"Machinery Cost Estimates for 2019." Air-seeder at $16.80 per acre. 2453 0 obj <>/Filter/FlateDecode/ID[<7EEAAD7FB86E6843A8A58DCD32D3470D>]/Index[2431 44]/Info 2430 0 R/Length 103/Prev 175604/Root 2432 0 R/Size 2475/Type/XRef/W[1 2 1]>>stream Fortunately, ag economists at the University of Illinois keep up on all . Estimated machinery costs often are used in setting custom rates where one individual performs a field operation for another individual. Schnitkey, G., N. Paulson, K. Swanson and C. Zulauf. 1 Min Read. Farm Progress is part of the Informa Markets Division of Informa PLC. In 2018, she received her associate degree from Lake Land College, where her time was spent as an active member in clubs such as Ag Transfer club and PAS. The alternative farmdoc forecast and USDA forecast are heavily based on historical supply/demand conditions. Many farms may have tillage implements that have been on the farm for generations, are fully paid for and fully depreciated. farmdoc daily (11):112, Department of Agricultural and Consumer Economics, University of Illinois at Urbana-Champaign, July 27, 2021. Due to the fuel price increases, fuel costs for the 310 horsepower tractor increased from $37.30 per hour in 2019 to $41.10 per hour in 2021 (see Table 1). Remember, fuel Fuel costs will vary with each operations fuel use. This Current Report summarizes data collected from Oklahoma farmers, ranchers and custom operators during the fall of 2021. 1 Min Read. 2431 0 obj <> endobj Eliminating a tillage pass in a single year will reduce fuel, labor, and repair costs for the given year, but the ownership costs will remain. From time to time, Prairie Farmer gets requests for the custom rate estimates on various field operations. Estimating Farm Machinery Costs, available by searching Iowa State University agriculture decision maker and machinery management. RP-HPE has a lower premium and thus a lower cash, The impacts of the Russia-Ukraine conflict on Ukrainian corn and wheat supply are reassessed at the wars one-year anniversary. Ohio Custom Rates. "Estimating Farm Machinery Costs." This Microsoft Excel spreadsheet will estimate Price Loss Coverage (PLC) and Agricultural Risk Coverage at the county level ARC-IC (Agriculture Risk Coverage Individual) has received less attention than ARC-CO (ARC County) and PLC (Price Loss Coverage). Respondents were recipients of a mailing by the Oklahoma Field Office, USDA-NASS. The articles are written by Extension Specialists. The farmdoc daily website falls under University of Illinois copyright and intellectual property rights. Corn prices have been increased from $5.30 per bushel in August, In 2021, the total noncapital living expenses of 1,213 farm families enrolled in the Illinois Farm Business Farm Management Association (FBFM) averaged $85,828or about $7,200 a month for each family, In the August version of the 2023 Illinois Crop Budgets, wheat plus double-crop soybean is projected to be much more profitable than stand-alone corn and stand-alone soybeans in southern Illinois., Illinois crop budgets for 2022 have been revised from their December release (farmdoc daily, December 7, 2021). One of the best resources for average custom rates is the annual Iowa Farm Custom Rate Survey that is coordinated and analyzed by Iowa State University. A way for reducing these costs is outsourcing the equipment, thereby allowing the individual performing the operation to perform the operation over more acres, and thereby lower total costs. "Release of 2021 Crop Budgets." Subscribe to receive top agriculture news, Be informed daily with these free e-newsletters. The computations of interest, insurance and housing, and repair costs assumed that the self-propelled sprayer had one-half of its useful life left. Farmer returns in 2021 are projected to be $378 per acre for corn and $305 per acre for soybeans. Farmer returns for 2022 are projected at $61 per acre for corn and $67 per acre for soybeans, down considerably from 2021 levels. For 2021, Price Loss Coverage (PLC) did not make payments for corn, soybeans,, High input costs have reinvigorated arguments in Congress for farm support programs where payments are triggered when the cost of production rises. Users can select the state, county, and crop combination that they wish to consider. In addition to the costs outlined in table 3, the costs in table 4 include fuel, lubrication, and labor costs. 