Updated 5/23/14
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.
- Fertility rates based on MCE SFM-1 guidelines
- Assuming medium fertility levels
- Fixed costs are calculated with MD Custom Rates (2013)
- You should use your actual fixed costs
- Crop insurance quotes. Actuals will not be set until March.
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, 410-822-1244 or sdill@umd.edu
www.extension.umd.edu/grainmarketing
Budgets were developed by Ben Beale, Francis Breeding, Shannon Dill, Dale Johnson, Jim Lewis and
Jenny Rhodes
EQUAL ACCESS PROGRAMS
INTRO
UNIT
PRICE
NOTES
INCOME
WHEAT
BUSHEL
$7.15 Jul 14
BARLEY
BUSHEL
$2.95 Jul 14
2014 MARYLAND COVER CROP PROGRAM
PRACTICE
BASE PAYMENT PLANT OCT 1
PLANT OCT 15
NOTILL
$45.00
$20.00
$10.00
CONVENTIONAL
$45.00
$10.00
$5.00
BROADCAST W/LIGHT TILLAGE
$45.00
$10.00
$5.00
AERIAL
$50.00
$0.00
$0.00
BROADCAST CHOP AERIAL OR GROUN
$45.00
$0.00
$0.00
MANURE USED IN SPRING
ACRE
$10.00
PREVIOUS CROP PAMENT
ACRE
$5.00
TARGETED WATERSHED
ACRE
$10.00
PLANT RYE
ACRE
$10.00
CCC - PLANT NOV 5
ACRE
$25.00
CCC - RYE
ACRE
$35.00
CROP (aerial increase by 25%)
POUND
RATE
COST
BARLEY
Pound
120
$0.24
CANOLA
8
$3.95
Pound
RAPESEED
Pound
8
$1.20
FORAGE RADISH
Pound
10
$2.70
RYE
Pound
112
$0.39
RYEGRASS
Pound
20
$0.96
SPRING OATS
Pound
96
$0.42
TRITICALE
Pound
112
$0.44
WHEAT
Pound
120
$0.39
FERTILIZER
SOIL TESTING
ACRE
$0.30
NITROGEN
POUND
$0.55
PHOSPHORUS
POUND
$0.65
POTASH
POUND
$0.36
LIME
TON
$45.00
PESTICIDES
GRAMOXONE INTEON
PINT
$3.37
HARMONY
OUNCE
$11.00
OSPREY
OUNCE
$3.03
ROUNDUP
QUART
$4.75
TILT
OUNCE
$1.93
WARRIOR
OUNCE
$1.95
OTHER
CROP INSURANCE - Wheat
ACRE
$11.97
FIXED COSTS - 2013 Custom Rates
STALK CHOPPING
ACRE
$16.88
DISKING
ACRE
$21.34
VERTICAL TILLAGE
ACRE
$18.41
FERTILIZER SPREADING
ACRE
$8.78
SIDEDRESSING
ACRE
$10.87
AERIAL APPLICATION
ACRE
$17.83
PESTICIDE SPRAYING
ACRE
$8.99
NOTILL DRILLING
SMALL GRAIN
ACRE
$20.91
ACRE
$14.49
SEEDING-SMALL GRAIN BROADCAST
SEEDING - AERIAL
ACRE
$22.75
HARVESTING
WHEAT
ACRE
$32.01
HAULING
BUSHEL
$0.15
LAND CHARGE
ACRE
$98.00
INPUTS
MARYLAND COVER CROP
ITEM
GROSS INCOME
COVER CROP PAYMENT (previous crop
corn)
VARIABLE COSTS
SEED
ROUNDUP
PER ACRE FOR 2014
UNIT
QUANTITY
ACRE
PRICE
TOTAL
1
$65.00
$65.00
POUND
120
$0.39
$46.80
QUART
1.00
$4.75
$4.75
TOTAL VARIABLE COSTS LISTED ABOVE
FIXED/OVERHEAD COSTS (CUSTOM RATES ARE USED AS A PROXY FOR FIELD OPERATION COSTS)
$51.55
STALK CHOPPING
VERTICAL TILLAGE
SEEDING-SMALL GRAIN BROADCAST
PESTICIDE APPLICATION
$16.88
$18.41
$14.49
$8.99
ACRE
ACRE
ACRE
ACRE
1
1
1
1
TOTAL FIXED COST LISTED ABOVE
TOTAL VARIABLE AND FIXED COST LISTED ABOVE
NET INCOME OVER VARIABLE & FIXED COSTS LISTED ABOVE
COVER CROP
$16.88
$18.41
$14.49
$8.99
$58.77
$110.32
($45.32)
WHEAT - COMMODITY COVER CROP
ITEM
GROSS INCOME
WHEAT
COVER CROP PAYMENT
TOTAL GROSS INCOME
VARIABLE COSTS
SEED
SOIL TESTING
NITROGEN
PHOSPHOROUS
POTASH
LIME
PER ACRE FOR 2014
UNIT
QUANTITY
PRICE
TOTAL
BUSHEL
ACRE
75
1
$7.15
$25.00
$536.25
$25.00
$561.25
POUND
ACRE
