2017 Field Crop Budgets. Updated 2/24/17

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1 2017 Field Crop Budgets Updated 2/24/17 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. Purchase price is not included. - Operating expenses borrowed at 8.5% interest for 5 months of expenses. - - Fixed costs are calculated with MD Custom Rates (2017) - You should use your actual fixed costs - Crop insurance quotes. Actuals will not be set until March Changes: Corn Population increase, 2017 Custom Rates 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 reconcile 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. Questions Contact: Shannon Dill, or sdill@umd.edu Budgets were developed by Ben Beale, Francis Breeding, Shannon Dill, Dale Johnson, Jim Lewis and Jenny Rhodes EQUAL ACCESS PROGRAMS Inputs Corn Grain - No Till, Non Irrigated Corn Grain - Conventional Non Irrigated Corn Grain - No Till, Irrigated Corn Grain - No Till, Poultry Litter Soybeans Wheat Wheat/Soybean Double Crop Blank Budget Historical

2 UNIT PRICE NOTES YEAR 2017 INCOME CORN BUSHEL $3.93 Dec SOYBEANS BUSHEL $10.05 Nov WHEAT BUSHEL $4.60 Jul EXPENSES SEED CORN CONVENTIONAL 1,000 SEEDS $2.19 CORN ROUNDUP READY & BT 1,000 SEEDS $3.75 SOYBEAN 1,000 SEEDS $0.25 SOYBEAN RR II 1,000 SEEDS $0.37 WHEAT POUND $0.52 FERTILIZER NITROGEN POUND $0.35 PHOSPHORUS POUND $0.53 POTASH POUND $0.26 POULTRY LITTER TON $13.00 LIME TON $48.00 PESTICIDES 2 4-D QUART $5.25 ATRAZINE QUART $4.00 GRAMOXONE INTEON PINT $4.00 HARMONY OUNCE $10.75 LUMAX QUART $13.50 OSPREY OUNCE $3.10 ROUNDUP QUART $5.00 TILT OUNCE $1.00 TOUCHDOWN QUART $5.50 WARRIOR OUNCE $2.20 OTHER SOIL TEST ACRE $0.30 CROP INSURANCE - Corn ACRE $25.49 CROP INSURANCE - Corn Irrigated ACRE $27.79 CROP INSURANCE - Soybeans ACRE $14.90 CROP INSURANCE - Wheat ACRE $13.15 DRYING FUEL BUSHEL $0.40 ED COSTS Custom Rates Average STALK CHOPPING ACRE $17.04 CHISEL PLOWING ACRE $20.90 DISKING ACRE $23.75 FIELD CULTIVATOR/FINISHER ACRE $23.50 VERTICAL TILLAGE ACRE $18.05 FERTILIZER SPREADING ACRE $9.22 SIDEDRESSING ACRE $10.59 MANURE LOADING TON $6.70 MANURE SPREADING - LITTER TON $8.98 MANURE HAULING TON $12.63 PESTICIDE SPRAYING ACRE $9.86 NOTILL DRILLING SMALL GRAIN ACRE $20.33 PLANTING CORN - Conventional ACRE $19.92 CORN - NoTill ACRE $22.83 SOYBEAN - Conventional ACRE $19.10 SOYBEAN - NoTill ACRE $22.33 BROADCAST SEEDING SMGRAIN ACRE $8.91 HARVESTING CORN ACRE $33.89 SOYBEAN ACRE $33.89 WHEAT ACRE $34.13 HAULING BUSHEL $0.21 LAND CHARGE ACRE $98.00

