1998 Missouri Crop Costs and 2000 Crop Cost of Production Estimates

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1 1998 Missouri Crop Costs and 2000 Crop Cost of Production Estimates Raymond E. Massey Crops Economist, Commercial Agriculture Program This report summarizes the enterprise records for the 1998 Management Information Records (MIR) program and presents detailed cost of production estimates for Data have been collected from Missouri farmers who participate in the University of Missouri Outreach and Extension MIR program. Contributed financial records are grouped by expense category to estimate cost of production. Tables 1 and 2 present the average crop production costs according to the 1998 MIR records. The number of farmers with useable information was down this year from previous years. Information is presented for a specific crop only if more that 10 farms provided data. By comparing your major production cost categories to the MIR expense categories you might be able to discern where your costs are out of the ordinary. The information presented in Tables 1 and 2 can also be used to estimate what future production costs might be, assuming some percentage of change in input costs from 1998 to For example, fuel costs have increased by about 10% over the last 18 months. By multiplying the 1998 fuel cost for a particular crop by 110% you can estimate what they might cost in Estimating 2000 production costs from the 1998 MIR reported costs as mentioned in the above paragraph has the weakness that no detail is given regarding the quantities and types of inputs used. Again using the example of fuel expense, though it is safe to say that in agriculture in general this category should increase, it is not always safe to say that will happen for an individual farm. Switching tillage systems might result in more or less trips through the field and changes in the quantity of fuel used. For this reason more detailed cost of production worksheets are presented in Tables 3 6. These worksheets are presented in an activity analysis fashion that allows farm managers to estimate what might happen on their farm in The estimated costs of production are dependent on the field activities performed, quantities and prices of input used and the equipment complement assumed to exist. The benefit of the cost of production worksheets is that they are flexible enough to allow easy changes. For example, the corn cost of production worksheet lists 130 pounds of liquid nitrogen being applied at a cost of 20 per pound of N. Your fertilizer activity might be to apply 150 pounds of nitrogen fertilizer at a price of 22 per pound of N. The estimated fertilizer expense is very easy to change

2 by crossing out the numbers in the worksheets and entering Your Farm estimates. Entire activities can also be eliminated (e.g. delete chisel plow and disking to estimate no-till costs). Given last year s poor prices and indications that 2000 s prices will not be very good, attention to minimizing the cost of production without sacrificing yield will be critical. Seeking opportunities to lock in prices that cover critical costs might pay dividends. After the per acre and per bushel costs of production are estimated, the expected income can be gained by estimating market price and government payments that will be received for the crop produced. The worksheets use estimates of harvest time prices or USDA loan rates, whichever is greater, for market price. Government payments are $0 in this year s estimate of income because there is no way of estimating these. Though the USDA has estimates of Freedom to Farm payments on a per crop acre basis, for the last 2 years these have been increased by the government due to depressed prices. It may occur again this year. Though each of the cost of production worksheets indicates a loss, this is based on price and yield assumptions. As pricing opportunities arise, attentive farmers may be able to lock in profits or limit losses. Any government payments over the loan program can be added to the bottom line net income above all costs. It needs to be understood that the costs of production in Tables 3 6 are not based on collected data. Rather they are lists of activities that are common to Missouri farmers and estimates of the costs of performing those activities. They are best used as templates for determining your own cost of production given your own production activities.

3 Table Missouri Average Crops Costs Based on 1998 MIR Enterprise Records Corn Soybeans Wheat Number of farms reporting Average number of acres Average yield per acre (bushels) Average Operating Costs /Acre Seed $27.89 $19.93 $15.26 Plant Food (fertilizer & lime) Crop Chemicals and Materials Machinery Fuel, Oil and Repair Machinery Hire and Services Average Labor Cost/Acre Taxes and Insurance Miscellaneous Operating Interest Total Operating Cost/Acre $ $ $ Average Ownership Costs/Acre Machinery Depreciation and Interest $36.10 $27.16 $24.71 Real Estate Depreciation, Taxes and Interest Total Ownership Costs/Acre $ $ $ Average Total Costs/Acre $ $ $ Average Cost/Bushel $2.74 $5.90 $4.37 Average Machinery Investment/Acre $91.53 $72.58 $63.46 Average Real Estate Investment/Acre $1, $1, $ Comparison of MIR returns per acre to land and management (using harvest time prices and no government payments) Year Corn Soybeans Wheat 1994 $58.76 $92.25 $ year average $59.73 $87.15 $7.60

