Updated: September 1, 2021
By Shannon Dill , Ben Beale , Dale Johnson , Jim Lewis , and Jenny Rhodes

2021 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 $98. The 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 (2021)  NOTE: 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.

2021 Changes

New 2021 custom rates, increased corn yields to 160bu/ac

Budgeting Recommendations

  • Create your own budgets and fixed costs including equipment, repairs, insurance, depreciation, interest and, 
  • Write and implement a farm business plan (setting goals, managing finances, and developing 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 2021 Excel Version   Download Maryland Crop Budgets 2021 PDF Version 

Spreadsheets

Inputs

YEAR UNIT PRICE (2021) NOTES
INCOME      
Corn Bushel $4.50 Dec. 21
Soybeans Bushel $11.72 Nov. 21
Wheat Bushel $6.46 Jul. 21
EXPENSES      
SEED      
Corn Conventional 1000 Seeds $1.68  
Corn Roundup Ready & BT 1000 Seeds $2.81  
Soybean 1000 Seeds $0.25  
Soybean RR II 1000 Seeds $0.33  
Soybean LL 1000 Seeds $0.32  
Soybean Xtend 1000 Seeds $0.34  
Wheat (treated) Pound $0.33  
FERTILIZER      
Nitrogen Pound $0.38  
Phosphorus Pound $0.58  
Potash Pound $0.33  
Sulfate Pound $0.90  
Poultry Litter Ton $25.00  
Lime Ton $36.00  
PESTICIDES      
2 4-D Quart $5.00  
2 4-D Pint $2.50  
Atrazine Quart $3.75  
Boundary Pint $5.94  
Corvus Ounce $4.65  
Dual Pint $7.38  
Eugenia Ounce $0.77  
Flexstar GT Pint $3.56  
Gramoxone (Burndown) Pint $3.38  
Halex GT Pint $5.50  
Harmony Total Sol Ounce $7.50  
Liberty Quart $12.25  
Metribuzin Pound $19.00  
Princep Quart $5.50  
Prosaro Ounce $1.76  
Roundup Quart $4.88  
Sharpen Ounce $5.27  
Surfactant Quart $0.99  
Stratego Ounce $2.73  
Tilt Ounce $0.70  
Valor Sx Ounce $3.31  
Warrior II Ounce $2.20  
Xtendmasx Ounce $0.62  
Zidua Ounce $4.99  
OTHER      
Soil Test Acre $0.30  
Crop Insurance-Corn Acre $12.32  
Crop Insurance-Corn Irrigated Acre $12.61  
Crop Insurance-Soybeans Acre $5.95  
Crop Insurance-Wheat Acre $4.58  
Drying Fuel and Handling Bushel $0.35  
FIXED COSTS   (2021 Custom Rates)      
Stalk Chopping Acre $17.77  
Chisel Plowing Acre $21.33  
Disking Acre $19.00  
Field Cultivator/Finisher Acre $19.00  
Vertical Tillage Acre $18.80  
Fertilizer Spreading Acre $8.57  
Sidedressing Acre $10.07  
Manure Loading Ton $4.10  
Manure Spreading-Litter Ton $7.05  
Manure Hauling Ton $8.60  
Pesticide Spraying Acre $9.42  
NoTill Drilling      
       Small Grain Acre $21.32  
Planting      
       Corn-Conventional Acre $16.63  
       Corn-NoTill Acre $20.75  
       Soybean-Conventional Acre $20.04  
       Soybean-NoTill Acre $20.33  
Broadcast Seeding SmGrain Acre $9.77  
Harvesting      
       Corn Acre $34.19  
       Soybean Acre $34.94  
       Wheat Acre $34.88  
Hauling Bushel $0.19  
Land Charge Acre $98.00  

