.50 -1.11 4.66 3.54 8.20 -37.00
Government payments 4.46 25.50 15.15 4.46 -1.59 2.87 1.29 1.00
Net return with gov't payments ($) 3.35 280.65 102.65 3.35 3.07 6.42 9.49 -36.00
Labor & mgmt. charge 19.50 36.20 28.17 31.26 1.76 33.02 34.78 30.00
Net return over lbr &mgt. ($) -27.91 244.45 74.48 -27.91 1.31 -26.60 -25.28 -66.00
Cost of Production
Total direct expenses per bu. ($) 4.17 9.51 6.56 8.65 0.53 9.18 9.71 7.80
Total direct & ovhd exp./bu ($) 5.13 11.44 7.94 10.43 0.62 11.05 11.67 9.30
Less Gov't pymts & other inc. ($) 4.48 10.43 7.16 9.78 0.62 10.41 11.03 9.15
With labor & mgmt ($) 4.93 11.44 7.88 10.60 0.67 11.27 11.94 9.90

West Central Minnesota wheat 2016 budget

Wheat budget WC MN FINBIN data Range in value 2005-2014 Average
05-2014
Actual 2014 10 year trend Trend 2015 Trend
2016
Forecast 2016
Yield 37.10 60.37 51.95 56.11 0.63 56.74 57.36 57.00
Value/bushel ($) 3.65 8.50 6.16 5.79 0.31 6.10 6.40 5.25
Total product return/acre ($) 156.48 499.89 320.71 324.88 18.48 343.36 361.84 299.25
Other income ($) 3.20 57.55 16.74 34.12 2.80 36.92 39.71 10.00
Gross return/acre ($) 162.71 505.06 337.45 359.00 21.28 380.27 401.55 309.25
Direct Expenses
Seed ($) 12.43 27.64 21.91 27.37 1.63 29.00 30.64 27.00
Fertilizer 42.64 119.19 79.16 92.01 7.70 99.71 107.41 75.00
Chemicals 11.81 23.71 18.41 21.04 1.11 22.15 23.26 25.00
Crop insurance 5.70 21.47 12.70 11.71 0.77 12.48 13.25 14.00
Fuel & oil 11.57 20.94 16.31 18.10 1.02 19.12 20.15 16.00
Repairs 13.64 29.67 21.59 27.25 1.88 29.13 31.01 25.00
Custom hire 2.79 6.82 4.50 4.54 0.18 4.72 4.90 5.00
Land rent 65.81 122.36 91.70 114.89 6.67 121.56 128.23 115.00
Operating interest 2.21 5.73 4.04 2.90 -0.23 5.67 2.43 3.00
Miscellaneous 0.84 6.00 3.14 4.80 0.28 5.08 5.37 4.00
Total direct expenses ($) 170.29 361.18 273.47 324.61 21.02 345.63 366.64 309.00
Return over direct exp. ($) (7.58) 158.88 63.98 34.39 0.26 34.65 34.91 0.25
Overhead Expenses
Hired labor ($) 3.92 9.91 6.63 6.40 0.55 6.95 7.51 8.00
Machinery & bldg leases 1.66 5.39 3.50 1.66 0.04 1.70 1.75 3.00
Farm insurance 3.00 6.28 4.37 6.23 0.34 6.57 6.91 6.00
Utilities 2.14 4.78 3.19 4.78 0.27 5.05 5.32 5.00
Dues & professional fees 1.28 2.66 1.87 2.66 0.14 2.80 2.95 2.00
Interest 2.73 5.24 4.32 2.73 -0.10 2.63 2.53 3.00
Mach & bldg depreciation 10.63 29.79 18.83 29.79 2.09 31.88 33.96 25.00
Miscellaneous 3.88 7.56 5.24 7.56 0.32 7.88 8.21 6.00
Total indirect expenses ($) 32.27 64.81 47.95 61.81 2.66 65.47 69.13 58.00
Total expenses ($) 202.56 422.76 321.42 386.42 24.68 411.10 435.77 367.00
Net return per acre ($) -68.97 115.31 16.03 -27.42 -3.40 -30.82 -34.22 -57.75
Government payments 2.18 19.51 13.37 2.18 -1.23 0.95 -0.27 -
Net return with gov't payments ($) -57.61 129.83 29.39 -25.24 -4.63 -29.87 -34.49 -57.75
Labor & mgmt. chge 15.94 30.96 23.40 27.30 1.64 28.94 30.58 25.00
Net return over lbr &mgt. ($) -84.14 108.22 6.00 -52.54 -6.26 -58.81 -65.07 -82.75
Cost of Production
Total direct expenses per bu. ($) 3.39 8.50 5.35 5.79 0.36 6.15 6.51 5.42
Total direct & ovhd exp./bu ($) 4.02 10.02 6.29 6.89 0.42 7.31 7.74 6.44
Less Gov't pymts & other inc. ($) 3.65 8.11 5.66 6.24 0.40 6.64 7.03 6.26
With labor & mgmt ($) 3.94 8.87 6.12 6.73 0.42 7.15 7.57 6.70

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: Big Stone, Chippewa, Douglas, Grant, Lac qui Parle, Otter Tail, Pope, Stevens, Swift, Traverse, Wilkin, & Yellow Medicine counties in the West Central Minnesota region.

2015

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