3 CORN GRAIN, NO-TILL NON-IRRIGATED PER ACRE FOR 2017 CORN GRAIN BUSHEL 150 $3.93 $ SEED RR 1000 SEEDS 29 $3.75 $ SOIL TEST ACRE NITROGEN POUND PHOSPHATE POUND POTASH POUND LUMAX QUART ATRAZINE QUART ROUNDUP QUART CROP INSURANCE (RP 75%) ACRE DRYING FUEL BUSHEL INTEREST ON OPERATING CAPITAL $ % TOTAL LISTED ABOVE $ FERTILIZER SPREADING ACRE NO-TILL PLANTING WITH FERTILIZER ACRE NITROGEN APPLICATION ACRE PESTICIDE APPLICATIONS ACRE HARVESTING ACRE HAULING BUSHEL INTEREST ON SPRING CUSTOM CHARGES % 2.23 TOTAL FIXED COST LISTED ABOVE $ TOTAL VARIABLE AND FIXED COST LISTED ABOVE $ NET INCOME OVER VARIABLE & FIXED COSTS LISTED ABOVE $23.13 NET INCOME ABOVE VARIABLE AND YIELDS $2.95 $3.93 $4.91 FIXED COSTS LISTED ABOVE FOR ($234.77) ($124.24) ($13.71) VARIOUS YIELDS AND 150 ($124.24) $23.13 $ ($13.71) $ $ Assumptions: Non-continuous corn so soil insecticide may not be necessary. If following beans add 20 lb N credit Bt seed corn, hybrid, mid price grade Sensitivity analysis based on 75%,100% and 125% of typical yield and current forward contract price. CORN GRAIN NO TILL

4 CORN GRAIN, CONVENTIONAL NON-IRRIGATED PER ACRE FOR 2017 CORN GRAIN BUSHEL 150 $3.93 $ SEED 1000 SEEDS 29 $2.19 $63.51 SOIL TEST ACRE NITROGEN POUND PHOSPHATE POUND POTASH POUND LUMAX QUART ATRAZINE QUART CROP INSURANCE (RP 75%) ACRE DRYING FUEL BUSHEL INTEREST ON OPERATING CAPITAL $ % 8.82 TOTAL LISTED ABOVE $ CHISEL PLOWING ACRE 1 $20.90 $20.90 DISKING ACRE FIELD CULTIVATOR/FINISHER ACRE FERTILIZER SPREADING ACRE PLANTING WITH FERTILIZER ACRE NITROGEN APPLICATION ACRE PESTICIDE APPLICATIONS ACRE HARVESTING ACRE HAULING BUSHEL INTEREST ON SPRING CUSTOM CHARGES $ % 5.00 TOTAL FIXED COST LISTED ABOVE $ TOTAL VARIABLE AND FIXED COST LISTED ABOVE $ NET INCOME OVER VARIABLE & FIXED COSTS LISTED ABOVE $7.49 NET INCOME ABOVE VARIABLE AND YIELDS $2.95 $3.93 $4.91 FIXED COSTS LISTED ABOVE FOR ($250.41) ($139.88) ($29.35) VARIOUS YIELDS AND 150 ($139.88) $7.49 $ ($29.35) $ $ Assumptions: Non-continuous corn so soil insecticide may not be necessary. Bt seed corn, hybrid, mid price grade Sensitivity analysis based on 75%,100% and 125% of typical yield and current forward contract price. CORN GRAIN CONVENTIONAL NON-IR

5 CORN GRAIN, NO-TILL IRRIGATED PER ACRE FOR 2017 CORN GRAIN BUSHEL 200 $3.93 $ SEED RR 1000 SEEDS 36 $3.75 $ SOIL TEST ACRE NITROGEN POUND PHOSPHATE POUND POTASH POUND LUMAX QUART ATRAZINE QUART ROUNDUP QUART CROP INSURANCE (RP 75%) ACRE DRYING FUEL BUSHEL IRRIGATION EXPENSE (eletric, fuel, etc) INCH IRRIGATION REPAIR & MAINTENANCE ACRE INTEREST ON OPERATING CAPITAL $ % TOTAL LISTED ABOVE $ FERTILIZER SPREADING ACRE NO-TILL PLANTING WITH FERTILIZER ACRE NITROGEN APPLICATION ACRE PESTICIDE APPLICATIONS ACRE HARVESTING ACRE HAULING BUSHEL INTEREST ON SPRING CUSTOM CHARGES % 2.23 IRRIGATION PAYMENT (including interest) ACRE TOTAL FIXED COST LISTED ABOVE $ TOTAL VARIABLE AND FIXED COST LISTED ABOVE $ NET INCOME OVER VARIABLE & FIXED COSTS LISTED ABOVE ($121.71) NET INCOME ABOVE VARIABLE AND YIELDS $2.95 $3.93 $4.91 FIXED COSTS LISTED ABOVE FOR 150 ($465.58) ($318.21) ($170.83) VARIOUS YIELDS AND 200 ($318.21) ($121.71) $ ($170.83) $74.79 $ Assumptions: Non-continuous corn so soil insecticide may not be necessary. If following beans add 20 lb N credit Bt seed corn, hybrid, mid price grade Sensitivity analysis based on 75%,100% and 125% of typical yield and 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 - IRRIGATED