Corn Grain, No-Till Non-Irrigated Per Acre for 2021

ITEM UNIT QUANTITY PRICE TOTAL
GROSS INCOME        
Corn Grain Bushel 160 $4.50 $720.00
VARIABLE COSTS        
Seed RR 1000 Seeds 30 $2.81 $84.30
Soil Test Acre 1 $0.30 $0.30
Nitrogen Pound 160 $0.38 $60.80
Phosphate Pound 30 $0.58 $17.40
Potash Pound 60 $0.33 $19.80
Lime Ton 0.5 $36.00 $18.00
Gramoxone (Burndown) Pint 1.5 $3.38 $5.07
Corvus Once 4 $4.65 $18.60
Astrazine Quart 0.5 $3.75 $1.88
Roundup (Post)* Quart 1 $4.88 $4.88
Princep Quart 1 $5.50 $5.50
         
Crop Insurance (RP 70%) Acre 1 $12.32 $12.32
         
Drying Fuel Bushel 160 $0.36 $57.60
         
Interest on Operating Capital $231.03 0.5 8.5% $9.82
TOTAL VARIABLE COSTS LISTED ABOVE $316.26
         
FIXED OVERHEAD COSTS (Custom Rates are used as a proxy for field operation costs)
Fertilizer Spreading Acre 1 $8.57 $8.57
No-Till Planting with Fertilizer Acre 1 $20.75 $20.75
Nitrogen Application Acre 1 $10.07 $10.07
Pesticide Applications Acre 2 $9.42 $18.84
Harvesting Acre 1 $34.19 $34.19
Hauling Bushel 160 $0.19 $30.40
Interest On Spring Custom Charges $58.23 0.5 8.5% $2.47
         
Land Charge Acre 1 $98.00 $98.00
TOTAL FIXED COST LISTED ABOVE $223.29
         
TOTAL VARIABLE AND FIXED COST LISTED ABOVE $539.56
NET INCOME OVER VARIABLE & FIXED COSTS LISTED ABOVE $180.44
   
    PRICES (12%)
NET INCOME ABOVE VARIABLE AND
FIXED COSTS LISTED ABOVE FOR
VARIOUS YIELDS AND PRICES
YIELDS (25%) $3.96 $4.50 $5.04
120 ($64.36) $0.44 $65.24
160 $94.04 $180.44 $266.84
200 $252.44 $360.44 $468.44

 

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 resistance 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 2021

ITEM UNIT QUANTITY PRICE TOTAL
GROSS INCOME        
Corn Grain Bushel 160 $4.50 $720.00
VARIABLE COSTS        
Seed RR 1000 Seeds 30 $2.81 $84.30
Soil Test Acre 1 $0.30 $0.30
Nitrogen Pound 160 $0.38 $60.80
Phosphate Pound 30 $0.58 $17.40
Potash Pound 60 $0.33 $19.80
Lime Ton 0.5 $36.00 $18.00
Corvus Once 4 $4.65 $18.60
Astrazine Quart 0.5 $3.75 $1.88
Princep Quart 1 $5.50 $5.50
Roundup (Post)* Quart 1 $4.88 $4.88
Crop Insurance (RP 70%) Acre 1 $12.32 $12.32
         
Drying Fuel Bushel 160 $0.36 $57.60
         
Interest on Operating Capital $221.08 0.5 8.5% $9.40
TOTAL VARIABLE COSTS LISTED ABOVE $310.77
         
FIXED OVERHEAD COSTS (Custom Rates are used as a proxy for field operation costs)
Chisel Plowing Acre 1 $21.33 $21.33
Disking Acre 1 $19.00 $19.00
Field Cultivator/Finisher Acre 1 $19.00 $19.00
Fertilizer Spreading Acre 1 $8.57 $8.57
Planting with Fertilizer Acre 1 $16.63 $16.63
Nitrogen Application Acre 1 $10.07 $10.07
Pesticide Applications Acre 2 $9.42 $18.84
Harvesting Acre 1 $34.19 $34.19
Hauling Bushel 160 $0.19 $30.40
Interest On Spring Custom Charges $113.44 0.5 8.5% $4.82
         
