Revenue and Costs for Corn, Soybeans, Wheat, and Double-Crop Soybeans, Actual for 2009 through 2015, Projected 2016

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1 CROP COSTS Department of Agricultural and Consumer Economics University of Illinois Revenue and Costs for Corn, Soybeans, Wheat, and Double-Crop Soybeans, Actual for 2009 through 2015, Projected 2016 Department of Agricultural and Consumer Economics University of Illinois June 2016

2 Introduction Gary Schnitkey Department of Agricultural and Consumer Economics University of Illinois June 2016 This publication presents revenues and costs for producing corn, soybeans, wheat, and double-crop soybeans in three regions of Illinois: northern, central, and southern Illinois. Central Illinois is further divided into categories for high-productivity farmland and lowproductivity farmland. Divisions between high and low farmland productivity are made based on soil productivity ratings. Generally, farms with higher soil productivity ratings have higher yields. Between 2009 and 2014, corn yields on high productivity farmland averaged 181 bushels per acre while corn yields on low productivity farmland averaged 169 bushels. This publication includes ten tables: 1. Corn Revenue and Costs, Northern Illinois 2. Soybean Revenue and Costs, Northern Illinois 3. Corn Revenue and Costs, Central Illinois with High Productivity Farmland 4. Soybean Revenue and Costs, Central Illinois with High Productivity Farmland 5. Corn Revenue and Costs, Central Illinois with Low Productivity Farmland 6. Soybean Revenue and Costs, Central Illinois with Low Productivity Farmland 7. Corn Revenue and Costs, Southern Illinois 8. Soybean Revenue and Costs, Southern Illinois 9. Wheat Revenue and Costs, Southern Illinois 10. Double-Crop Soybean Revenue and Costs, Southern Illinois Each table shows revenues and costs for 2009 through These financial results are summarized from grain farms enrolled in Illinois Farm Business Farm Management. Results for 2015 and 2016 are projections made based on expected yields, prices on futures exchanges, and input prices. All revenues associated with crop production are included in the tables. Revenues include crop revenue, Agricultural Risk Coverage (ARC) payments, Price Loss Coverage (PLC) payments, Average Crop Revenue Election (ACRE) payments, other government payments, and crop insurance payments. Crop revenue represents returns from marketed grain and equals yield times price per bushel. Price per bushel represents a market year average price that farmers received for grain. Crop insurance represents average indemnity payments from crop insurance. Non-land costs are divided into 1) direct costs costs that can be directly attributable to the production of the crop, 2) power costs costs generally related to machinery operations, and 3) overhead costs costs associated with general operation of the farm.

3 These costs are accrued so that they are associated with the year of production. For example, fertilizer costs for 2010 may have been incurred in Any fertilizer expense associated with 2010 production paid in 2009 is associated with 2010 production. 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 farmer return is $20 per acre. An average land costs is included in this publication. Land costs represent a charge for use of the land. In this publication, land costs equal the average cash rent paid by farmers to land owners. This data is obtained from the Nationally Agricultural Statistical Service. Other means of controlling farmland, such as owning farmland or share-renting farmland, could have different costs. Farmer return is then reported. Farmer return equals operator and land return minus land costs. This is the amount that farmers have to provide a return for unpaid labor, equity capital invested in the farm, and management. Farmer return is equivalent to net farm income per acre. 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 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 or visit the FBFM website at

4 Yield per acre Price per bu $3.63 $5.03 $6.10 $6.75 $4.61 $3.91 $3.77 $3.85 Crop revenue $646 $875 $1,080 $965 $940 $813 $731 $747 ARC/PLC or ACRE Other gov't payments Crop insurance proceeds Gross revenue $686 $917 $1,110 $1,161 $1,009 $897 $823 $777 Fertilizers Pesticides Seed Drying Storage Crop insurance Total direct costs $368 $301 $362 $417 $439 $431 $401 $370 Machine hire/lease Utilities Machine repair Fuel and oil Light vehicle Mach. depreciation Total power costs $104 $108 $113 $129 $150 $161 $142 $140 Hired labor Building repair and rent Building depreciation Insurance Misc Interest (non-land) Total overhead costs $58 $67 $74 $75 $81 $83 $83 $84 Total non-land costs $530 $476 $549 $621 $670 $675 $626 $594 Operator and land return $156 $441 $561 $540 $339 $222 $197 $183 Land costs Farmer return -$21 $253 $339 $293 $77 -$43 -$55 -$59 1 Results for 2009 through 2015 are summarized from grain farms enrolled in Illinois Farm Business Farm Management. Projections are made for Table 1. Corn Revenues and Costs, Northern Illinois

