Table 1 provides corn and soybean budgets for four regions of Illinois: More detailed budgets are available here in the management section of farmdoc. For soybeans, he estimates smaller federal payments of $32 an acre. Over time, corn yields have increased an average of 2.0 bushels per acre, while soybean yields have increased by .5 bushels per acre. Sign-up for the CFAP program, through your local Farm Service Agency, is still underway. Corn Following Corn 167 bushels per acre 185 bushels per acre 204 bushels per acre Your Fixed Variable Fixed Variable Fixed Variable Estimate Preharvest Machinery 1/ $28.30 $27.10 $ Seed, Chemical, etc. Watch this video with Gary Schnitkey, University of Illinois ag economist: 3 Strategies to Manage Around High Fertilizer Prices, 5 Considerations for Rising Prices and Cost of Production in 2022, Three precision ag features lead the updates being made to John Deeres 7, 8 and 9 Series Tractors for the new model year. From 2000 to 2012, farmer returns averaged $148 per acre for corn and $95 per acre for soybeans. The season average price for corn, projected in USDAs most recent supply and demand estimates, is $3.20, well below the $3.70 reference price that triggers PLC payments. x=8z98[; @&bg6;bfV_de{HEv:r'@;EbIXoo.(~? 3: How much better is this field than the county average? The next portion of each table shows expenses on a per acre basis. Operator landowners on fully paid land will have much lower accounting costs, since the cash rent used in the report will only be an opportunity cost and not a cash cost (as it is for tenants). He expects another CFAP-like payment could be comingbut will likely use the 2020 planted acres. At a Farmland Owners Update webinar, Johnson said he estimates that Iowa farmers, on average, will receive about $95 an acre in federal payments for the 2020 corn crop. Current futures prices seem to indicate that corn and soybean prices might average $4.45 and $11.40 per bushel in 2021/22, respectively. According to some studies, average yield of garlic per acre is between 10,000 and 12,000 pounds and yearly profit per acre is around $80,000 what makes this crop one of the best cash crops with the highest profit per acre. The breakeven price for corn at a yield level of 200 bushels per acre is $3.23 per bushel. Pasture cash rental rates can be found in Iowa State University's "Cash Rental Rates for Iowa 2021 Survey." 2021 rental rates for improved permanent pasture range from $69-$98 per acre per year, depending on your district. Projected prices are $5.30 per bushel for corn and $12.70 for soybeans, near current 2023 fall bids. For soybeans, with $621 in income, total direct costs are $485. Your email address will not be published. The average yield of corn (bushels per acre) for Iowa counties during 2022 follows a bell-shaped (symmetric and unimodal) distribution with a mean of 180 bushels per acre and a standard deviation of 24 bushels per acre. Unless farm operators use futures or options to create a floor for their crop prices, current future prices might foster a false sense of security. The most profitable farm made $275 per acre while the least profitable lost $222 per acre. All records were kept on the accrual, or inventory, basis. U.S. farmland values remained high in 2020, averaging $3,160 per acre, a small decrease of 0.8 percent compared with 2019. The Census Data Query Tool (CDQT) is a web based tool that is available to access and download table level data from the Census of Agriculture Volume 1 publication. When breaking down the costs of production, the ISU update stated that, "For corn, land represents . % The projected season-average farm price is unchanged at $4.00 per bushel. 1. Sign-up for either ARC or PLC for 2020 is still underway until June 30 but most farmers have already opted for PLC for corn base acres and likely ARC-CO on soybeans. Iowa produced almost 500 times more corn than Utah, which ranks #41 in US corn production by state. Using the average miles per gallon of a US automobile, this equates to 9,691 miles driven per acre of corn per year. Required fields are marked *. Written byAlejandro Plastina,Extension Economist,plastina@iastate.edu. Dec 9, 2014. In any case, farm operators can always improve their profitability or limit losses by focusing on managing costs and using their break-even estimations to implement a tailored marketing plan. Schnitkey, G., K. Swanson, N. Paulson, C. Zulauf, J. Coppess and J. Baltz. This might not be much, but with crop insurance and if you out in all the required inputs, you might break even from your corn farm. Inflation is prevalent across the entire U.S. economy. _. At the same time, farm income was forecast to increase nationwide in 2020 (see Farm Income and Wealth Statistics for details). On rented farms, only operator income and expenses were recorded. He estimates the average cash rent in Iowa this year at $222 per acre, which has changed little over the