Land Charge Acre 1 $98.00 $98.00
TOTAL FIXED COST LISTED ABOVE $280.85
         
TOTAL VARIABLE AND FIXED COST LISTED ABOVE $591.62
NET INCOME OVER VARIABLE & FIXED COSTS LISTED ABOVE $128.38
   
    PRICES (12%)
NET INCOME ABOVE VARIABLE AND
FIXED COSTS LISTED ABOVE FOR
VARIOUS YIELDS AND PRICES
YIELDS (25%) $3.96 $4.50 $5.04
120 ($116.42) ($51.62) $13.18
160 $41.98 $128.38 $214.78
200 $200.38 $308.38 $416.38

 

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 resistance 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, Poultry Litter Per Acre for 2021

ITEM UNIT QUANTITY PRICE TOTAL
GROSS INCOME        
Corn Grain Bushel 160 $4.50 $720.00
VARIABLE COSTS        
Seed RR 1000 Seeds 30 $2.81 $84.30
Soil Test Acre 1 $0.30 $0.30
Nitrogen Pound 80 $0.38 $30.40
Phosphate Pound 0 $0.58 $0.00
Potash Pound 0 $0.33 $0.00
Poultry Litter (57-99-113) Ton 2 $25.00 $50.00
Lime Ton 0.5 $36.00 $18.00
Corvus Once 4 $4.65 $18.60
Astrazine Quart 0.5 $3.75 $1.88
Roundup (Post)* Quart 1 $4.88 $4.88
Princep Quart 1 $5.50 $5.50
Crop Insurance (RP 70%) Acre 1 $12.32 $12.32
         
Drying Fuel Bushel 160 $0.35 $56.00
         
Interest on Operating Capital $213.43 0.5 8.5% $9.07
TOTAL VARIABLE COSTS LISTED ABOVE $296.32
         
FIXED OVERHEAD COSTS (Custom Rates are used as a proxy for field operation costs)
Manure Hauling Ton 2 $8.60 $17.20
Manure Loading Ton 2 $4.10 $8.20
Manure Spreading-Litter Ton 2 $7.05 $14.10
Minimal Tillage Acre 1 $18.80 $18.80
No-Till Planting Acre 1 $20.75 $20.75
Nitrogen Application Acre 1 $10.07 $10.07
Pesticide Applications Acre 2 $9.42 $18.84
Harvesting Acre 1 $34.19 $34.19
Hauling Bushel 160 $0.19 $30.40
Interest On Spring Custom Charges $90.76 0.5 8.5% $3.86
         
Land Charge Acre 1 $98.00 $98.00
TOTAL FIXED COST LISTED ABOVE $274.41
         
TOTAL VARIABLE AND FIXED COST LISTED ABOVE $570.72
NET INCOME OVER VARIABLE & FIXED COSTS LISTED ABOVE $149.28
   
    PRICES (12%)
NET INCOME ABOVE VARIABLE AND
FIXED COSTS LISTED ABOVE FOR
VARIOUS YIELDS AND PRICES
YIELDS (25%) $3.96 $4.50 $5.04
120 ($95.52) ($30.72) $34.08
160 $62.88 $149.28 $235.68
200 $221.28 $329.28 $437.28

 

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 resistance 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 2021

ITEM UNIT QUANTITY PRICE TOTAL
GROSS INCOME        
Corn Grain Bushel 160 $4.50 $720.00
VARIABLE COSTS        
Seed RR 1000 Seeds 30 $2.81 $84.30
Soil Test Acre 1 $0.30 $0.30
Nitrogen Pound 160 $0.38 $60.80
Phosphate Pound 30 $0.58 $17.40
Potash Pound 60 $0.33 $19.80
Lime Ton 0.5 $36.00 $18.00
Gramoxone (Burndown) Pint 1.5 $3.38 $5.07
Astrazine Quart 0.5 $3.75 $1.88
Princep Quart 1 $5.50 $5.50
Halex GT Pint 4 $5.50 $22.00
Crop Insurance (RP 70%) Acre 1 $12.32 $12.32
         
Drying Fuel Bushel 160 $0.36 $57.60
         
Interest on Operating Capital $207.55 0.5 8.5% $8.82
TOTAL VARIABLE COSTS LISTED ABOVE $313.79
         