5 Table 2. Soybean Revenues and Costs, Northern Illinois Yield per acre Price per bu $9.78 $11.31 $12.71 $14.51 $13.21 $10.49 $9.18 $10.60 Crop revenue $479 $633 $763 $740 $779 $640 $560 $636 ARC/PLC or ACRE Other gov't payments Crop insurance proceeds Gross revenue $507 $661 $790 $788 $804 $682 $632 $666 Fertilizers Pesticides Seed Drying Storage Crop insurance Total direct costs $166 $123 $145 $167 $174 $176 $161 $152 Machine hire/lease Utilities Machine repair Fuel and oil Light vehicle Mach. depreciation Total power costs $88 $88 $87 $117 $130 $137 $122 $123 Hired labor Building repair and rent Building depreciation Insurance Misc Interest (non-land) Total overhead costs $47 $54 $59 $60 $63 $64 $65 $66 Total non-land costs $301 $265 $291 $344 $367 $377 $348 $341 Operator and land return $206 $396 $499 $444 $437 $305 $284 $325 Land costs Farmer return $29 $208 $277 $197 $175 $40 $32 $83 Net farmer profit -$40 $136 $189 $112 $83 -$52 -$60 -$9 1 Results for 2009 through 2015 are summarized from grain farms enrolled in Illinois Farm Business Farm Management. Projections are made for 2016.

6 Table 3. Corn Revenues and Costs, Central Illinois -- High Productivity Farmland, Yield per acre Price per bu $3.62 $5.07 $6.24 $6.93 $4.52 $3.76 $3.77 $3.85 Crop revenue $695 $852 $1,086 $873 $890 $869 $754 $762 ARC/PLC or ACRE Other gov't payments Crop insurance proceeds Gross revenue $732 $908 $1,133 $1,192 $973 $883 $842 $792 Fertilizers Pesticides Seed Drying Storage Crop insurance Total direct costs $404 $314 $362 $405 $432 $422 $403 $360 Machine hire/lease Utilities Machine repair Fuel and oil Light vehicle Mach. depreciation Total power costs $80 $86 $87 $117 $127 $132 $122 $121 Hired labor Building repair and rent Building depreciation Insurance Misc Interest (non-land) Total overhead costs $50 $52 $54 $59 $56 $63 $65 $66 Total non-land costs $534 $452 $503 $581 $615 $617 $590 $547 Operator and land return $198 $456 $630 $611 $358 $266 $252 $245 Land costs Farmer return -$11 $241 $382 $341 $68 -$27 -$26 -$23 1 Results for 2009 through 2015 are summarized from grain farms enrolled in Illinois Farm Business Farm Management. Projections are made for 2016.

7 Table 4. Soybean Revenues and Costs, Central Illinois -- High Productivity Farmland, Yield per acre Price per bu $10.03 $11.47 $12.75 $14.66 $13.35 $10.67 $9.08 $10.60 Crop revenue $552 $688 $714 $733 $774 $683 $599 $615 ARC/PLC or ACRE Other gov't payments Crop insurance proceeds Gross revenue $579 $717 $749 $783 $802 $692 $663 $645 Fertilizers Pesticides Seed Drying Storage Crop insurance Total direct costs $175 $149 $173 $198 $201 $202 $197 $173 Machine hire/lease Utilities Machine repair Fuel and oil Light vehicle Mach. depreciation Total power costs $72 $76 $80 $101 $110 $117 $107 $112 Hired labor Building repair and rent Building depreciation Insurance Misc Interest (non-land) Total overhead costs $43 $48 $50 $54 $57 $59 $59 $61 Total non-land costs $290 $273 $303 $353 $368 $378 $363 $346 Operator and land return $289 $444 $446 $430 $434 $314 $300 $299 Land costs Farmer return $80 $229 $198 $160 $144 $21 $22 $31 1 Results for 2009 through 2015 are summarized from grain farms enrolled in Illinois Farm Business Farm Management. Projections are made for 2016.

