2024 Field Crop Budgets
Crop budgets vary greatly by operation! Prices and cost estimates are averages collected from retailers across the state. Input prices will vary by crop, management, region, varieties and other criteria and may not be reflective of YOUR true costs.
Assumptions in Analysis
- Land charge of $110. Purchase price is not included.
- Operating expenses borrowed at 8.5% interest for 5 months of expenses.
- Fertility rates based on MCE SFM-1 guidelines
- Assuming medium fertility levels
- Fixed costs are calculated with MD Custom Rates (2023) - should use your actual fixed costs
- Crop insurance quotes. Actuals will not be set until March.
*Any fields with resistance weeds should reconsider post application products.
Budgeting Recommendations
- Create your own budgets and fixed costs including equipment, repairs, insurance, depreciation, interest and taxes
- Write and implement a farm business plan - setting goals, managing finances and develop markets
- Manage capital assets such as land and equipment
- Track your expenses and at the end of the year compare actual and projected
Using This Spreadsheet
- This workbook is designed to be updated very easily. Click on the INPUTS worksheet and make changes. This will automatically update changes on other worksheets (i.e. N changes from .47 to .54 update it on the inputs page and it automatically updates all N prices for the 5 crops)
- Be sure to save changes periodically and use the date in the title to mark when the budget was prepared.
Download Maryland Crop Budgets 2024 Excel Version
Download Maryland Crop Budgets 2024 PDF Version
Spreadsheets
Inputs
| YEAR | UNIT | PRICE (2024) | NOTES |
|---|---|---|---|
| INCOME | |||
| Corn | Bushel | $5.03 | Dec. 23 |
| Soybeans | Bushel | $12.50 | Nov. 23 |
| Wheat | Bushel | $6.29 | Jul. 23 |
| EXPENSES | |||
| SEED | |||
| Corn Conventional | 1000 Seeds | $2.57 | |
| Corn Roundup Ready & BT | 1000 Seeds | $3.26 | |
| Soybean | 1000 Seeds | $0.38 | |
| Soybean RR II | 1000 Seeds | $0.38 | |
| Soybean Xtend | 1000 Seeds | $0.38 | |
| Soybean Enlist | 1000 Seeds | $0.40 | |
| Wheat (treated) | Pound | $0.50 | |
| FERTILIZER | |||
| Nitrogen | Pound | $0.80 | |
| Phosphorus | Pound | $0.74 | |
| Potash | Pound | $0.42 | |
| Sulfate | Pound | $0.50 | |
| Poultry Litter | Ton | $25.00 | |
| Lime | Ton | $54.00 | |
| PESTICIDES | |||
| 2 4-D | Quart | $5.84 | |
| 2 4-D | Pint | $2.92 | |
| Atrazine | Quart | $5.47 | |
| Boundary | Pint | $10.31 | |
| Corvus | Ounce | $6.30 | |
| Dual | Pint | $8.95 | |
| Dual | Ounce | $0.56 | |
| Enlist One | Quart | $16.70 | |
| Flexstar GT | Pint | $6.30 | |
| Gramoxone SL 3.0 | Pint | $4.18 | |
| Halex GT | Pint | $6.82 | |
| Harmony SG | Ounce | $8.95 | |
| Liberty | Quart | $13.95 | |
| Metribuzin | Pound | $18.00 | |
| Princep | Quart | $6.48 | |
| Prosaro | Ounce | $1.47 | |
| Roundup | Quart | $5.25 | |
| Sharpen | Ounce | $6.35 | |
| Surfactant | Quart | $8.07 | |
| Status 56 WDG | Ounce | $4.25 | |
| Stratego | Ounce | $2.91 | |
| Tilt | Ounce | $0.75 | |
| Valor Sx | Ounce | $3.33 | |
| Warrior II | Ounce | $1.40 | |
| Xtendmasx | Ounce | $0.50 | |
| Zidua | Ounce | $6.01 | |
| OTHER | |||
| Soil Test | Acre | $0.50 | |
| Crop Insurance-Corn | Acre | $22.95 | |
| Crop Insurance-Corn Irrigated | Acre | $32.06 | |
| Crop Insurance-Soybeans | Acre | $17.56 | |