FIXED OVERHEAD COSTS (Custom Rates are used as a proxy for field operation costs)
Fertilizer Spreading Acre 1 $8.57 $8.57
No-Till Planting With Fertiilizer Acre 1 $20.75 $20.75
Nitrogen Application Acre 1 $10.07 $10.07
Pesticide Applications Acre 2 $9.42 $18.84
Harvesting Acre 1 $34.19 $34.19
Hauling Bushel 160 $0.19 $30.40
Interest On Spring Custom Charges $58.23 0.5 8.5% $2.47
         
Land Charge Acre 1 $98.00 $98.00
TOTAL FIXED COST LISTED ABOVE $223.29
         
TOTAL VARIABLE AND FIXED COST LISTED ABOVE $537.08
NET INCOME OVER VARIABLE & FIXED COSTS LISTED ABOVE $182.92
   
    PRICES (12%)
NET INCOME ABOVE VARIABLE AND
FIXED COSTS LISTED ABOVE FOR
VARIOUS YIELDS AND PRICES
YIELDS (25%) $3.96 $4.50 $5.04
120 ($61.88) $2.92 $67.72
160 $96.52 $182.92 $269.32
200 $254.92 $362.92 $470.92

 

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 2021

ITEM UNIT QUANTITY PRICE TOTAL
GROSS INCOME        
Soybeans Bushel 60 $11.72 $703.20
VARIABLE COSTS        
Seed  1000 Seeds 150 $0.33 $49.50
Soil Testing Acre 1 $0.30 $0.30
         
Phosphate Pound 45 $0.58 $26.10
Potash Pound 40 $0.33 $13.20
Lime Ton 0.5 $36.00 $18.00
Gramoxone (Burndown) Pint 2 $3.38 $6.76
2 4-D Pint 1 $2.50 $2.50
Roundup (2 passes)* Quart 2 $4.88 $9.76
Warrior II Ounce 1.92 $2.20 $4.22
         
Crop Insurance (RP 70%) Acre 1 $5.95 $5.95
         
Interest on Operating Capital $130.34 0.5 8.5% $5.54
TOTAL VARIABLE COSTS LISTED ABOVE $141.83
         
FIXED OVERHEAD COSTS (Custom Rates are used as a proxy for field operation costs)
Fertilizer Applications Acre 1 $8.57 $8.57
Soybean No-Till  Acre 1 $20.33 $20.33
Pesticide Applications Acre 3 $9.42 $28.26
Harvesting Acre 1 $34.94 $34.94
Hauling Bushel 60 $0.19 $11.40
Interest On Spring Custom Charges $57.16 0.5 8.5% $2.43
         
Land Charge Acre 1 $98.00 $98.00
TOTAL FIXED COST LISTED ABOVE $203.93
         
TOTAL VARIABLE AND FIXED COST LISTED ABOVE $345.76
NET INCOME OVER VARIABLE & FIXED COSTS LISTED ABOVE $357.44
   
    PRICES (12%)
NET INCOME ABOVE VARIABLE AND
FIXED COSTS LISTED ABOVE FOR
VARIOUS YIELDS AND PRICES
YIELDS (25%) $10.31 $11.72 $13.13
45 $118.35 $118.64 $244.93
60 $273.05 $357.44 $441.82
75 $427.76 $533.24 $638.72

 

Assumptions

Fertility rates based on MCE SFM-1 guidelines
Assuming medium fertility levels
Local hauling within 30 miles of farm

*Any fields with resistance weeds should reconsider post-application products Sensitivity analysis based on 75%,100%, and 125% of typical yield and12% current forward contract price.