122 0 obj <> endobj Many forecasters are using much lower prices for 2022. Depreciation results from wear, obsolescence, and machine age. Farms that use custom operators or provide custom operations to other farms need to compare machinery costs per acre with published custom rate survey values. ", Revenue and Costs for Illinois Grain Crop, Revenue and Costs for Illinois Grain Crops, Revenue and Costs for Illinois Grain Crops, Actual for 2015 through 2020, Projected for 2021 and 2022, Management Decisions Relative to High Nitrogen Fertilizer Prices, Net Change in CRP Acres, 2020-2021 Program Year, Department of Agricultural and Consumer Economics, Department of Agricultural, Environmental and Development Economics, Overall increases in production and land costs, and. endstream endobj startxref The second publication Revenue and Costs for Illinois Grain Crop shows yearly returns and costs of producing corn, soybeans, wheat, and double-crop soybeans by region of Illinois. It is best to use a farms actual repair records to estimate these costs. Schnitkey, G., N. Paulson, K. Swanson, C. Zulauf and J. Baltz. Per hour costs are divided into overhead, fuel, and labor categories. We provide machinery cost estimates which may be helpful in setting custom rates. Lattz, D. and G. Schnitkey. %PDF-1.6 % A 21-foot chisel plow used on 882 acres has a cost of $16.00 per acre, while a 27-foot chisel plow used on 1,134 acres has nearly the same cost at $15.90 per acre. The total of all economic costs per acre for growing corn and soybeans in Illinois. It is important to note that machinery costs per acre vary widely among farms. The . For farms in that situation, the cost of retaining that equipment to use as needed is comparatively lower than the economic cost of a newer implement because depreciation and interest make up a large portion of the economic costs. Moreover, stability in fertilizer, The decision between RP, crop revenue insurance, and RP-HPE, crop revenue insurance without the harvest price option (HPO) is discussed. The salvage value for the self-propelled sprayer is assumed to be 30 percent of the purchase price. Projected costs have been raised for 2022, and corn and soybean costs are. It is important for you to check your reports to identify errors and detect fraud. There will be great diversity in cash rent increases across farms. Lattz, D. and G. Schnitkey. Guidelines are available here. Results are included for all regions in Illinois. "Management Decisions Relative to High Nitrogen Fertilizer Prices." The rates presented in this publication represent the responses of a statewide survey conducted from February to March 2013 by Mississippi State University Extension agricultural economists. Plastina, A., A. Johanns and O. Massman. Though this information is very useful when establishing custom rates, it is prudent to compare your farm machinery costs per acre to custom rates. May 25, 2019. However, profitability is expected if corn and soybean prices remain high. When the tillage equipment is used on fewer acres, the cost of operation would rise. The latest from the Gardner Agriculture Policy Center. 147 0 obj <>/Filter/FlateDecode/ID[<269ADE589DBEE54094DDE17E08AF1239><530EECDB0D779343B2147141D420F3BF>]/Index[122 43]/Info 121 0 R/Length 119/Prev 235468/Root 123 0 R/Size 165/Type/XRef/W[1 3 1]>>stream Costs for most operations are higher in 2021 than in 2019, with most of the increases due to increases in list prices of machines. Oklahoma Farm and Ranch Custom Rates, 20212022. We provide machinery cost estimates which may be helpful in setting custom rates. In addition to the costs outlined in table 1, the costs in table 2 include fuel, lubrication, and labor costs. A "custom rate" is the amount agreed upon by both parties to be paid by the custom work customer to the custom work provider. Machinery cost estimates for 2019 are available in the management section of farmdoc in five publications. Still, we are projecting positive returns for 2022, given relatively high corn and soybean prices. The machinery cost estimates include four categories of costs associated with operating the machinery: tractor overhead, implement overhead, fuel charges, and labor. This report is based on data obtained from farm business records on Illinois farms. The cost with the largest increase is fertilizer. Here, a look at cost estimates of field, forage and harvesting operations, plus per-hour tractor operating costs. Costs include overhead (depreciation, interest, insurance . Machinery Cost Estimates: Forage Field Operations. Illinois Farm Management Handbook, Department of Agricultural and Consumer Economics, University of Illinois at Urbana-Champaign, updated October 11, 2021. The reference price escalator was introduced in the 2018 Farm Bill and uses effective reference prices to calculate Price Loss Coverage (PLC) payments. Harvest. This indicates that some level of tillage is resulting in yields that offset costs, while repeated tillage operations add costs beyond attained value. We are grateful to the 97 survey respondents who provided information for this publication. Examples pertaining to field cultivation and a self-propelled sprayer were used to illustrate the conceptual framework. However, any appreciable decline from the $5.00 per bushel corn and $12.00 per bushel soybean prices without corresponding increases in yields will result in very low incomes. 