| Crop Insurance-Wheat | Acre | $12.78 | |
| Drying Fuel and Handling | Bushel | $0.35 | |
| FIXED COSTS (2023 Custom Rates) | |||
| Stalk Chopping | Acre | $20.25 | |
| Chisel Plowing | Acre | $20.79 | |
| Disking | Acre | $25.39 | |
| Field Cultivator/Finisher | Acre | $18.47 | |
| Vertical Tillage | Acre | $19.47 | |
| Fertilizer Spreading | Acre | $9.55 | |
| Sidedressing | Acre | $11.61 | |
| Manure Loading | Ton | $4.15 | |
| Manure Spreading-Litter | Ton | $11.47 | |
| Manure Hauling | Ton | $16.47 | |
| Pesticide Spraying | Acre | $10.50 | |
| NoTill Drilling | |||
| Small Grain | Acre | $23.43 | |
| Planting | |||
| Corn-Conventional | Acre | $22.44 | |
| Corn-NoTill | Acre | $23.81 | |
| Soybean-Conventional | Acre | $24.18 | |
| Soybean-NoTill | Acre | $23.43 | |
| Broadcast Seeding SmGrain | Acre | $11.20 | |
| Harvesting | |||
| Corn | Acre | $37.57 | |
| Soybean | Acre | $37.48 | |
| Wheat | Acre | $37.81 | |
| Hauling | Bushel | $0.20 | |
| Land Charge | Acre | $110.00 |
Corn Grain, No-Till Non-Irrigated Per Acre for 2024
| ITEM | UNIT | QUANTITY | PRICE | TOTAL |
|---|---|---|---|---|
| GROSS INCOME | ||||
| Corn Grain | Bushel | 160 | $5.03 | $804.80 |
| VARIABLE COSTS | ||||
| Seed RR + Bt | 1000 Seeds | 30 | $3.26 | $97.80 |
| Soil Test | Acre | 1 | $0.50 | $0.50 |
| Nitrogen | Pound | 160 | $0.80 | $128.00 |
| Phosphate | Pound | 30 | $0.74 | $22.20 |
| Potash | Pound | 60 | $0.42 | $24.90 |
| Lime | Ton | 0.5 | $54.00 | $27.00 |
| Gramoxone SL 3.0 | Pint | 1.5 | $4.18 | $6.26 |
| Corvus | Once | 4 | $6.30 | $25.18 |
| Astrazine | Quart | 0.5 | $5.47 | $2.73 |
| Roundup (Post)* | Quart | 1 | $5.25 | $5.25 |
| Princep | Quart | 1 | $6.48 | $6.48 |
| Crop Insurance (RP 70%) | Acre | 1 | $22.95 | $22.95 |
| Drying Fuel | Bushel | 160 | $0.36 | $57.60 |
| Interest on Operating Capital | $339.83 | 0.5 | 8.5% | $14.44 |
| TOTAL VARIABLE COSTS LISTED ABOVE | $441.29 | |||
| FIXED OVERHEAD COSTS (Custom Rates are used as a proxy for field operation costs) | ||||
| Fertilizer Spreading | Acre | 1 | $9.55 | $9.55 |
| No-Till Planting with Fertilizer | Acre | 1 | $23.81 | $23.81 |
| Nitrogen Application | Acre | 1 | $11.61 | $11.61 |
| Pesticide Applications | Acre | 2 | $10.50 | $21.00 |
| Harvesting | Acre | 1 | $37.57 | $37.57 |
| Hauling | Bushel | 160 | $0.20 | $32.00 |
| Interest On Spring Custom Charges | $65.97 | 0.5 | 8.5% | $2.80 |
| Land Charge | Acre | 1 | $110.00 | $110.00 |
| TOTAL FIXED COST LISTED ABOVE | $248.34 | |||
| TOTAL VARIABLE AND FIXED COST LISTED ABOVE | $689.64 | |||
| NET INCOME OVER VARIABLE & FIXED COSTS LISTED ABOVE | $115.16 | |||
| PRICES (12%) | ||||
| NET INCOME ABOVE VARIABLE AND FIXED COSTS LISTED ABOVE FOR VARIOUS YIELDS AND PRICES |
YIELDS (25%) | $4.43 | $5.03 | $5.63 |
| 120 | ($158.47) | ($86.04) | ($13.60) | |
| 160 | $18.59 | $115.16 | $211.74 | |
| 200 | $195.64 | $316.36 | $437.08 | |
Assumptions
- Non-continuous corn so soil insecticide may not be necessary.
- If following beans add 20 lb N credit
- Local hauling within 30 miles of farm
- Fertility rates based on MCE SFM-1 guidelines
- Assuming medium fertility levels
- Bt seed corn, hybrid, mid price grade
- *Any fields with resistant weeds should reconsider post-application products
- Sensitivity analysis based on 75%,100% and 125% of typical yield and 12% current forward contract price.