Soybeans Liberty Link Per Acre For 2021

ITEM UNIT QUANTITY PRICE TOTAL
GROSS INCOME        
Soybeans Bushel 60 $11.72 $703.20
VARIABLE COSTS        
Seed  1000 Seeds 150 $0.32 $48.00
Soil Testing Acre 1 $0.30 $0.30
         
Phosphate Pound 45 $0.58 $26.10
Potash Pound 40 $0.33 $13.20
Lime Ton 0.5 $36.00 $18.00
Gramoxone (Burndown) Pint 2 $3.38 $6.76
2 4-D Pint 1 $2.50 $2.50
Warrior II Ounce 1.92 $2.20 $4.22
Dual Pint 1.5 $7.38 $11.07
Liberty Quart 1 $12.25 $12.25
Spray Grade Sulfate With Liberty Pound 2 $0.90 $1.80
Crop Insurance (RP 70%) Acre 1 $5.95 $5.95
         
Interest on Operating Capital $119.08 0.5 8.5% $5.06
TOTAL VARIABLE COSTS LISTED ABOVE $155.22
         
FIXED OVERHEAD COSTS (Custom Rates are used as a proxy for field operation costs)
Fertilizer Applications Acre 1 $8.57 $8.57
Soybean No-Till  Acre 1 $20.33 $20.33
Pesticide Applications Acre 3 $9.42 $28.26
Harvesting Acre 1 $34.94 $34.94
Hauling Bushel 60 $0.19 $11.40
Interest On Spring Custom Charges $57.16 0.5 8.5% $2.43
         
Land Charge Acre 1 $98.00 $98.00
TOTAL FIXED COST LISTED ABOVE $203.93
         
TOTAL VARIABLE AND FIXED COST LISTED ABOVE $345.76
NET INCOME OVER VARIABLE & FIXED COSTS LISTED ABOVE $357.44
   
    PRICES (12%)
NET INCOME ABOVE VARIABLE AND
FIXED COSTS LISTED ABOVE FOR
VARIOUS YIELDS AND PRICES
YIELDS (25%) $10.31 $11.72 $13.13
45 $118.35 $118.64 $244.93
60 $273.05 $357.44 $441.82
75 $427.76 $533.24 $638.72

 

Assumptions

Fertility rates based on MCE SFM-1 guidelines
Assuming medium fertility levels
Local hauling within 30 miles of farm

*Any fields with resistance weeds should reconsider post-application products Sensitivity analysis based on 75%,100%, and 125% of typical yield and12% current forward contract price.

Soybeans Xtend

ITEM UNIT QUANTITY PRICE TOTAL
GROSS INCOME        
Soybeans Bushel 60 $11.72 $703.20
VARIABLE COSTS        
Seed  1000 Seeds 150 $0.34 $51.00
Soil Testing Acre 1 $0.30 $0.30
         
Phosphate Pound 45 $0.58 $26.10
Potash Pound 40 $0.33 $13.20
Lime Ton 0.5 $36.00 $18.00
Gramoxone (Burndown) Pint 2 $3.38 $6.76
2 4-D Pint 1 $2.50 $2.50
Warrior II Ounce 1.92 $2.20 $4.22
Dual Pint 1 $7.38 $7.38
Xtendimax Ounce 22 $0.62 $13.64
Surfactant Quart 1 $0.99 $0.99
Crop Insurance (RP 70%) Acre 1 $5.95 $5.95
         
Interest on Operating Capital $122.08 0.5 8.5% $5.19
TOTAL VARIABLE COSTS LISTED ABOVE $155.23
         
FIXED OVERHEAD COSTS (Custom Rates are used as a proxy for field operation costs)
Fertilizer Applications Acre 1 $8.57 $8.57
Soybean No-Till  Acre 1 $20.33 $20.33
Pesticide Applications Acre 3 $9.42 $28.26
Harvesting Acre 1 $34.94 $34.94
Hauling Bushel 60 $0.19 $11.40
Interest On Spring Custom Charges $57.16 0.5 8.5% $2.43
         
Land Charge Acre 1 $98.00 $98.00
TOTAL FIXED COST LISTED ABOVE $203.93
         
TOTAL VARIABLE AND FIXED COST LISTED ABOVE $359.16
NET INCOME OVER VARIABLE & FIXED COSTS LISTED ABOVE $344.04
   
    PRICES (12%)
NET INCOME ABOVE VARIABLE AND
FIXED COSTS LISTED ABOVE FOR
VARIOUS YIELDS AND PRICES
YIELDS (25%) $8.79 $11.72 $14.65
45 $36.39 $168.24 $300.09
60 $168.24 $344.04 $519.84
75 $300.09 $519.84 $739.59

 

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.