2020 Survey Responses Below are tables summarizing the results of the 2020 Ohio Farm Custom Rate Survey. Iowa State University Extension and Outreach, Ag Decision Maker, A3-10, March 2017. "Machinery Cost Estimates: Tractors." 0 for the complete table of custom rates, which also lists tractors of various sizes. These projected prices were based on prices from Chicago Mercantile Exchange (CME) futures contracts. Crop Insurance Summary of Business Tool (Sheet), Post Application Coverage Endorsement Tool (Sheet), Balance Sheet & Historical Financial Statements, Post Application Coverage Endorsement Tool, Biomass Crop Budget Tool Miscanthus and Switchgrass, Illinois Soil Productivity and Yield Utilities, Illinois Crop Budgets and Historic Returns, Department of Agricultural and Consumer Economics. If corn and soybeans prices fall, 2022 net farm incomes could be very low. Liquid fertilizer applicator at $23.50 per acre. Guidelines are available here. Although tillage can provide value, there is a cost associated with each tillage operation. Farmers likely will be reducing fertilizer rates. Labor cost reflect machine time, time required to lubricate and service machines, and travel time. farmdoc daily (9):144, Department of Agricultural and Consumer Economics, University of Illinois at Urbana-Champaign, August 6, 2019. Check out the entire list of cost estimates at Farmdoc: A 10th-generation agriculturist, Sierra Day grew up alongside the Angus cattle, corn and soybeans on her familys operation in Cerro Gordo, Ill. Illinois Farm Management Handbook, Department of Agricultural and Consumer Economics, University of Illinois at Urbana . Fuel costs will vary with each operations fuel use. Costs rise dramatically with lower use because much of the tillage related cost is associated with depreciation and interest on owning the equipment. Similar results for northern Illinois, central Illinois low-productivity farmland, and southern Illinois are available in the Revenue and Costs for Illinois Grain Crops publication. Economic useful life is not necessarily the same as service life. Most machinery cost estimates are based on a 1,400 acre farm. endstream endobj 2432 0 obj <. In situations, where a farmer determines it is cost effective to perform a tillage operation, the next step in a cost management approach is to determine whether it is more cost effective to own and operate the tillage implement or to outsource the operation. FIRM Team Fact Sheet Number . Michael. Edwards, William. Machinery cost estimates for 2021 have been released and are available on the farmdoc website (see Management section of farmdoc). 7 ag stories you cant miss March 3, 2023, Jill Reiter, Virginia State FFA Vice President, Soymeal rally sends soybeans higher on the week. The following two comparisons drawn from Table 2 further highlight the importance of implements sized for acreage use when managing costs on the farm. CUSTOM FARMING: Looking at arranging custom farming on your operation? Disclaimer: We request all readers, electronic media and others follow our citation guidelines when re-posting articles from farmdoc daily. This report summarizes farm income and earnings for FBFM enrolled farms for 2012-2016. Total non-land costs are projected at $755 per acre for corn, a $124 increase over the $631 per acres cost in 2021 (see Table 1). As indicated in the farmdoc machinery cost estimates publication, acreage decreases of 50% result in 80% increases in costs, on average. According to Lattz and Schnitkey (2017b), a self-propelled sprayer can cover 80.6 acres per hour. "2022 Crop Budgets Contain Higher Costs." A $19 per hour rate was used in 2019 compared to a $20 per hour rate in 2021. Cash rents in 2022 are projected to average $309 per acre, an increase of $25 per acre from the 2021 level of $284 per acre. Informa PLC's registered office is 5 Howick Place, London SW1P 1WG. Trends in Table 1 for high-productivity farmland also occur across regions. Illinois Farm Management Handbook, available by searching University of Illinois farmdoc. Each year, eHay Weekly offers readers a one-stop shop for accessing custom field work rate information from those states that have done . Lattz, D. and G. Schnitkey. farmdoc daily. This reduction generally will come from long-run decisions on replacement of equipment. Custom Farming. Several options exist for reducing non-land costs, with this article focusing on tillage related costs. "Cash Rents in 2020 and 2021." These decisions are complex because a decrease in one type of expense may be offset by an increase in other costs, or a change in expected yield. Disclaimer: We request all readers, electronic media and others follow our citation guidelines when re-posting articles from farmdoc daily. Corn is projected $15 per acre higher than soybeans in northern Illinois, corn is projected $14 per acre higher than soybean on low productivity farmland in central Illinois, and