Corn Grain, Conventional Till Non-Irrigated Per Acre for 2024
| ITEM | UNIT | QUANTITY | PRICE | TOTAL |
|---|---|---|---|---|
| GROSS INCOME | ||||
| Corn Grain | Bushel | 160 | $5.03 | $804.80 |
| VARIABLE COSTS | ||||
| Seed RR + Bt | 1000 Seeds | 30 | $3.26 | $97.80 |
| Soil Test | Acre | 1 | $0.50 | $0.50 |
| Nitrogen | Pound | 160 | $.80 | $128.00 |
| Phosphate | Pound | 30 | $0.74 | $22.20 |
| Potash | Pound | 60 | $0.42 | $24.90 |
| Lime | Ton | 0.5 | $54.00 | $27.00 |
| Corvus | Once | 4 | $6.30 | $25.18 |
| Astrazine | Quart | 0.5 | $5.47 | $2.73 |
| Princep | Quart | 1 | $6.48 | $6.48 |
| Roundup (Post)* | Quart | 1 | $5.25 | $5.25 |
| Crop Insurance (RP 70%) | Acre | 1 | $22.95 | $22.95 |
| Drying Fuel | Bushel | 160 | $0.36 | $57.60 |
| Interest on Operating Capital | $328.31 | 0.5 | 8.5% | $13.95 |
| TOTAL VARIABLE COSTS LISTED ABOVE | $434.54 | |||
| FIXED OVERHEAD COSTS (Custom Rates are used as a proxy for field operation costs) | ||||
| Chisel Plowing | Acre | 1 | $20.79 | $20.79 |
| Disking | Acre | 1 | $25.39 | $25.39 |
| Field Cultivator/Finisher | Acre | 1 | $18.47 | $18.47 |
| Fertilizer Spreading | Acre | 1 | $9.55 | $9.55 |
| Planting with Fertilizer | Acre | 1 | $22.44 | $22.44 |
| Nitrogen Application | Acre | 1 | $11.61 | $11.61 |
| Pesticide Applications | Acre | 2 | $10.50 | $21.00 |
| Harvesting | Acre | 1 | $37.57 | $37.57 |
| Hauling | Bushel | 160 | $0.20 | $32.00 |
| Interest On Spring Custom Charges | $129.25 | 0.5 | 8.5% | $5.49 |
| Land Charge | Acre | 1 | $110.00 | $110.00 |
| TOTAL FIXED COST LISTED ABOVE | $314.31 | |||
| TOTAL VARIABLE AND FIXED COST LISTED ABOVE | $748.85 | |||
| NET INCOME OVER VARIABLE & FIXED COSTS LISTED ABOVE | $55.95 | |||
| PRICES (12%) | ||||
| NET INCOME ABOVE VARIABLE AND FIXED COSTS LISTED ABOVE FOR VARIOUS YIELDS AND PRICES |
YIELDS (25%) | $4.43 | $5.03 | $5.63 |
| 120 | ($217.69) | ($145.25) | ($72.82) | |
| 160 | $40.63 | $55.95 | $152.52 | |
| 200 | $136.43 | $257.15 | $377.87 | |
Assumptions
- Non-continuous corn so soil insecticide may not be necessary.
- Local hauling within 30 miles of farm
- Fertility rates based on MCE SFM-1 guidelines
- Assuming medium fertility levels
- Bt seed corn, hybrid, mid price grade
- *Any fields with resistant weeds should reconsider post-application products
- Sensitivity analysis based on 75%,100% and 125% of typical yield and 12% current forward contract price.
Corn Grain - No Till, Irrigated Per Acre for 2024
| ITEM | UNIT | QUANTITY | PRICE | TOTAL |
|---|---|---|---|---|
| GROSS INCOME | ||||
| Corn Grain | Bushel | 230 | $5.03 | $1,156.90 |
| VARIABLE COSTS | ||||
| Seed RR + Bt | 1000 Seeds | 36 | $3.26 | $117.36 |
| Soil Test | Acre | 1 | $0.50 | $0.50 |
| Nitrogen | Pound | 230 | $0.80 | $184.00 |
| Phosphate | Pound | 45 | $0.74 | $33.30 |
| Potash | Pound | 100 | $0.42 | $41.50 |
| Lime | Ton | 0.5 | $54.00 | $27.00 |
| Gramoxone SL 3.0 | Pint | 1.5 | $4.18 | $6.26 |
| Corvus | Once | 4 | $6.30 | $25.18 |
| Astrazine | Quart | 0.5 | $5.47 | $2.73 |
| Roundup (Post)* | Quart | 1 | $5.25 | $5.25 |
| Stratego | Ounce | 4 | $2.91 | $11.64 |
| Princep | Quart | 1 | $6.48 | $6.48 |
| Crop Insurance (RP 70%) | Acre | 1 | $32.06 | $32.06 |
| Drying Fuel | Bushel | 230 | $0.35 | $80.50 |
| Irrigation Expense (electric, fuel, etc. | Inch | 10 | $7.78 | $77.80 |
| Irrigation Repair and Maintenance | Acre | 1 | $10.00 | $10.00 |
| Interest on Operating Capital | $443.09 | 0.5 | 8.5% | $18.83 |
| TOTAL VARIABLE COSTS LISTED ABOVE | $680.39 | |||
| FIXED OVERHEAD COSTS (Custom Rates are used as a proxy for field operation costs) | ||||
| Fertilizer Spreading | Acre | 1 | $9.55 | $9.55 |
| No-Till Planting with Fertilizer | Acre | 1 | $28.81 | $28.81 |
| Nitrogen Application | Acre | 1 | $11.61 | $11.61 |
| Pesticide Applications | Acre | 2 | $10.50 | $21.00 |
| Harvesting | Acre | 1 | $37.57 | $37.57 |
| Hauling | Bushel | 230 | $0.20 | $46.00 |
| Interest On Spring Custom Charges | $65.97 | 0.5 | 8.5% | $2.80 |
| Irrigation Payment (including interest) | Acre | 1 | $150.00 | $150.00 |
| Land Charge | Acre | 1 | $110.00 | $110.00 |
| TOTAL FIXED COST LISTED ABOVE | $412.34 | |||
| TOTAL VARIABLE AND FIXED COST LISTED ABOVE | $1,092.73 | |||
| NET INCOME OVER VARIABLE & FIXED COSTS LISTED ABOVE | $64.17 | |||
| PRICES (12%) | ||||
| NET INCOME ABOVE VARIABLE AND FIXED COSTS LISTED ABOVE FOR VARIOUS YIELDS AND PRICES |
YIELDS (25%) | $4.43 | $5.03 | $5.63 |
| 172.5 | ($329.18) | ($225.06) | ($120.94) | |
| 230 | ($474.66) | $64.17 | $202.99 | |
| 287.5 | $179.86 | $353.39 | $526.93 | |
Assumptions
- Non-continuous corn so soil insecticide may not be necessary.