Soybeans RR Ready With Weed Resistance Per Acre For 2021

ITEM UNIT QUANTITY PRICE TOTAL
GROSS INCOME        
Soybeans Bushel 60 $11.72 $703.20
VARIABLE COSTS        
Seed  1000 Seeds 150 $0.33 $49.50
Soil Testing Acre 1 $0.30 $0.30
         
Phosphate Pound 45 $0.58 $26.10
Potash Pound 40 $0.33 $13.20
Lime Ton 0.5 $36.00 $18.00
Gramoxone (Burndown) Pint 2 $3.38 $6.76
2 4-D Pint 1 $2.50 $2.50
Valor SX Ounce 3 $3.31 $9.93
Warrior II Ounce 1.92 $2.20 $4.22
Zidua Ounce 3 $4.99 $14.97
Flexstar GT Pint 3.5 $3.56 $12.46
Crop Insurance (RP 70%) Acre 1 $5.95 $5.95
         
Interest on Operating Capital $130.51 0.5 8.5% $5.55
TOTAL VARIABLE COSTS LISTED ABOVE $169.44
         
FIXED OVERHEAD COSTS (Custom Rates are used as a proxy for field operation costs)
Fertilizer Applications Acre 1 $8.57 $8.57
Soybean No-Till Planting  Acre 1 $20.33 $20.33
Pesticide Applications Acre 3 $9.42 $28.26
Harvesting Acre 1 $34.94 $34.94
Hauling Bushel 60 $0.19 $11.40
Interest On Spring Custom Charges $57.16 0.5 8.5% $2.43
         
Land Charge Acre 1 $98.00 $98.00
TOTAL FIXED COST LISTED ABOVE $203.93
         
TOTAL VARIABLE AND FIXED COST LISTED ABOVE $373.37
NET INCOME OVER VARIABLE & FIXED COSTS LISTED ABOVE $329.83
   
    PRICES (12%)
NET INCOME ABOVE VARIABLE AND
FIXED COSTS LISTED ABOVE FOR
VARIOUS YIELDS AND PRICES
YIELDS (25%) $10.31 $11.72 $13.13
45 $90.74 $154.03 $217.32
60 $245.45 $329.83 $414.21
75 $400.15 $505.63 $611.11

 

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 2021

ITEM UNIT QUANTITY PRICE TOTAL
GROSS INCOME        
Wheat Bushel 75 $6.46 $484.50
VARIABLE COSTS        
Seed  Pound 150 $0.33 $49.50
Soil Testing Acre 1 $0.30 $0.30
         
Nitrogen Pound 70 $0.38 $26.60
Phosphate Pound 40 $0.58 $23.20
Potash Pound 40 $0.33 $13.20
Lime Ton 0.5 $36.00 $18.00
         
Harmony Total Sol Ounce 0.8 $7.50 $6.00
Surfactant Quart 1 $0.99 $0.99
Tilt Ounce 2 $0.70 $1.40
Zidua Ounce 1.5 $4.99 $7.49
Prosaro Ounce 6.5 $1.76 $11.44
Warrior II Ounce 3 $2.20 $6.60
         
Crop Insurance (RP 70%) Acre 1.00 $4.58 $4.58
         
Interest on Operating Capital $158.12 0.5 8.5% $6.72
TOTAL VARIABLE COSTS LISTED ABOVE $176.01
         
FIXED OVERHEAD COSTS (Custom Rates are used as a proxy for field operation costs)
Spreading Fertilizer Acre 1 $8.57 $8.57
Vertical Tillage Acre 2 $18.80 $37.60
Broadcast Seeding Acre 1 $9.77 $9.77
Pesticide Application Acre 2 $9.42 $18.84
Harvesting Acre 1 $34.88 $34.88
Hauling Bushel 75 $0.19 $14.25
Interest On Spring Custom Charges $74.78 0.5 8.5% $3.18
         