soybeans are projected to be $1 more profitable than corn in southern Illinois. Annually, Iowa State University surveys those who hire and/or perform custom farm services and compiles a report of results. University of Illinois will publish 2021 machinery cost estimates at the end of September. As an alternative to the executable tool you candownload the spreadsheet here. Labor costs are based on a $19 per hour. FAST aids users in performing financial analysis, assessing investment decisions, and evaluating the impacts of various management decisions. Estimated machinery costs can be useful when performing a field operation for another individual. There are many types of tillage operations, some of which perform overlapping tasks, while others are used for more specific purposes. Still, we are projecting . University of Illinois Extension, Farm Business Management, June 2017 (b). This report is based on data obtained from farm business records on Illinois farms. Ohio Farm Custom Rates. From time to time, Prairie Farmer gets requests for the custom rate estimates on various field operations. Another consideration is owning tillage implements that are sized appropriately for acres of expected use rather than total farm acres. Gary Schnitkey, Carl Zulauf, Krista Swanson, and Nick Paulson - Gary Schnitkey - Illinois crop budgets for 2022 have been revised from their initial release in July. farmdoc daily (10):143, Department of Agricultural and Consumer Economics, University of Illinois at Urbana-Champaign, August 4, 2020. Our YouTube channel includes farmdoc webinars and publication related videos. If acres are not maximized, options include 1) outsource the operation or 2) reduce the size of the equipment. It is an annual summary of such records obtained from farmers cooperating with University of Illinois Extension, the Department of Agricultural and Consumer Economics, and the Illinois Farm Business Farm Management (FBFM) Association. This information is based on 122 responses and 3,389 custom rates provided by Iowa farmers, custom operators, and farm managers. USDA is forecasting a $4.80 corn price and $10.50 soybean price in its preliminary long-run forecasts. Shawn and Kristy Freeland with some of their cattle, Corn with fuel pump handle representing ethanol fuel. A comparison of the two sets of rates provides a baseline that can be used to evaluate costs of owning equipment and performing field operations versus outsourcing. Lets say you dont want to retire and rent out your farm, but you dont want to do it all yourself either. Custom work charges are determined by demand and supply and are negotiated between farmers and custom operators. The estimated machinery costs can also be useful when determining what equipment has the greatest economic return to the farm as compared to what it would cost to outsource the associated task. Fertilizer prices have skyrocketed in recent months (see farmdoc daily, October 26, 2021, November 2, 2021, and November 30, 2021). in 2021, while 2022 custom rates for . Includes tractor overhead, implement overhead, fuel and lube and labor: Includes tractor overhead, platform overhead, fuel and lube, and labor: . If the difference in expected returns for the two crops widens planting decisions may be affected. Interest, insurance and housing, and repair cost rates were assumed to be 5 percent, 1 percent, and 1.5 percent, respectively. Third, custom rate comparisons were derived from Langemeier (2017) and Plastina and Johanns (2017). The information in table 3 was used to help compute the total machinery costs for spraying on the case farm reported in table 4. By Mike Rankin. These rates, except where noted, include the implement and tractor if required, all variable machinery costs such as fuel, oil, lube, twine . Lattz, Dale and Gary Schnitkey. Table 1 shows corn and soybean performance for 2020, 2021, and 2022 on high-productivity farmland in central Illinois. Follow thesesocial media channels for all thelatest ag commentary from Keith Good the Farm Policy News editor. Understanding the . The total cost per hour for the self-propelled sprayer is estimated to be $314.57. As Day got older, she began to understand the importance of transitioning from a member to a mentor for other youth in the industry. 7 ag stories you cant miss March 3, 2023, Jill Reiter, Virginia State FFA Vice President, Soymeal rally sends soybeans higher on the week. Lattz, Dale and Gary Schnitkey. Authors: Bob Battel, Field Crops Educator . 