- If following beans add 20 lb N credit
- Local hauling within 30 miles of farm
- Fertility rates based on MCE SFM-1 guidelines
- Assuming medium fertility levels
- Bt seed corn, hybrid, mid price grade
- *Any fields with resistant weeds should reconsider post-application products
- Sensitivity analysis based on 75%,100% and 125% of typical yield and 12% current forward contract price.
- Average variable cost for irrigation (electric, diesel, gas) = $7.78/inch
- Average variable cost for irrigation (repair/maintenance) = $10/acre
- Average fixed cost (irrigation payments) =~$150/acre
Corn Grain, No-Till, Poultry Litter Per Acre for 2024
| ITEM | UNIT | QUANTITY | PRICE | TOTAL |
|---|---|---|---|---|
| GROSS INCOME | ||||
| Corn Grain | Bushel | 160 | $5.03 | $804.80 |
| VARIABLE COSTS | ||||
| Seed RR + Bt | 1000 Seeds | 30 | $3.26 | $97.80 |
| Soil Test | Acre | 1 | $0.50 | $0.50 |
| Nitrogen | Pound | 80 | $0.80 | $64.00 |
| Phosphate | Pound | 0 | $0.74 | $0.00 |
| Potash | Pound | 0 | $0.42 | $0.00 |
| Poultry Litter (57-99-113) | Ton | 2 | $25.00 | $50.00 |
| Lime | Ton | 0.5 | $54.00 | $27.00 |
| Gramoxone SL 3.0 | Pint | 1.5 | $4.18 | $6.26 |
| Corvus | Once | 4 | $6.30 | $25.18 |
| Astrazine | Quart | 0.5 | $5.47 | $2.73 |
| Roundup (Post)* | Quart | 1 | $5.25 | $5.25 |
| Princep | Quart | 1 | $6.48 | $6.48 |
| Crop Insurance (RP 70%) | Acre | 1 | $22.95 | $22.95 |
| Drying Fuel | Bushel | 160 | $0.35 | $56.00 |
| Interest on Operating Capital | $278.73 | 0.5 | 8.5% | $11.85 |
| TOTAL VARIABLE COSTS LISTED ABOVE | $376.00 | |||
| FIXED OVERHEAD COSTS (Custom Rates are used as a proxy for field operation costs) | ||||
| Manure Hauling | Ton | 2 | $16.47 | $32.94 |
| Manure Loading | Ton | 2 | $4.15 | $8.30 |
| Manure Spreading-Litter | Ton | 2 | $11.47 | $22.94 |
| Minimal Tillage | Acre | 1 | $19.47 | $19.47 |
| No-Till Planting | Acre | 1 | $23.81 | $23.81 |
| Nitrogen Application | Acre | 1 | $11.61 | $11.61 |
| Pesticide Applications | Acre | 2 | $10.50 | $21.00 |
| Harvesting | Acre | 1 | $37.57 | $37.57 |
| Hauling | Bushel | 160 | $0.20 | $32.00 |
| Interest On Spring Custom Charges | $107.13 | 0.5 | 8.5% | $4.55 |
| Land Charge | Acre | 1 | $110.00 | $110.00 |
| TOTAL FIXED COST LISTED ABOVE | $324.19 | |||
| TOTAL VARIABLE AND FIXED COST LISTED ABOVE | $700.19 | |||
| NET INCOME OVER VARIABLE & FIXED COSTS LISTED ABOVE | $104.61 | |||
| PRICES (12%) | ||||
| NET INCOME ABOVE VARIABLE AND FIXED COSTS LISTED ABOVE FOR VARIOUS YIELDS AND PRICES |
YIELDS (25%) | $4.43 | $5.03 | $5.63 |
| 120 | ($169.02) | ($96.59) | ($24.16) | |
| 160 | $8.04 | $104.61 | $201.19 | |
| 200 | $185.09 | $305.81 | $426.53 | |
Assumptions
- Non-continuous corn so soil insecticide may not be necessary.
- If following beans add 20 lb N credit
- Local hauling within 30 miles of farm
- Fertility rates based on MCE SFM-1 guidelines
- Assuming medium fertility levels
- Bt seed corn, hybrid, mid price grade
- Poultry litter estimates - Economic Value of Poultry Litter 2002. Lichtenberg, Parker, Lynch.
