UMD Grain Marketing Site Updated for 2024: Field Crop Budgets
The University of Maryland Extension has updated www.go.umd.edu/grainmarketing site with new input data and spray programs for the 2024 field crop budgets.
Crop Budgets
Cost of production is very important when making decisions related to your farm enterprise and grain marketing. Preliminary surveys from 2024 UME Winter Crop Production meetings report 66% of farmers believe input costs are the greatest challenges facing their farm operation. Enterprise budgets provide valuable information regarding individual enterprises on the farm. This tool enables farm managers to make decisions regarding enterprises and plan for the coming production year. An enterprise budget uses farm revenue, variable cost, fixed cost, and net income to provide a clear picture of the financial health of each farm enterprise.
The 2024 Maryland enterprise budgets were developed using average yields and estimated input costs based on producer and farm supplier data. Fertilizer prices, pesticide availability, and fuel expenses have fluctuated greatly. The figures presented are averages and vary greatly from one farm and region to the other. It is, therefore, crucial to input actual farm data when completing enterprise budgets for your farm.
How to Use University Enterprise Budgets
The enterprise budgets can be used as a baseline for your operation, and you can change these budgets to include your production techniques, inputs, and overall management. The budgets are available electronically in PDF or Excel. Use this document as a start or reference to create your crop budgets. Contact information is on the website if you have problems downloading any information.
2024 Crop Summary
Cost per acre expenses for 2024 have decreased a small amount from 2023 record highs. Based on estimates received cost of production includes: corn no-till costs $690 per acre, corn conventional $749 per acre, soybeans $410 per acre and wheat $514 per acre. While these are slightly (3-6%) lower than 2023 they are still 16%-22% higher than prices just 3 years ago (2021).
| Year | Corn No Till |
Corn Conventional |
Soybeans | Wheat | Wheat/Beans |
|---|---|---|---|---|---|
| 2021 | $540 | $592 | $346 | $401 | $608 |
| 2023 | $736 | $800 | $423 | $538 | $800 |
| 2024 | $690 | $749 | $410 | $514 | $752 |
| Difference 23-24 | -$46 | -$51 | -$13 | -$24 | -$48 |
| Percent Change | -6% | -6% | -3% | -4% | -6% |
This article appears in April 2024, Volume 15, Issue 1 of the Agronomy News.