6 CORN GRAIN, NO-TILL, POULTRY LITTER PER ACRE FOR 2017 CORN GRAIN BUSHEL 150 $3.93 $ SEED RR 1000 SEEDS 30 $3.75 $ SOIL TEST ACRE NITROGEN POUND PHOSPHATE POUND POTASH POUND POULTRY LITTER lbs/ton TON LUMAX QUART ATRAZINE QUART ROUNDUP QUART CROP INSURANCE (RP 75%) ACRE DRYING FUEL BUSHEL INTEREST ON OPERATING CAPITAL $ % 9.84 TOTAL LISTED ABOVE $ MANURE HAULING TON MANURE LOADING TON MANURE SPREADING - LITTER TON MINIMAL TILLAGE ACRE NO-TILL PLANTING ACRE NITROGEN APPLICATION ACRE PESTICIDE APPLICATIONS ACRE HARVESTING ACRE HAULING BUSHEL INTEREST ON SPRING CUSTOM CHARGES % 3.94 TOTAL FIXED COST LISTED ABOVE $ TOTAL VARIABLE AND FIXED COST LISTED ABOVE $ NET INCOME OVER VARIABLE & FIXED COSTS LISTED ABOVE ($22.66) NET INCOME ABOVE VARIABLE AND YIELDS $2.95 $3.93 $4.91 FIXED COSTS LISTED ABOVE FOR ($280.57) ($170.04) ($59.50) VARIOUS YIELDS AND 150 ($170.04) ($22.66) $ ($59.50) $ $ Assumptions: Non-continuous corn so soil insecticide may not be necessary. If following beans add 20 lb N credit Bt seed corn, hybrid, mid price grade Poultry litter estimates - Economic Value of Poultry Litter Lichtenberg, Parker, Lynch. Litter will provide nitrogen availability at year 2 20% and year 3 5% Sensitivity analysis based on 75%,100% and 125% of typical yield and current forward contract price. CORN GRAIN NO TILLwLITTER

7 SOYBEANS RR READY PER ACRE FOR 2017 SOYBEANS BUSHEL 40 $10.05 $ SEED 1000 SEEDS 150 $0.37 $55.50 SOIL TESTING ACRE PHOSPHATE POUND POTASH POUND GRAMOXONE INTEON PINT ROUNDUP QUART WARRIOR OUNCE CROP INSURANCE (RP 75%) ACRE INTEREST ON OPERATING CAPITAL $ % 5.68 TOTAL LISTED ABOVE $ FERTILIZER APPLICATION ACRE SOYBEAN - NoTill ACRE PESTICIDE APPLICATIONS ACRE HARVESTING ACRE HAULING BUSHEL INTEREST ON SPRING CUSTOM CHARGES $ % $ 2.60 TOTAL FIXED COST LISTED ABOVE $ TOTAL VARIABLE AND FIXED COST LISTED ABOVE $ NET INCOME OVER VARIABLE & FIXED COSTS LISTED ABOVE $43.75 NET INCOME ABOVE VARIABLE AND YIELDS $7.54 $10.05 $12.56 FIXED COSTS LISTED ABOVE FOR 30 ($132.12) ($56.75) $18.63 VARIOUS YIELDS AND 40 ($56.75) $43.75 $ $18.63 $ $ Assumptions Sensitivity analysis based on 75%,100% and 125% of typical yield and current forward contract price. SOYBEANS

8 WHEAT PER ACRE FOR 2017 WHEAT BUSHEL 75 $4.60 $ SEED POUND 150 $0.52 $78.00 SOIL TESTING ACRE NITROGEN POUND PHOSPHATE POUND POTASH POUND HARMONY GT XP OUNCE TILT OUNCE WARRIOR OUNCE OSPREY OUNCE CROP INSURANCE (RP 75%) ACRE INTEREST ON OPERATING CAPITAL $ % 8.04 TOTAL LISTED ABOVE $ SPREADING FERTILIZER ACRE 2 $9.22 $18.44 VERTICAL TILLAGE ACRE BROADCAST SEEDING ACRE PESTICIDE APPLICATION ACRE HARVESTING ACRE HAULING BUSHEL INTEREST ON FALL CUSTOM CHARGES $ % 4.02 TOTAL FIXED COST LISTED ABOVE $ TOTAL VARIABLE AND FIXED COST LISTED ABOVE $ NET INCOME OVER VARIABLE & FIXED COSTS LISTED ABOVE ($111.78) NET INCOME ABOVE VARIABLE AND YIELDS $3.45 $4.60 $5.75 FIXED COSTS LISTED ABOVE FOR ($262.71) ($198.03) ($133.34) VARIOUS YIELDS AND 75 ($198.03) ($111.78) ($25.53) ($133.34) ($25.53) $82.29 Assumptions Sensitivity analysis based on 75%,100% and 125% of typical yield and current forward contract price. WHEAT