- Litter will provide nitrogen availability at year 2 20% and year 3 5%
- *Any fields with resistant weeds should reconsider post-application products
- Sensitivity analysis based on 75%,100% and 125% of typical yield and 12% current forward contract price.
Corn Grain, No-Till Non-IRR with Weed Resistance Per Acre for 2024
| ITEM | UNIT | QUANTITY | PRICE | TOTAL |
|---|---|---|---|---|
| GROSS INCOME | ||||
| Corn Grain | Bushel | 160 | $5.03 | $804.80 |
| VARIABLE COSTS | ||||
| Seed RR + Bt | 1000 Seeds | 30 | $3.26 | $97.80 |
| Soil Test | Acre | 1 | $0.50 | $0.50 |
| Nitrogen | Pound | 160 | $0.80 | $128.00 |
| Phosphate | Pound | 30 | $0.74 | $22.20 |
| Potash | Pound | 60 | $0.42 | $24.90 |
| Lime | Ton | 0.5 | $54.00 | $27.00 |
| Gramoxone SL 3.0 | Pint | 1.5 | $4.18 | $6.26 |
| Astrazine | Quart | 0.5 | $5.47 | $2.73 |
| Princep | Quart | 1 | $6.48 | $6.48 |
| Halex GT | Pint | 4 | $6.82 | $27.26 |
| Status 56 WDG | Ounce | 4 | $4.25 | $17.00 |
| Crop Insurance (RP 70%) | Acre | 1 | $22.95 | $22.95 |
| Drying Fuel | Bushel | 160 | $0.36 | $57.60 |
| Interest on Operating Capital | $309.40 | 0.5 | 8.5% | $13.15 |
| TOTAL VARIABLE COSTS LISTED ABOVE | $453.83 | |||
| FIXED OVERHEAD COSTS (Custom Rates are used as a proxy for field operation costs) | ||||
| Fertilizer Spreading | Acre | 1 | $9.55 | $9.55 |
| No-Till Planting With Fertiilizer | Acre | 1 | $23.81 | $23.81 |
| Nitrogen Application | Acre | 1 | $11.61 | $11.61 |
| Pesticide Applications | Acre | 2 | $10.50 | $31.50 |
| Harvesting | Acre | 1 | $37.57 | $37.57 |
| Hauling | Bushel | 160 | $0.20 | $32.00 |
| Interest On Spring Custom Charges | $76.47 | 0.5 | 8.5% | $3.25 |
| Land Charge | Acre | 1 | $110.00 | $110.00 |
| TOTAL FIXED COST LISTED ABOVE | $259.29 | |||
| TOTAL VARIABLE AND FIXED COST LISTED ABOVE | $713.12 | |||
| NET INCOME OVER VARIABLE & FIXED COSTS LISTED ABOVE | $91.68 | |||
| PRICES (12%) | ||||
| NET INCOME ABOVE VARIABLE AND FIXED COSTS LISTED ABOVE FOR VARIOUS YIELDS AND PRICES |
YIELDS (25%) | $4.43 | $5.03 | $5.63 |
| 120 | ($181.95) | ($109.52) | ($37.09) | |
| 160 | ($4.90) | $91.68 | $188.26 | |
| 200 | $172.16 | $292.88 | $413.60 | |
Assumptions
- Non-continuous corn so soil insecticide may not be necessary.
- If following beans add 20 lb N credit
- Local hauling within 30 miles of farm
- Fertility rates based on MCE SFM-1 guidelines
- Assuming medium fertility levels
- Bt seed corn, hybrid, mid price grade
- Sensitivity analysis based on 75%,100% and 125% of typical yield and 12% current forward contract price.
Soybeans RR Ready Per Acre For 2024
| ITEM | UNIT | QUANTITY | PRICE | TOTAL |
|---|---|---|---|---|
| GROSS INCOME | ||||
| Soybeans | Bushel | 60 | $12.50 | $750.00 |
| VARIABLE COSTS | ||||
| Seed | 1000 Seeds | 150 | $0.38 | $57.00 |
| Soil Testing | Acre | 1 | $0.50 | $0.50 |
| Phosphate | Pound | 45 | $0.74 | $33.30 |
| Potash | Pound | 40 | $0.42 | $16.60 |
| Lime | Ton | 0.5 | $54.00 | $27.00 |
| Gramoxone SL 3.0 | Pint | 2 | $4.18 | $8.35 |
| 2 4-D | Pint | 1 | $2.92 | $2.92 |
| Roundup (2 passes)* | Quart | 2 | $5.25 | $10.50 |
| Warrior II | Ounce | 1.92 | $1.40 | $2.69 |
| Crop Insurance (RP 70%) | Acre | 1 | $17.56 | $17.56 |
| Interest on Operating Capital | $175.51 | 0.5 | 8.5% | $6.75 |
| TOTAL VARIABLE COSTS LISTED ABOVE | $183.17 | |||
| FIXED OVERHEAD COSTS (Custom Rates are used as a proxy for field operation costs) | ||||
| Fertilizer Applications | Acre | 1 | $9.55 | $9.55 |
| Soybean No-Till | Acre | 1 | $23.43 | $23.43 |
| Pesticide Applications | Acre | 3 | $10.50 | $31.50 |
| Harvesting | Acre | 1 | $37.48 | $37.48 |
| Hauling | Bushel | 60 | $0.20 | $12.00 |
| Interest On Spring Custom Charges | $64.48 | 0.5 | 8.5% | $2.74 |
| Land Charge | Acre | 1 | $110.00 | $110.00 |
| TOTAL FIXED COST LISTED ABOVE | $226.70 | |||
| TOTAL VARIABLE AND FIXED COST LISTED ABOVE | $409.87 | |||
| NET INCOME OVER VARIABLE & FIXED COSTS LISTED ABOVE | $340.13 | |||
| PRICES (12%) | ||||
| NET INCOME ABOVE VARIABLE AND FIXED COSTS LISTED ABOVE FOR VARIOUS YIELDS AND PRICES |
YIELDS (25%) | $11.00 | $12.50 | $14.00 |
| 45 | $85.13 | $152.63 | $220.13 | |
| 60 | $250.13 | $340.13 | $430.13 | |
| 75 | $415.13 | $527.63 | $640.13 | |
Assumptions
- Fertility rates based on MCE SFM-1 guidelines
- Assuming medium fertility levels
- Local hauling within 30 miles of farm
- *Any fields with resistant weeds should reconsider post-application products
- Sensitivity analysis based on 75%,100% and 125% of typical yield and12% current forward contract price.
