Crop budgets 2020 - farmdoc

CROP BUDGETS Department of Agricultural and

Consumer Economics University of Illinois

CROP BUDGETS, ILLINOIS, 2020

Department of Agricultural and Consumer Economics University of Illinois April 2020

Introduction

Gary Schnitkey Department of Agricultural and Consumer Economics

University of Illinois

April 2020

This publication presents crop budgets for three regions in Illinois: northern, central, and southern Illinois. Central Illinois is further divided into categories for high-productivity farmland and low-productivity farmland.

Budgets are prepared to include all revenue and all financial non-land costs. Revenue includes crop revenue and government commodity payments. Costs include all cash costs associated with producing the crop as well as depreciation. These costs are divided into three categories: 1) direct costs ? costs that can be directly attributable to the production of the crop, 2) power costs ? costs related to machinery operations, and 3) overhead ? costs associated with general operation of the farm.

Subtracting non-land costs from revenue yields "operator and land return". This is the return remaining to pay for farmland and provide a return to the operator. In a cash rent situation, the payment for farmland is cash rent. If the operator and land return is $170 per acre and cash rent is $150 then the operator will have $20 of return.

Acknowledgments: Much of the data used in these budgets comes from the local Farm Business Farm Management (FBFM) Associations across the State of Illinois. Without their cooperation, information as comprehensive and accurate as this would not be available for educational purposes. FBFM, which consists of 5,500 plus farmers and over 60 professional field staff, is a not-for-profit organization available to all farm operators in Illinois. FBFM field staff provides on-farm counsel with computerized recordkeeping, farm financial management, business entity planning and income tax management. For more information, please contact the State FBFM Office located at the University of Illinois Department of Agricultural and Consumer Economics at 217-333-5511 or visit the FBFM website at .

Table 1. 2020 Crop Budgets, Northern Illinois.

CornafterSoybeans

CornafterCorn

SoybeansafterCorn

Soybeansafter-Two

Years-Corn

Yield per acre Price per bu

212 $3.30

202 $3.30

62 $8.30

64 $8.30

Crop revenue ARC/PLC Crop insurance proceeds

Gross revenue

Fertilizers Pesticides Seed Drying Storage Crop insurance

Total direct costs

Machine hire/lease Utilities Machine repair Fuel and oil Light vehicle Mach. depreciation

Total power costs

Hired labor Building repair and rent Building depreciation Insurance Misc Interest (non-land)

Total overhead costs

Total non-land costs

Operator and land return

$700 30 0

$730

$125 60

112 15 10 23

$345

$26 6

27 17

2 58 $136

$23 9

17 10

9 26 $94

$575

$155

$667 30 0

$697

$135 66

112 14 10 23

$360

$26 6

27 17

2 58 $136

$23 9

17 10

9 26 $94

$590

$107

$515 30 0

$545

$31 36 73 1 4 15

$160

$22 5

23 14

2 56 $122

$20 4 8

10 9

22 $73

$355

$190

$531 30 0

$561

$31 36 73 1 4 15

$160

$22 5

23 14

2 56 $122

$20 4 8 7 9

22 $70

$352

$209

Prepared by: Gary Schnitkey, University of Illinois, schnitke@illinois.edu, 217 244-9595. Available in the management section of farmdoc (farmdoc.illinois.edu).

Revised: January 2020

Wheat

75 $5.00

$375 30 0

$405

$76 27 50 1 1 9

$164

$18 7

33 20

2 49 $129

$18 3 7 5 9

14 $56

$349

$56

Table 2. 2020 Crop Budgets, Central Illinois -- High Productivity Farmland.

CornafterSoybeans

Corn- Soybeans- Soybeans-

after-

after- after-Two

Corn

Corn Years-Corn

DoubleCrop

Wheat Soybeans

Yield per acre Price per bu

Crop revenue ARC/PLC Crop insurance proceeds

Gross revenue

Fertilizers Pesticides Seed Drying Storage Crop insurance

Total direct costs

Machine hire/lease Utilities Machine repair Fuel and oil Light vehicle Mach. depreciation

Total power costs

Hired labor Building repair and rent Building depreciation Insurance Misc Interest (non-land)