9 WHEAT/SOYBEAN DOUBLE CROP PER ACRE FOR 2017 WHEAT BUSHEL 75 $4.60 $ SOYBEANS BUSHEL 35 $10.05 $ TOTAL $ SEED-WHEAT POUND 150 $0.52 $78.00 SEED-SOYBEANS 1000 SEEDS SOIL TEST ACRE NITROGEN POUND PHOSPHATE POUND POTASH POUND HARMONY GT XP OUNCE OSPREY OUNCE SURFACTANT QUART TILT OUNCE WARRIOR OUNCE GRAMOXONE INTEON PINT ROUNDUP QUART CROP INSURANCE-WHEAT (RP 75%) ACRE CROP INSURANCE-BEANS (RP 75%) ACRE INTEREST ON OPERATING CAPITAL $ % TOTAL LISTED ABOVE NET INCOME OVER LISTED ABOVE $ FERTILIZER SPREADING ACRE VERTICAL TILLAGE ACRE BROADCAST SEEDING ACRE NOTILL DRILLING ACRE PESTICIDE APPLICATION ACRE HARVESTING ACRE HAULING BUSHEL INTEREST ON FALL/SPRING CUSTOM CHARG $ % 5.24 TOTAL FIXED COST LISTED ABOVE $ TOTAL VARIABLE AND FIXED COST LISTED ABOVE $ NET INCOME OVER VARIABLE & FIXED COSTS LISTED ABOVE $24.95 WHEAT $3.45 $4.60 $5.75 NET INCOME ABOVE VARIABLE AND BEAN $7.54 $10.05 $12.56 FIXED COSTS LISTED ABOVE FOR ($279.88) ($149.24) ($18.60) VARIOUS YIELDS AND ($149.24) $24.95 $ Sensitivity Analysis based on soybeans/wheat yield and price ($18.60) $ $ Assumptions 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. WHEAT SOYBEAN DOUBLE CROP

10 CROP: YEAR: SEED SOIL TEST NITROGEN PHOSPHATE POTASH LIME PESTICIDES CROP INSURANCE DRYING FUEL INTEREST ON OPERATING CAPITAL TOTAL LISTED ABOVE LAND CHARGE TOTAL FIXED COST LISTED ABOVE TOTAL VARIABLE AND FIXED COST LISTED ABOVE NET INCOME OVER VARIABLE & FIXED COSTS LISTED ABOVE

11 Cost Per Acre Cost Per Acre Corn - No Till Corn - Conven Soybeans Wheat Wheat/Beans 2007 $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ Cost Per Acre $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ ** Historical Chart is based on prices in the January - March of each year $ $ $ $ COST PER ACRE Corn - No Till Corn - Conventional Soybeans Wheat $ Cost Per Acre $ $ $ $ Corn - No Till Corn - Conven Soybeans Wheat Wheat/Beans 2011 $ $ $ $ $ $ $ Cost Per Acre 2011 $ $ $ Cost Per Acre 2015 Cost Per Acre Corn - No Till Corn - Conven Soybeans Wheat Wheat/Beans 2015 $ $ $ $ $ $ $ $ $ $ $ $ $ Cost Per Acre 2015 $ $ $ $ $ Cost Per Acre Corn - No Tillorn - Conventio Soybeans Wheat Wheat/Beans Cost Per Acre $ $ $ $ $ $ $ $ $ $ $ $ $ $ Cost Per Acre 2013 $ $ Cost Per Acre 2016 $ $ $ $ $ $ $ $ $ $ Cost Per Acre 2012 $ $ $655.56

12 Cost Per Acre $ $ $ $ $ Cost Per Acre 2017 $ $ $ $ $ $456.78