4 Table Missouri Average Crops Costs Based on 1998 MIR Enterprise Records Corn Silage All Other Hay Cropland Pasture Non-Cropland Pasture Number of farms reporting Average number of acres Average yield per acre (ton) Average Operating Costs /Acre Seed $22.30 $1.75 $0.96 $0.57 Plant Food (fertilizer & lime) Crop Chemicals and Materials Machinery Fuel, Oil and Repair Machinery Hire and Services Average Labor Cost/Acre Taxes and Insurance Miscellaneous Operating Interest Total Operating Cost/Acre $ $52.11 $21.74 $20.88 Average Ownership Costs/Acre Machinery Depreciation and Interest $35.62 $13.39 $3.74 $4.62 Real Estate Depreciation, Taxes and Interest Total Ownership Costs/Acre $ $55.02 $44.89 $46.99 Average Total Costs/Acre $ $ $66.63 $67.87 Average Cost/Ton $25.58 $52.26 $56.47 $53.02 Average Machinery Investment/Acre $41.11 $49.04 $10.50 $12.29 Average Real Estate Investment/Acre $ $ $ $518.46

5 Table 3. Projected 2000 Corn Cost of Production Worksheet Activity Operation Name Hours/Acre Labor Fuel Total/Acre Your Farm 1 Fertilize 0.08 $0.59 $0.38 $ Chisel Plow 0.14 $1.06 $0.70 $ Nitrogen Fertilize 0.08 $0.62 $0.40 $ Disking 0.15 $1.12 $0.75 $ Planting 0.20 $1.49 $0.98 $ Spray Pre-emergent Herbicide 0.08 $0.62 $0.41 $ Spray Post-emergent Herbicide 0.08 $0.62 $0.41 $ Harvest 0.32 $2.33 $2.35 $ Grain Drying 0.00 $0.00 $0.00 $0.00 Fuel and Labor Subtotal 1.15 $8.45 $6.38 $14.83 Materials and Services Activity Material Quantity Cost/Unit 1 Dry Fertilizer Rig Rental 1 acre $2.50 $ DAP ( ) 150 lb $0.14 $ Potassium Chloride (K 2 0) 45 lb K 2 0 $0.14 $ Liquid N (UAN) 130 lb N $0.20 $ Corn Seed 0.33 bag $ $ Pre-emergent Herbicide 1 acre $18.00 $ Post-emergent Herbicide 1 acre $7.50 $ Truck, Custom Charge 112 bu $0.10 $ Grain Drying, Custom Charge 112 bu $0.10 $11.20 Materials Subtotal $ Repair $13.50 Management $11.00 Overhead & Miscellaneous $8.60 Interest on Operating Capital (9% of above expenses for 6 months) $7.64 Total Operating Costs $ Land Interest ($1000/acre at 6%) $60.00 Land Taxes $5.00 Total Land Charge $65.00 Equipment Depreciation $25.67 Equipment Interest $20.49 Equipment Taxes $2.05 Equipment Insurance $2.05 Total Equipment Charge $50.26 Total Costs $ Total Cost per Bushel $2.75 Income from Grain Sales* 112 $2.00 $ Government Payments $0.00 Total Income $ Net Income above Operating Costs $31.74 Net Income above All Costs -$83.53 * Used Dec 2000 futures less $.30 basis as the harvest time price

6 Table 4. Projected 2000 Soybean Cost of Production Worksheet Activity Operation Name Hours/Ac Labor Fuel Total/Ac Your Farm 1 Fertilize 0.08 $0.59 $0.38 $ Chisel Plow 0.14 $1.06 $0.70 $ Disking 0.15 $1.12 $0.75 $ Planting 0.18 $1.30 $0.86 $ Pre-emerge Herbicide Appl $0.62 $0.41 $ Post-emerge Herbicide Appl $0.62 $0.41 $ Harvest 0.32 $2.33 $2.35 $4.68 Fuel and Labor Subtotal 1.04 $7.64 $5.86 $13.50 Materials and Services Activity Material Quantity Cost/Unit 1 Dry Fertilizer Rig Rental 1 acre $2.50 $ Potassium Chloride 45 lb K 2 0 $0.14 $ DAP ( ) 150 lb $0.14 $ Soybean Seed w/inoculant 1.1 bag $17.00 $ Soybean Pre-emerge Herbicide 1 acre $14.00 $ Soybean Post-emerge Herbicide 1 acre $8.00 $ Truck, Custom Charge 36 bu $0.10 $3.60 Materials Subtotal $74.10 Repair $12.00 Management $10.50 Overhead & Miscellaneous $5.07 Interest on Operating Capital (9% of above expenses for 6 months) $4.58 Total Operating Costs $ Land Interest ($1000/acre at 6%) $60.00 Land Taxes $5.00 Total Land Charge $65.00 Equipment Depreciation $22.51 Equipment Interest $17.97 Equipment Taxes $1.80 Equipment Insurance $1.80 Total Equipment Charge $44.07 Total Costs $ Total Cost per Bushel $6.36 Income from Grain Sales* 36 $5.25 $ Government Payments $0.00 Total Income $ Net Income above Operating Costs $69.25 Net Income above All Costs -$39.82 * Used government loan rate as the harvest time estimate of price