Soybeans RR Ready With Weed Resistance Per Acre For 2024
| ITEM | UNIT | QUANTITY | PRICE | TOTAL |
|---|---|---|---|---|
| GROSS INCOME | ||||
| Soybeans | Bushel | 60 | $12.50 | $750.00 |
| VARIABLE COSTS | ||||
| Seed | 1000 Seeds | 150 | $0.38 | $57.00 |
| Soil Testing | Acre | 1 | $0.50 | $0.50 |
| Phosphate | Pound | 45 | $0.74 | $33.30 |
| Potash | Pound | 40 | $0.42 | $16.60 |
| Lime | Ton | 0.5 | $54.00 | $27.00 |
| Gramoxone SL 3.0 | Pint | 2 | $4.18 | $8.35 |
| 2 4-D | Pint | 1 | $2.92 | $2.92 |
| Valor SX | Ounce | 3 | $3.33 | $9.98 |
| Warrior II | Ounce | 1.92 | $1.40 | $2.69 |
| Zidua | Ounce | 3 | $6.01 | $18.03 |
| Flexstar GT | Pint | 3.5 | $3.56 | $16.70 |
| Crop Insurance (RP 70%) | Acre | 1 | $16.70 | $17.56 |
| Interest on Operating Capital | $158.33 | 0.5 | 8.5% | $6.73 |
| TOTAL VARIABLE COSTS LISTED ABOVE | $217.35 | |||
| FIXED OVERHEAD COSTS (Custom Rates are used as a proxy for field operation costs) | ||||
| Fertilizer Applications | Acre | 1 | $9.55 | $9.55 |
| Soybean No-Till Planting | Acre | 1 | $23.43 | $23.43 |
| Pesticide Applications | Acre | 3 | $10.50 | $31.50 |
| Harvesting | Acre | 1 | $37.48 | $37.48 |
| Hauling | Bushel | 60 | $0.20 | $12.00 |
| Interest On Spring Custom Charges | $64.48 | 0.5 | 8.5% | $2.74 |
| Land Charge | Acre | 1 | $110.00 | $110.00 |
| TOTAL FIXED COST LISTED ABOVE | $226.70 | |||
| TOTAL VARIABLE AND FIXED COST LISTED ABOVE | $444.05 | |||
| NET INCOME OVER VARIABLE & FIXED COSTS LISTED ABOVE | $305.95 | |||
| PRICES (12%) | ||||
| NET INCOME ABOVE VARIABLE AND FIXED COSTS LISTED ABOVE FOR VARIOUS YIELDS AND PRICES |
YIELDS (25%) | $11.00 | $12.50 | $14.00 |
| 45 | $50.95 | $118.45 | $185.95 | |
| 60 | $215.95 | $305.95 | $395.95 | |
| 75 | $380.95 | $493.45 | $605.95 | |
Assumptions
- Fertility rates based on MCE SFM-1 guidelines
- Assuming medium fertility levels
- Local hauling within 30 miles of farm
- Sensitivity analysis based on 75%,100% and 125% of typical yield and 12% current forward contract price.