8 Table 5. Corn Revenues and Costs, Central Illinois -- Low Productivity Farmland, Yield per acre Price per bu $3.63 $5.03 $6.21 $6.77 $4.51 $3.83 $3.82 $3.85 Crop revenue $679 $790 $981 $779 $825 $823 $707 $708 ARC/PLC or ACRE Other gov't payments Crop insurance proceeds Gross revenue $716 $846 $1,028 $1,098 $908 $837 $788 $738 Fertilizers Pesticides Seed Drying Storage Crop insurance Total direct costs $383 $310 $363 $424 $440 $422 $408 $362 Machine hire/lease Utilities Machine repair Fuel and oil Light vehicle Mach. depreciation Total power costs $84 $95 $98 $121 $131 $135 $127 $126 Hired labor Building repair and rent Building depreciation Insurance Misc Interest (non-land) Total overhead costs $55 $54 $60 $65 $67 $65 $66 $67 Total non-land costs $522 $459 $521 $610 $638 $622 $601 $555 Operator and land return $194 $387 $507 $488 $270 $215 $187 $183 Land costs Farmer return $17 $199 $299 $255 $30 -$28 -$43 -$37 1 Results for 2009 through 2015 are summarized from grain farms enrolled in Illinois Farm Business Farm Management. Projections are made for 2016.

9 Table 6. Soybean Revenues and Costs, Central Illinois -- Low Productivity Farmland, Yield per acre Price per bu $9.91 $11.43 $12.76 $14.46 $13.21 $10.51 $9.13 $10.60 Crop revenue $515 $617 $664 $680 $700 $641 $557 $562 ARC/PLC or ACRE Other gov't payments Crop insurance proceeds Gross revenue $542 $646 $699 $730 $728 $650 $614 $592 Fertilizers Pesticides Seed Drying Storage Crop insurance Total direct costs $148 $129 $152 $177 $168 $159 $178 $165 Machine hire/lease Utilities Machine repair Fuel and oil Light vehicle Mach. depreciation Total power costs $80 $84 $84 $104 $106 $117 $107 $110 Hired labor Building repair and rent Building depreciation Insurance Misc Interest (non-land) Total overhead costs $51 $49 $53 $56 $56 $57 $59 $61 Total non-land costs $279 $262 $289 $337 $330 $333 $344 $336 Operator and land return $263 $384 $410 $393 $398 $317 $270 $256 Land costs Farmer return $86 $196 $202 $160 $158 $74 $40 $36 1 Results for 2009 through 2015 are summarized from grain farms enrolled in Illinois Farm Business Farm Management. Projections are made for 2016.

10 Table 7. Corn Revenues and Costs, Southern Illinois, Yield per acre Price per bu $3.80 $5.22 $6.39 $6.84 $4.69 $3.94 $3.85 $3.85 Crop revenue $619 $773 $901 $383 $858 $764 $628 $624 ARC/PLC or ACRE Other gov't payments Crop insurance proceeds Gross revenue $679 $807 $963 $936 $918 $773 $701 $649 Fertilizers Pesticides Seed Drying Storage Crop insurance Total direct costs $326 $297 $336 $383 $419 $402 $378 $338 Machine hire/lease Utilities Machine repair Fuel and oil Light vehicle Mach. depreciation Total power costs $101 $104 $115 $132 $144 $146 $142 $135 Hired labor Building repair and rent Building depreciation Insurance Misc Interest (non-land) Total overhead costs $66 $66 $61 $77 $83 $89 $93 $94 Total non-land costs $493 $467 $512 $592 $646 $637 $613 $567 Operator and land return $186 $340 $451 $344 $272 $136 $88 $82 Land costs Farmer return $66 $215 $314 $200 $112 -$27 -$71 -$69 1 Results for 2009 through 2015 are summarized from grain farms enrolled in Illinois Farm Business Farm Management. Projections are made for 2016.