2H8so:e`!g[ a Report with summary of cost to produce beef in Illinois. Spraying. Still, overhead costs increased from $122.90 per acre to $126.10 per acre. Ohio Farm Custom Rates. Twenty percent of the respondents perform custom work, 16% Substantial increases in list prices of machinery occurred between 2019 and 2021. Lattz, D. and G. Schnitkey. Labor time is assumed to be 1.1 times the tractor hour resulting in a 10% higher cost per tractor hour. Illinois crop budgets for 2022 have been revised from their initial release in July (farmdoc daily, July 27, 2021). For a detailed statement, please see the University of Illinois Copyright Information and Policies here. Overhead includes depreciation, interest, insurance and housing, and repairs. farmdoc daily (10):147, Department of Agricultural and Consumer Economics, University of Illinois at Urbana-Champaign, August 11, 2020. Conversely, the economic cost of owning and operating a mulch tiller and moldboard plow are both higher than average reported custom rates, indicating it would likely be less expensive to outsource these tasks than owning and operating the equipment to complete the task. It would likely not be cost effective for an average sized farm to own all types of tillage implements, aside from situations where the equipment is older and fully depreciated. Includes tractor overhead, implement overhead, fuel and lube, and labor: Split-row planter for soybeans at $12.50 per acre. The most likely candidates for outsourcing are tillage operations that are not performed on all acres, and require specialized, costly tillage equipment. Declines in natural gas and corn prices likely have led to nitrogen fertilizer price declines. Current fall bids for 2022 cash delivery were also considered and are close to projected prices. Gentry, L. and G. Schnitkey. February 4, 2007. Fuel use on a 310 horsepower tractor is estimated at 13.6 gallons per hour. For example, during a November 29 farmdoc webinar, price forecasts were for a $4.25 corn price and an $11.00 soybean price. Fuel costs are based on $2.50 per gallon for diesel fuel. About the report. At this early stage, The National Agriculture Statistics Service (NASS) recently released county yields. ceres imagaging lindsay irrigation partner. It is important to note that other factors such as timeliness, liquidity, solvency, and tax management may affect a farms decision to own machines or custom hire certain field operations. Includes tractor overhead, implement overhead, fuel and lube and labor: Vertical tillage, rolling basket at $11.70 per acre, V-ripper (shanks only) at $22.50 per acre. Machinery Cost Estimates: Summary. Illinois Farm Management Handbook, Department of Agricultural and Consumer Economics, University of Illinois at Urbana-Champaign, updated October 11, 2021. This publication shows estimated costs for combining, using grain carts, and hauling grain. Many of them are involved in the Extension Income Tax Advisory Committee. Depending on your situation, you may want to consider the following spraying and ammonia application total costs from 2019: Self-propelled at $4.40 per acre. These returns are at record levels and will result in very high incomes in 2021. Black piggy bank with downward trend line representing recession. Interest should be included in ownership costs regardless of whether debt is incurred when purchasing a machine. Differences in corn and soybean returns will be influenced by corn, soybean, and nitrogen fertilizer prices. The information below is based on 122 responses and 3,389 custom rates provided by Iowa farmers, custom operators, and farm managers. Machinery ownership and labor can be costly. Between 2019 and 2021, the list price on a 310 HP tractor increased by 9.1% from $410,256 in 2019 to $447,479 in 2021. Several cost items should be included when computing total machinery costs per hour and per acre. As a result, a bale of hay sitting in the field costs $33.11. ceres imagaging lindsay irrigation partner. Full video of the committee, Last week the Congressional Budget Office released its ten-year estimates for the mandatory farm bill programs for Commodities (Title I), Conservation (Title II), the Supplemental Nutrition Assistance Program (SNAP, Title, [vc_row][vc_column][vc_column_text]The Agricultural Improvement Act of 2018 is scheduled to expire in the 2023 calendar, crop, and fiscal years, initiating the reauthorization process on the legislative calendar. "Machinery Cost Estimates: Field Operations." University of Illinois Extension, Farm Business Management, June 2017 . FAST (Farm Analysis Solution Tools) are a suite of Microsoft Excel spreadsheets designed to assist those in agriculture make better decisions via user-friendly computer programs. This publication presents crop budgets for three regions in Illinois: northern, central, and southern Illinois. Acres farmed, annual hours, useful life, and interest rate represent those of the case farm. Farming is a capital intensive venture with specialized equipment needed for various field operations, including several different implements used for tillage. hb``` eaVCz @ .m&n\`h``) J20ii TEjA@JGCbs>1Um_iF L:C#u` (^ Department of Agricultural and Consumer Economics, University of Illinois at Urbana-Champaign, updated December 7, 2021. Although the actual costs will vary from farm to farm, and are dependent on the number of acres and the size or capacity of the equipment used, the averages presented here can be used as a guide. ", Tillage, Nitrogen Use, and Cover Crop Impacts of Corn and Soybean Returns, Revenue Loss Coverage and Other Farm Safety Net Proposals in an Era of High Ad Hoc Payments, Department of Agricultural and Consumer Economics, Department of Agricultural, Environmental and Development Economics. From 2019 to 2021, most of the estimated machinery costs went up. Some cash rents will not increase, while others will have much larger increases than $25 per acre. %%EOF Many Iowa farmers hire some custom machine work in their farm business or perform custom work for others. 