past four years. For corn, land costs account for about one-third of total costs of production (Figure 2). The cost estimates are representative of average costs for farms in Iowa. The Guide also reports expected variable costs of $403 per acre. In this scenario, production of herbicide tolerant and non-herbicide tolerant soybean would be profitable for all target yields considered in the report. This is $20 per acre lower than 2019. Those crop costs are coming from the ISU Estimated Cost of Crop Production publication released in January 2020 for corn following soybeans and soybeans following corn rotations. Government programs to protect farmers from agriculture risk have been around for many years, Although ARC and PLC have only been around since 2014. Sell local honey at farmers markets. The hemp -derived CBD market is projected to top $23 billion by 2023, according to the Hemp Cultivation Landscape study conducted by the Brightfield Group. For farmers, that self-employment income is reported on their income tax Schedule F. Because many farmers didnt report income last year, PPP, administered by the Small Business Administration, hasnt been as useful as CFAP, Tidgren said. No other revenues are projected, giving a gross revenue projection of $567 per acre. Actual costs can be entered in the column for Your Estimates, or by using the electronic spreadsheet Decision Tools on the Ag Decision Maker website. The return on soybeans fares better at $150 per acre because fertilizer, seed and drying costs for soybeans are projected to be $226 per acre cheaper than for corn. Johnson expects federal payments to come from two main sources, the farm bill programs of ARC (Agriculture Risk Coverage) and PLC (Price Loss Coverage) and from extraordinary payments meant to cushion losses from the economic effects of the coronavirus. Average cost per bushel has been between $1.25 and $1.95 in the cash corn division and $1.13 and $1.81 in the livestock corn division. The 2022 projected costs exceed 2021 cost of $652 per acre by $124 per acre. endstream endobj 5553 0 obj <>/Metadata 97 0 R/Names 5580 0 R/Outlines 114 0 R/Pages 5548 0 R/StructTreeRoot 118 0 R/Type/Catalog/ViewerPreferences<>>> endobj 5554 0 obj <. Nitrogen price is projected stable at $.34 per pound in 2021, but total nitrogen costs are projected to go up by 6 to 11% reflecting the higher application rates recommended by the ISU Corn Nitrogen Rate Calculator. There likely will be a large PLC payment, Johnson said. Learn more. How about ag-chem and the application costs some of which might be biannual. Land costs are based on projected cash rents. The lower projected profits in 2023 result from much higher costs and projected lower commodity prices than 2021 and 2022. %%EOF The USDA pegged the U.S. corn yield at 168.4 bushels per acre vs. the average trade estimate of 167.5 bu./acre and its previous estimate of 168.2. The average cost per bushel has been between $1.25 and $1.95 in the cash corn division and $1.13 and $1.81 in the livestock corn division. It is hard to trim costs so you can make a better profit if you dont know your inputs. The 2023 crop budgets are based on projected input cost levels, trendline corn and soybean yields and per-bushel prices of $5.30 for corn and $12.75 for soybeans. For northern Illinois, the break-even corn price is $5.34 per bushel on cash rented land. Non-land costs are projected to be $860 in 2023, up from $758 in 2022. At projected cost levels, per bushel prices of $5.30 for corn and $12.75 for soybeans result in marginal profitability, similar to levels experienced from 2014 to 2019. An agricultural economics and business website. Land costs account for 44% of total costs of soybean production, and variable costs account for an additional 42%. By Bob Steenson, bsteenson@charlescitypress.com The northeast corner of the state had the highest average yield in corn and soybeans last year, although Floyd County fell just short of the top tier in both categories. Profitability risks will be mitigated over time as input prices are locked in and as projected prices for crop insurance are set in February 2023. The biggest is that corn and soybean prices decline, and costs do not-- an event that could happen.. %PDF-1.5 In 2023, total costs are projected at $1,161 per acre, up from the $1,054 level in 2022. The soybean price of $8.20 is only 20 under the soybean reference price of $8.40. There is a lot of corn grown each year in the United States. <>>> Corn production would not be profitable in a continuous corn scenario if the price per bushel is $3.65. Schnitkey, G. and K. Swanson. While advancements in technology make producing corn more efficient, there are still commodity markets which must be contended with. However, the only certainty about future prices is that they will continue to change until their expiration date, and they could plummet as fast as they rallied. If another $101 is used for indirect