Wheat Per Acre For 2024
| ITEM | UNIT | QUANTITY | PRICE | TOTAL |
|---|---|---|---|---|
| GROSS INCOME | ||||
| Wheat | Bushel | 75 | $6.29 | $471.75 |
| VARIABLE COSTS | ||||
| Seed | Pound | 150 | $0.50 | $75.00 |
| Soil Testing | Acre | 1 | $0.50 | $0.50 |
| Nitrogen | Pound | 70 | $0.80 | $56.00 |
| Phosphate | Pound | 40 | $0.74 | $29.60 |
| Potash | Pound | 40 | $0.42 | $16.60 |
| Lime | Ton | 0.5 | $54.00 | $27.00 |
| Harmony SG | Ounce | 0.8 | $8.95 | $7.16 |
| Surfactant | Quart | 1 | $8.07 | $8.07 |
| Tilt | Ounce | 2 | $0.75 | $1.49 |
| Zidua | Ounce | 1.5 | $6.01 | $9.02 |
| Prosaro | Ounce | 6.5 | $1.47 | $9.56 |
| Warrior II | Ounce | 3 | $1.40 | $4.20 |
| Crop Insurance (RP 70%) | Acre | 1.00 | $12.78 | $12.78 |
| Interest on Operating Capital | $239.99 | 0.5 | 8.5% | $10.20 |
| TOTAL VARIABLE COSTS LISTED ABOVE | $267.16 | |||
| FIXED OVERHEAD COSTS (Custom Rates are used as a proxy for field operation costs) | ||||
| Spreading Fertilizer | Acre | 1 | $9.55 | $9.55 |
| Vertical Tillage | Acre | 2 | $19.47 | $38.94 |
| Broadcast Seeding | Acre | 1 | $11.20 | $11.20 |
| Pesticide Application | Acre | 2 | $10.50 | $21.00 |
| Harvesting | Acre | 1 | $37.81 | $37.81 |
| Hauling | Bushel | 75 | $0.20 | $15.00 |
| Interest On Spring Custom Charges | $80.69 | 0.5 | 8.5% | $3.43 |
| Land Charge | Acre | 1 | $110.00 | $110.00 |
| TOTAL FIXED COST LISTED ABOVE | $246.93 | |||
| TOTAL VARIABLE AND FIXED COST LISTED ABOVE | $514.09 | |||
| NET INCOME OVER VARIABLE & FIXED COSTS LISTED ABOVE | ($42.34) | |||
| PRICES (12%) | ||||
| NET INCOME ABOVE VARIABLE AND FIXED COSTS LISTED ABOVE FOR VARIOUS YIELDS AND PRICES |
YIELDS (25%) | $5.54 | $6.29 | $7.04 |
| 56.25 | ($202.74) | ($160.28) | ($117.82) | |
| 75 | ($98.95) | ($42.34) | $14.27 | |
| 93.75 | $4.83 | $75.59 | $146.36 | |
Assumptions
- Local hauling within 30 miles of farm
- Fertility rates based on MCE SFM-1 guidelines
- Assuming medium fertility levels
- Sensitivity analysis based on 75%,100% and 125% of typical yield and 12% current forward contract price.
Wheat/Soybean Double Crop Per Acre For 2024
| ITEM | UNIT | QUANTITY | PRICE | TOTAL | |
|---|---|---|---|---|---|
| GROSS INCOME | |||||
| Wheat | Bushel | 75 | $6.29 | $471.75 | |
| Soybeans | Bushel | 50 | $12.50 | $625.00 | |
| TOTAL GROSS INCOME | 1096.75 | ||||
| VARIABLE COSTS | |||||
| Seed-Wheat | Pound | 150 | $0.50 | $75.00 | |
| Seed-Soybeans | 1000 Seeds | 175 | $0.38 | $66.50 | |
| Soil Testing | Acre | 1 | $0.50 | $0.50 | |
| Nitrogen | Pound | 70 | $0.80 | $56.00 | |
| Phosphate | Pound | 85 | $0.74 | $62.90 | |
| Potash | Pound | 75 | $0.42 | $31.13 | |
| Lime | Ton | 0.5 | $54.00 | $27.00 | |
| Harmony SG | Ounce | 0.5 | $8.95 | $4.48 | |
| Zidua | Ounce | 1.5 | $6.01 | $5.25 | |
| Surfactant | Quart | 1 | $2.25 | $2.25 | |
| Tilt | Ounce | 2 | $0.75 | $1.49 | |
| Warrior II | Ounce | 3.84 | $1.40 | $5.38 | |
| 2 4-D | Pint | 1 | $2.92 | $2.92 | |
| Prosaro | Ounce | 6.5 | $1.47 | $9.56 | |
| Roundup | Quart | 1 | $5.25 | $5.25 | |
| Crop Insurance-Wheat (RP 70%) | Arce | 1.00 | $12.78 | $12.78 | |
| Crop Insurance-Soybeans (RP 70%) | Acre | 1.00 | $17.56 | $17.56 | |
| Interest on Operating Capital | $355.59 | 0.5 | 8.5% | $15.11 | |
| TOTAL VARIABLE COSTS LISTED ABOVE | $401.04 | ||||
| NET INCOME OVER VARIABLE COSTS LISTED ABOVE | $695.71 | ||||
| FIXED OVERHEAD COSTS (Custom Rates are used as a proxy for field operation costs) | |||||
| Fertilizer Spreading | Acre | 2 | $9.55 | $19.10 | |
| Vertical Tillage | Acre | 2 | $19.47 | $38.94 | |
| Broadcast Seeding | Acre | 1 | $11.20 | $11.20 | |
| No-Till Drilling | Acre | 1 | $23.43 | $23.43 | |
| Pesticide Application | Acre | 4 | $10.50 | $42.00 | |
| Harvesting | Acre | 2 | $37.81 | $75.62 | |
| Hauling | Bushel | 125 | $0.20 | $25.00 | |
| Interest On Spring Custom Charges | $134.67 | 0.5 | 8.5% | $5.72 | |
| Land Charge | Acre | 1 | $110.00 | $110.00 | |
| TOTAL FIXED COST LISTED ABOVE | $351.01 | ||||
| TOTAL VARIABLE AND FIXED COST LISTED ABOVE | $752.06 | ||||
| NET INCOME OVER VARIABLE & FIXED COSTS LISTED ABOVE | $344.69 | ||||
| PRICES (12%) | |||||
|
NET INCOME ABOVE VARIABLE AND FIXED COSTS LISTED ABOVE FOR VARIOUS YIELDS AND PRICES
Sensitivity Analysis based on soybeans/wheat yield and price |
WHEAT | $5.54 | $6.29 | $7.04 | |
| BEAN | $11.00 | $12.50 | $14.00 | ||
| 56 | 38 | ($28.20) | $70.51 | $169.21 | |
| 75 | 50 | $213.08 | $344.69 | $476.30 | |
| 94 | 63 | $454.37 | $618.88 | $783.39 | |
Assumptions
- Local hauling within 30 miles of farm
- Fertility rates based on MCE SFM-1 guidelines
- Assuming medium fertility levels
- 1 Post-plant bean glyphosate application
- Sensitivity analysis based on 75%,100%, and 125% of yield of beans and current forward contract price of beans/wheat.