7 Table 5. Projected 2000 Wheat Cost of Production Worksheet Activity Operation Name Hours/Ac Labor Fuel Total/Ac Your Farm 1 Fall Fertilize 0.08 $0.59 $0.38 $ Disking 0.15 $1.12 $0.75 $ Planting 0.18 $1.30 $0.98 $ Spring Spraying 0.08 $0.62 $0.41 $ Harvest 0.32 $2.33 $2.35 $4.68 Fuel and Labor Subtotal 0.81 $5.96 $4.87 $10.83 Materials and Services Activity Material Quantity Cost/Unit 1 Dry Fertilizer Rig Rental 1 acre $2.50 $ DAP ( ) 110 lb $0.14 $ Wheat Seed 90 lb $0.17 $ Liquid N (UAN) 80 lb N $0.20 $ Wheat Broadleaf Herbicide 1 acre $5.50 $ Truck, Custom Charge 45 bu $0.10 $4.50 Materials Subtotal $59.20 Repair $9.00 Management $11.00 Overhead & Miscellaneous $4.31 Interest on Operating Capital (9% of above expenses for 6 months) $3.76 Total Operating Costs $98.10 Land Interest ($900/acre at 6%) $54.00 Land Taxes $4.00 Total Land Charge $58.00 Equipment Depreciation $17.56 Equipment Interest $14.02 Equipment Taxes $1.40 Equipment Insurance $1.40 Total Equipment Charge $34.38 Total Costs $ Total Cost per Bushel $4.23 Income from Grain Sales* 45 $2.68 $ Government Payments $0.00 Total Income $ Net Income above Operating Costs $22.50 Net Income above All Costs -$69.87 * Used government loan rate as the harvest time estimate of price

8 Table 6. Projected 2000 Grain Sorghum Cost of Production Worksheet Activity Operation Name Hours/Ac Labor Fuel Total/Ac Your Farm 1 Fertilize 0.08 $0.59 $0.38 $ Chisel Plow 0.14 $1.06 $0.70 $ Nitrogen Fertilize 0.08 $0.62 $0.40 $ Disking 0.15 $1.12 $0.75 $ Planting 0.20 $1.49 $0.98 $ Herbicide Spray 0.08 $0.62 $0.41 $ Spray Herbicide 0.08 $0.62 $0.41 $ Harvest 0.32 $2.33 $2.35 $4.68 Fuel and Labor Subtotal 1.15 $8.45 $6.38 $14.83 Materials and Services Activity Material Quantity Cost/Unit 1 Dry Fertilizer Rig Rental 1 acre $2.50 $ DAP ( ) 110 lb $0.14 $ Potassium Chloride 35 lb K 2 0 $0.14 $ Liquid N (UAN) 100 lb N $0.20 $ Sorghum Safened Seed 5 lb $1.10 $ Sorghum Pre-emerge Herbicide 1 acre $14.50 $ Sorghum Post-emerge Herbicide 1 acre $8.00 $ Truck, Custom Charge 85 bu $0.10 $8.50 Materials Subtotal $79.30 Repair $13.00 Management $8.50 Overhead & Miscellaneous $5.66 Interest on Operating Capital (9% of above expenses for 6 months) $4.79 Total Operating Costs $ Land Interest ($900/acre at 6%) $54.00 Land Taxes $4.00 Total Land Charge $58.00 Equipment Depreciation $24.91 Equipment Interest $19.89 Equipment Taxes $1.99 Equipment Insurance $1.99 Total Equipment Charge $48.78 Total Costs $ Total Cost per Bushel $2.74 Income from Grain Sales* 85 $1.87 $ Government Payments $0.00 Total Income $ Net Income above Operating Costs $32.87 Net Income above All Costs * Used government loan rate as the harvest time estimate of price

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