11 Table 8. Soybean Revenues and Costs, Southern Illinois, Yield per acre Price per bu $10.03 $11.70 $12.86 $14.54 $13.43 $10.46 $9.11 $10.60 Crop revenue $441 $573 $566 $596 $658 $575 $474 $509 ARC/PLC or ACRE Other gov't payments Crop insurance proceeds Gross revenue $468 $601 $616 $684 $694 $582 $536 $534 Fertilizers Pesticides Seed Drying Storage Crop insurance Total direct costs $147 $139 $156 $170 $192 $191 $169 $161 Machine hire/lease Utilities Machine repair Fuel and oil Light vehicle Mach. depreciation Total power costs $99 $101 $101 $119 $136 $123 $132 $121 Hired labor Building repair and rent Building depreciation Insurance Misc Interest (non-land) Total overhead costs $56 $57 $59 $67 $72 $75 $79 $78 Total non-land costs $302 $297 $316 $356 $400 $389 $380 $360 Operator and land return $166 $304 $300 $328 $294 $193 $156 $174 Land costs Farmer return $46 $179 $163 $184 $134 $30 -$3 $23 1 Results for 2009 through 2015 are summarized from grain farms enrolled in Illinois Farm Business Farm Management. Projections are made for 2016.

12 Table 9. Wheat Revenues and Costs, Southern Illinois, Yield per acre Price per bu $4.04 $ $7.13 $6.45 $5.50 $5.00 $4.20 Crop revenue $230 $337 $400 $513 $490 $374 $330 $286 ARC/PLC or ACRE Other gov't payments Crop insurance proceeds Gross revenue $303 $366 $433 $534 $515 $394 $368 $311 Fertilizers Pesticides Seed Drying Storage Crop insurance Total direct costs $143 $151 $178 $178 $190 $202 $190 $159 Machine hire/lease Utilities Machine repair Fuel and oil Light vehicle Mach. depreciation Total power costs $88 $87 $96 $111 $126 $128 $125 $123 Hired labor Building repair and rent Building depreciation Insurance Misc Interest (non-land) Total overhead costs $54 $56 $53 $60 $63 $63 $62 $65 Total non-land costs $285 $294 $327 $349 $379 $393 $377 $347 Operator and land return $18 $72 $106 $185 $136 $1 -$9 -$36 Land costs Farmer return -$102 -$53 -$31 $41 -$24 -$162 -$168 -$187 1 Results for 2009 through 2015 are summarized from grain farms enrolled in Illinois Farm Business Farm Management. Projections are made for 2016.

13 Table 10. Double-Crop Soybean Revenues and Costs, Southern Illinois, Yield per acre Price per bu $10.03 $11.70 $12.86 $14.54 $13.43 $10.46 $9.11 $10.60 Crop revenue $321 $351 $463 $247 $430 $460 $310 $339 ARC/PLC or ACRE Other gov't payments Crop insurance proceeds Gross revenue $324 $351 $467 $259 $438 $465 $316 $339 Fertilizers Pesticides Seed Drying Storage Crop insurance Total direct costs $85 $86 $108 $116 $128 $123 $119 $110 Machine hire/lease Utilities Machine repair Fuel and oil Light vehicle Mach. depreciation Total power costs $75 $78 $76 $90 $93 $97 $96 $96 Hired labor Building repair and rent Building depreciation Insurance Misc Interest (non-land) Total overhead costs $25 $27 $29 $33 $31 $31 $31 $31 Total non-land costs $185 $191 $213 $239 $252 $251 $246 $237 Operator and land return $139 $160 $254 $20 $186 $214 $70 $102 Land costs Farmer return $139 $160 $254 $20 $186 $214 $70 $102 1 Results for 2009 through 2015 are summarized from grain farms enrolled in Illinois Farm Business Farm Management. Projections are made for Land costs and farmer return are only applied to the wheat budget.

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