POUND
POUND
POUND
TON
125
1
100
60
60
0.5
$0.39
$0.30
$0.55
$0.65
$0.36
$45.00
$48.75
$0.30
$55.00
$39.00
$21.60
$22.50
HARMONY GT XP
TILT
WARRIOR
OSPREY
OUNCE
OUNCE
OUNCE
OUNCE
0.5
4
3
4.75
$11.00
$1.93
$1.95
$3.03
$5.50
$7.72
$5.85
$14.39
CROP INSURANCE-WHEAT
ACRE
$11.97
$11.97
1.00
INTEREST ON OPERATING CAPITAL
$232.58
0.5
8.5%
$9.88
TOTAL VARIABLE COSTS LISTED ABOVE
$242.47
FIXED/OVERHEAD COSTS (CUSTOM RATES ARE USED AS A PROXY FOR FIELD OPERATION COSTS)
SPREADING FERTILIZER
ACRE
1
$8.78
$8.78
VERTICAL TILLAGE
ACRE
2
$18.41
$36.82
STALK CHOPPING
ACRE
1
$16.88
$16.88
BROADCAST SEED
ACRE
1
$14.49
$14.49
PESTICIDE APPLICATION
ACRE
2
$8.99
$17.98
HARVESTING
ACRE
1
$32.01
$32.01
HAULING
BUSHEL
75
$0.15
$11.25
LAND CHARGE
ACRE
TOTAL FIXED COST LISTED ABOVE
TOTAL VARIABLE AND FIXED COST LISTED ABOVE
NET INCOME OVER VARIABLE & FIXED COSTS LISTED ABOVE
NET INCOME ABOVE VARIABLE AND
FIXED COSTS LISTED ABOVE FOR
VARIOUS YIELDS AND PRICES
YIELDS
56.25
75
93.75
1
$5.36
$301.64
$402.19
$502.73
98.00
PRICES
$7.15
$402.19
$536.25
$670.31
Assumptions
Local hauling within 30 miles of farm
Assuming medium soil fertility levels
Sensitivity analysis based on 75%,100% and 125% of typical yield and current forward contract price.
CCC WHEAT
$98.00
$236.21
$478.68
$82.57
$8.94
$502.73
$670.31
$837.89
WHEAT BUDGET
PER ACRE FOR
UNIT
QUANTITY
2014
ITEM
GROSS INCOME
WHEAT
VARIABLE COSTS
SEED
SOIL TESTING
NITROGEN
PHOSPHATE
POTASH
LIME
BUSHEL
75
$7.15
$536.25
POUND
ACRE
POUND
POUND
POUND
TON
150
1
70
40
40
0.5
$0.39
$0.30
$0.55
$0.65
$0.36
$45.00
HARMONY GT XP
TILT
WARRIOR
OSPREY
OUNCE
OUNCE
OUNCE
OUNCE
0.5
4
3
4.75
$11.00
$1.93
$1.95
$3.03
$58.50
$0.30
$38.50
$26.00
$14.40
$22.50
$0.00
$5.50
$7.72
$5.85
$14.39
CROP INSURANCE (RP 75%)
ACRE
$11.97
$11.97
1.00
PRICE
TOTAL
INTEREST ON OPERATING CAPITAL
$193.66
0.5
8.5%
$8.23
TOTAL VARIABLE COSTS LISTED ABOVE
$213.86
FIXED/OVERHEAD COSTS (CUSTOM RATES ARE USED AS A PROXY FOR FIELD OPERATION COSTS)
SPREADING FERTILIZER
ACRE
1
$8.78
$8.78
VERTICAL TILLAGE
ACRE
2
$18.41
$36.82
BROADCAST SEEDING
ACRE
1
$14.49
$14.49
PESTICIDE APPLICATION
ACRE
2
$8.99
$17.98
HARVESTING
ACRE
1
$32.01
$32.01
HAULING
BUSHEL
75
$0.15
$11.25
INTEREST ON FALL CUSTOM CHARGES
$78.07
0.5
8.5%
$3.32
LAND CHARGE
ACRE
TOTAL FIXED COST LISTED ABOVE
TOTAL VARIABLE AND FIXED COST LISTED ABOVE
NET INCOME OVER VARIABLE & FIXED COSTS LISTED ABOVE
NET INCOME ABOVE VARIABLE AND
FIXED COSTS LISTED ABOVE FOR
VARIOUS YIELDS AND PRICES
YIELDS
56.25
75
93.75
1
$98.00
$5.36
($134.87)
($34.32)
$66.22
PRICES
$7.15
($34.32)
$99.74
$233.80
Assumptions
Local hauling within 30 miles of farm
Fertility rates based on MCE SFM-1 guidelines
Assuming medium fertility levels
Sensitivity analysis based on 75%,100% and 125% of typical yield and current forward contract price.
WHEAT
$98.00
$222.65
$436.51
$99.74
$8.94
$66.22
$233.80
$401.38
ANALYSIS
BREAKEVEN
VARIABLE COSTS PER UNIT
OVERHEAD COST PER UNIT
TOTAL COST PER UNIT
PROFIT PER UNIT
$5.82
$2.85
$2.97
$5.82
$1.33
WHEAT