2019 Custom Machine and Work Rate Estimates. This article outlined the conceptual framework needed to estimate machinery costs per acre. University of Illinois Extension provides equal opportunities in . The latest in the Illinois Farm Management Handbook. Second, purchase prices, insurance and housing, and repair costs were adapted using information contained in Edwards (2015) and Lattz and Schnitkey (2017a; 2017b). Planting. Schnitkey, G., K. Swanson, C. Zulauf, N. Paulson and J. Coppess. Authors: Dale Lattz and Gary Schnitkey. Much uncertainty exists about all three prices levels, and it is likely that there will be changes in prices moving into the spring planting season. Table 2 shows estimated costs in 2019 and 2021 for several different tractor sizes, combining corn and soybeans, a chisel plow, and a conventional planter. For a detailed statement, please see the University of Illinois Copyright Information and Policies here. The 2022 Iowa Farm Custom Rate Survey is intended as a guide in determining custom rates. Depending on your situation, you may want to consider the following spraying and ammonia application total costs from 2019: Liquid fertilizer applicator at $23.50 per acre. Historically, cost of, The Farm Service Agency (FSA) recently released all the information necessary to calculate 2021 commodity title payments. This provides summary cost of production budgets for corn and soybeans. This publication reports custom rates based on a statewide survey of 377 farmers, custom operators, farm managers, and landowners conducted in 2020. Many farmers booked nitrogen purchases earlier in the fall when ammonia prices were below $1,000 per ton. The total costs per hour for the tractor and implement were estimated to be $203.06 and $75.61 for a total combined cost per hour of $278.67. Could custom farming work? These budgets represent average returns no matter the preceding crop and are summarized from farms enrolled in Illinois Farm Business Farm Management (FBFM). Farm Progress is part of the Informa Markets Division of Informa PLC. Machinery Cost Estimates: Tractors. Illinois Farm Management Handbook, Department of Agricultural and Consumer Economics, University of Illinois at Urbana-Champaign, updated October 11, 2021. At this point, those historical relationships suggest much lower prices than are being offered by CME futures contracts. Copyright 2023. These rates, except where noted, include the implement and tractor if required, all variable machinery costs such as fuel, oil, lube, twine, etc., and the labor for the operation. Thus, it is imperative that farms compute their own machinery costs per acre when making comparisons with custom rate survey data. Check Out Custom Rates. %PDF-1.5 % These . . The duo strives to raise functional cattle that are show ring quality and a solid foundation for building anyones herd. The site also contains a completed example of a farm return. Table 1 illustrates the computation of depreciation, interest, insurance and housing, and repairs. If annual hours of use or useful life were lower, the cost rates for interest, insurance and housing, and repairs would be higher. Factors impacting costs are illustrated for a 310 PTO horsepower tractor in Table 1, which shows per hour costs of operations from 2017, 2019, and 2021. "Nitrogen Fertilizer Strategies for 2022." The 2018 Farm Bill What-If Tool has been released (clickhere to download). "2017 Iowa Farm Custom Rate Survey." Interest represents the opportunity cost associated with using scarce funds to purchase a machine. Much uncertainty exists concerning fertilizer prices moving into spring. Fuel costs are based on a $2.25 per gallon price for diesel fuel. The cost with the largest increase is fertilizer. Significant changes from the initial release are increased corn prices, soybean prices, and non-land costs. hb```]O@(9j0;sLUG\S%mN3/,w```6 q(f`4``fg4bx#C]e^T&2@f`{ 6Vy,(! Understanding the . Michigan State University Extension June 2019. Recently released crop budgets (farmdoc daily, August 4, 2020) project losses for corn and soybeans on Illinois farms, given current assumptions for 2021.
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