Total overhead costs

Total non-land costs

Operator and land return

218 $3.30

$719 30 0

$749

$130 75

115 15 15 22

$372

$16 5

24 15

1 63 $124

$18 6

11 9 9

22 $75

$571

$178

208 $3.30

$686 30 0

$716

$140 81

115 14 15 22

$387

$16 5

24 15

1 63 $124

$18 6

11 9 9

22 $75

$586

$130

68 $8.30

$564 30 0

$594

$40 45 73 0 8 15

$181

$14 5

19 13

1 54 $106

$17 5

10 11

9 20 $72

$359

$235

70 $8.30

$581 30 0

$611

$40 45 73 0 8 15

$181

$14 5

19 13

1 54 $106

$17 5

10 11

9 20 $72

$359

$252

75 $5.00

$375 30 0

$405

$76 27 50 1 1 9

$164

$18 7

33 20

2 49 $129

$18 3 7 5 9

14 $56

$349

$56

Prepared by: Gary Schnitkey, University of Illinois, schnitke@illinois.edu, 217 244-9595. Available in the management section of farmdoc (farmdoc.illinois.edu). Revised: January 2020

43 $8.30

$357 0 0

$357

$28 40 48 0 1 4

$121

$11 5

25 22

2 27 $92

$14 6 5 0 0

11 $36

$249

$108

Table 3. 2020 Crop Budgets, Central Illinois -- Low Productivity Farmland.

CornafterSoybeans

Corn- Soybeans- Soybeans-

after-

after- after-Two

Corn

Corn Years-Corn

DoubleCrop

Wheat Soybeans

Yield per acre Price per bu

206 $3.30

196 $3.30

61 $8.30

63 $8.30

78 $5.00

Crop revenue ARC/PLC Crop insurance proceeds

Gross revenue

Fertilizers Pesticides Seed Drying Storage Crop insurance

Total direct costs

Machine hire/lease Utilities Machine repair Fuel and oil Light vehicle Mach. depreciation

Total power costs

Hired labor Building repair and rent Building depreciation Insurance Misc Interest (non-land)

Total overhead costs

Total non-land costs

Operator and land return

$680 0 0

$680

$136 75

118 15 11 21

$376

$12 6

25 16

2 64 $125

$18 5

13 10

9 22 $77

$578

$102

$647 0 0

$647

$146 81

118 15 11 21

$392

$12 6

25 16

2 64 $125

$18 5

13 10

9 22 $77

$594

$53

$506 0 0

$506

$39 47 62 1 4 14

$167

$11 5

21 12

1 55 $105

$17 3

10 10

9 19 $68

$340

$166

$523 0 0

$523

$39 47 62 1 4 14

$167

$11 5

21 12

1 55 $105

$17 3

10 10

9 19 $68

$340

$183

$390 0 0

$390

$76 29 41 1 1 8

$156

$13 5

19 11

1 45 $94

$14 1 8 8 8

21 $60

$310

$80

Prepared by: Gary Schnitkey, University of Illinois, schnitke@illinois.edu, 217 244-9595. Available in the management section of farmdoc (farmdoc.illinois.edu). Revised: January 2020

43 $8.30

$357 0 0

$357

$28 37 50 0 1 5

$121

$10 5

19 11

1 35 $81

$14 6 8 0 0 7

$35

$237

$120

Table 4. 2020 Crop Budgets, Southern Illinois.

CornafterSoybeans

Corn- Soybeans- Soybeans-

after-

after- after-Two

Corn

Corn Years-Corn

DoubleCrop

Wheat Soybeans

Yield per acre Price per bu

185 $3.30

175 $3.30

53 $8.30

55 $8.30

75 $5.00

Crop revenue ARC/PLC Crop insurance proceeds

Gross revenue

Fertilizers Pesticides Seed Drying Storage Crop insurance

Total direct costs

Machine hire/lease Utilities Machine repair Fuel and oil Light vehicle Mach. depreciation

Total power costs

Hired labor Building repair and rent Building depreciation Insurance Misc Interest (non-land)

Total overhead costs

Total non-land costs

Operator and land return

$611 25 0

$636

$120 78

106 7 7

18 $336

$14 7

28 18

2 69 $138

$26 6

18 12

9 22 $93

$567

$69

$578 25 0

$603

$130 84

106 7 7

18 $352

$14 7

28 18

2 69 $138

$26 6

18 12

9 22 $93

$583

$20

$440 25 0

$465

$40 50 64 0 5 14

$173

$12 7

27 17

1 66 $130

$22 4

10 12

9 21 $78

$381

$84

$457 25 0

$482

$40 50 64 0 5 14

$173

$12 7

27 17

1 66 $130

$22 4

10 12

9 21 $78

$381

$101

$375 25 0

$400

$102 29 41 1 1 8

$182

$14 7

35 16

2 48 $122

$15 6 8 9 7

21 $66

$370

$30

Prepared by: Gary Schnitkey, University of Illinois, schnitke@illinois.edu, 217 244-9595. Available in the management section of farmdoc (farmdoc.illinois.edu). Revised: January 2020

43 $8.30

$357 0 0

$357

$28 40 48 0 1 4

$121

$11 5

22 14

2 27 $81

$14 6 5 0 0

11 $36

$238

$119

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