Blank Budget
| CROP: | YEAR: | ||||
|---|---|---|---|---|---|
| ITEM | UNIT | QUANTITY | PRICE | TOTAL | |
| GROSS INCOME | |||||
| TOTAL GROSS INCOME | |||||
| VARIABLE COSTS | |||||
| Seed | |||||
| Soil Test | |||||
| Nitrogen | |||||
| Phosphate | |||||
| Potash | |||||
| Lime | |||||
| Pesticides | |||||
| Crop Insurance | |||||
| Drying Fuel | |||||
| Interest on Operating Capital | |||||
| TOTAL VARIABLE COSTS LISTED ABOVE | |||||
| FIXED OVERHEAD COSTS (Custom Rates are used as a proxy for field operation costs) | |||||
| Land Charge | |||||
| TOTAL FIXED COST LISTED ABOVE | |||||
| TOTAL VARIABLE AND FIXED COST LISTED ABOVE | |||||
| NET INCOME OVER VARIABLE & FIXED COSTS LISTED ABOVE | |||||
Historical
| COST PER ACRE | |||||
|---|---|---|---|---|---|
| YEAR | CORN-NO-TILL | CORN-CONVENTIONAL | SOYBEANS | WHEAT | WHEAT/BEANS |
| 2007 | $362 | $379 | $234 | $309 | $396 |
| 2008 | $471 | $515 | $307 | $390 | $562 |
| 2009 | $521 | $540 | $411 | $406 | $631 |
| 2010 | $525 | $530 | $406 | $407 | $641 |
| 2011 | $569 | $569 | $348 | $437 | $654 |
| 2012 | $573 | $573 | $356 | $433 | $656 |
| 2013 | $553 | $589 | $350 | $442 | $670 |
| 2014 | $507 | $546 | $365 | $427 | $662 |
| 2015 | $576 | $577 | $358 | $440 | $660 |
| 2016 | $552 | $599 | $365 | $418 | $649 |
| 2017 | $566 | $582 | $358 | $457 | $672 |
| 2018 | $526 | $555 | $355 | $349 | $639 |
| 2019 | $564 | $619 | $363 | $437 | $656 |
| 2020 | $538 | $594 | $347 | $424 | $631 |
| 2021 | $540 | $592 | $346 | $401 | $608 |
| 2022 | $698 | $749 | $402 | $490 | $749 |
| 2023 | $736 | $800 | $423 | $538 | $800 |
| 2024 | $690 | $749 | $410 | $514 | $752 |
** Historical Chart is based on prices in the January-March of each year
| COST PER ACRE 2024 | |||||
|---|---|---|---|---|---|
| CORN-NO-TILL | CORN-CONVENTIONAL | SOYBEANS | WHEAT | WHEAT/BEANS | |
| 2023 | $736 | $800 | $423 | $538 | $800 |
| 2024 | $690 | $749 | $410 | $514 | $752 |
| Difference | -$46 | -$51 | -$13 | -$24 | -$48 |
| Percent Change | -6% | -6% | -3% | -4% | 6% |
Questions Contact: Shannon Dill, 410-822-1244 or sdill@umd.edu
www.go.umd.edu/grainmarketing
Budgets were developed by Shannon Dill, Jenny Rhodes, Ben Beale, Dale Johnson, Jim Lewis
Disclaimer
Reference in this publication to any specific commercial product, process, or service, or the use of any trade, firm, or corporation name is for general informational purposes only and does not constitute an endorsement, recommendation, or certification. Persons using such products assume responsibility for their use in accordance with current directions of the manufacturer.
EQUAL ACCESS PROGRAMS