2016 Minnesota statewide irrigated corn & navy bean budgets

Pauline Van Nurden

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
Minnesota irrigated corn 2016 budget
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

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
Minnesota navy bean 2016 budget
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

2016 Minnesota statewide irrigated corn & navy bean budgets

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