Land Charge Acre 1 $98.00 $98.00
TOTAL FIXED COST LISTED ABOVE $225.09
         
TOTAL VARIABLE AND FIXED COST LISTED ABOVE $401.10
NET INCOME OVER VARIABLE & FIXED COSTS LISTED ABOVE $83.40
   
    PRICES (12%)
NET INCOME ABOVE VARIABLE AND
FIXED COSTS LISTED ABOVE FOR
VARIOUS YIELDS AND PRICES
YIELDS (25%) $5.68 $6.46 $7.24
56.25 ($81.33) ($37.73) $5.88
75 $25.26 $83.40 $141.54
93.75 $131.85 $204.52 $277.20

 

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 2021

ITEM   UNIT QUANTITY PRICE TOTAL
GROSS INCOME          
Wheat   Bushel 75 $6.46 $484.50
Soybeans   Bushel 50 $11.72 $586.00
TOTAL GROSS INCOME 1,070.50
           
VARIABLE COSTS          
Seed-Wheat    Pound 150 $0.33 $49.50
Seed-Soybeans   1000 Seeds 175 $0.33 $57.75
Soil Testing   Acre 1 $0.30 $0.30
Nitrogen   Pound 70 $0.38 $26.60
Phosphate   Pound 85 $0.58 $49.30
Potash   Pound 75 $0.33 $24.75
Lime   Ton 0.5 $36.00 $18.00
Harmony Total Sol   Ounce 0.5 $7.50 $3.75
Zidua   Ounce 1.5 $4.99 $4.88
Surfactant   Quart 1 $2.25 $2.25
Tilt   Ounce 2 $0.70 $1.40
Warrior II   Ounce 3.84 $2.20 $8.45
2 4-D   Pint 1 $2.50 $2.50
Prosaro   Ounce 6.5 $1.76 $11.44
Roundup   Quart 1 $4.88 $4.88
Crop Insurance-Wheat (RP 70%)   Arce 1.00 $4.58 $4.58
Crop Insurance-Soybeans (RP 70%)   Acre 1.00 $5.95 $5.95
Interest on Operating Capital   $265.75 0.5 8.5% $11.29
TOTAL VARIABLE COSTS LISTED ABOVE $287.57
NET INCOME OVER VARIABLE COSTS LISTED ABOVE     $782.93
       
FIXED OVERHEAD COSTS (Custom Rates are used as a proxy for field operation costs)
Fertilizer Spreading   Acre 2 $8.57 $17.14
Vertical Tillage   Acre 2 $18.80 $37.60
Broadcast Seeding   Acre 1 $9.77 $9.77
No-Till Drilling   Acre 1 $21.32 $21.32
Pesticide Application   Acre 4 $9.42 $37.68
Harvesting   Acre 2 $34.88 $69.76
Hauling   Bushel 125 $0.19 $23.75
Interest On Spring Custom Charges   $123.51 0.5 8.5% $5.25
Land Charge   Acre 1 $98.00 $98.00
TOTAL FIXED COST LISTED ABOVE $320.27
           
TOTAL VARIABLE AND FIXED COST LISTED ABOVE $607.84
NET INCOME OVER VARIABLE & FIXED COSTS LISTED ABOVE $462.66
   
      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   $5.68 $6.46 $7.24
  BEAN $10.31 $11.72 $13.13
56 38 $98.69 $195.03 $291.38
75 50 $334.20 $462.66 $591.12
94 63 $569.71 $730.28 $890.86

 

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 the 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

** Historical Chart is based on prices in the January-March of each year

COST PER ACRE 2020
  CORN-NO-TILL CORN-CONVENTIONAL SOYBEANS WHEAT WHEAT/BEANS
2021 $540 $592 $346 $401 $608
INCREASE  0% 0% 0% -6% -4%

 

Questions Contact: Shannon Dill, 410-822-1244 or sdill@umd.edu www.extension.umd.edu/grainmarketing
Field Crop Budgets were developed by:  Shannon Dill, Ben Beale, Dale Johnson, Jim Lewis, and Jenny Rhodes

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 EQUAL ACCESS PROGRAMS