costs, that leaves the farmer with $48 profit per acre. - One instrument that can be used is The average corn yield per acre has _____ . Corn: 13 cents per bushel in charge; then 4 cents per month prorated daily through August 31, 2023. Phosphorus and potassium were charged, respectively, at $.39 and $.30 per pound. <> That is much lower than the return in 2021 when we had a record $413 per acre, and it is also above 2022 projections for returns of $156 per acre.. An industrial hose reel cart works great for read more. For 2019, a 63 bushel per acre yield and $9.00 per bushel price are used in projections, giving $567 of crop revenue. Landscaping trees and shrubs. Overall, costs have increased dramatically since 2020, from $577 to $860, an increase of $283 per acre, or a 49% increase. Since 2020, total costs have increased from $833 per acre to $1,161, an increase of $328 per acre, or 39%. Having considered all variables, experts have come to the conclusion that farms averaged $673 total revenue per acre and averaged $664 total cost per acre. In recent years, corn profits have been significantly more volatile than years past. Soybeans are projected to be more profitable in all regions of Illinois (see Table 1). This is likely a phenomenon caused by price expectations. 0 The increase between the five and ten-year averages is because the very high prices of the drought years (2011-2013) are added in. The most recent USDA projections for 2021/22, published in October 2020, put the average US farm prices for corn and soybeans at $3.65 and $10.00. While commodity prices are projected lower, those prices still are not low by historical standards. Corn seed costs have increased 74% since the inception of the contest in 1987. All these serve to influence what a farmer can make from an acre of corn. Another grower and customer favorite is Elephant garlic, whose large, mild cloves bring $6-$8 per pound. Also included in the formula were revenue protection (RP) insurance at the 80% level . Like non-land costs, can rents have increased since 2020, increasing from $256 per acre up to $301 per acre, an increase of $45 per acre, or 18%. Annual production costs for established alfalfa or alfalfa-grass hay as well as a budget for maintaining grass pastures are included. A central Illinois corn farmer will make a $24 per acre profit in 2022 after paying for inputs and land costs, according to the latest crop budgets from the University of Illinois. This material may not be published, broadcast, rewritten,or redistributed. Yields are set at trend levels for 2023, with trends established through historical yields. The total cost per bushel of soybeans is projected at $9.04 for non-herbicide-tolerant beans at 56 bushels per acre, according to the report. Agricultural price and income policy has been in place in different forms since World War I. Livestock returns per $100 feed fed - value of livestock production minus livestock purchases, divided by value of feed fed, multiplied by 100. ", 2023 Crop Budgets: Higher Costs and Lower Returns, Revenue and Costs for Illinois Grain Crops, Revenue and Costs for Illinois Grain Crops, Actual for 2015 through 2021, Projected 2022, Nitrogen Fertilizer Outlook for 2023 Decisions, Corn and Soybean Prevent Plant and the Dakotas, Department of Agricultural and Consumer Economics, Department of Agricultural, Environmental and Development Economics. The governmental agency estimated corn production at 13.77 billion bushels vs. the avg. The key points to remember when growing popcorn is to make sure it doesn't cross pollinate with other corn you may be growing. Answer (1 of 4): The answer varies from farm to farm, field to field and year to year. To answer you have to make a lot of assumptions. For corn, he used an estimated yield of 198 bushels and a price of $3.20 per bushel. The Illinois Central CRD has a 210.4 bushel per acre average corn yield, a 64.0 bushel per acre soybean yield, and a 3.29 corn-to-soybean yield ratio (3.29 = 210.4 corn yield / 64.0 soybean yield). average profit per acre of corn in iowa. Only farms with sales of $100,000 or more were counted in making the weighting. 5578 0 obj <>/Filter/FlateDecode/ID[<8A85A9343CE4BC4388299899869A550C>]/Index[5552 47]/Info 5551 0 R/Length 121/Prev 259394/Root 5553 0 R/Size 5599/Type/XRef/W[1 3 1]>>stream Iowa ranked first in corn production in 2020 despite both drought and damaging derecho occurring during the season. I do think were going to see more interest in flex rents, Johnson said. Cost of production estimates for herbicide tolerant soybeans amount to $9.16, $8.94 and $8.74 per bushel for target yields of 50, 56, and 62 bushels per acre, respectively. 1.494 billion bushels of Iowa corn in the 2018/19 marketing year went into corn processing used in the wet mill industry for food and industrials usage. However, futures prices are currently reflecting a market reaction to unexpected USDA production and stocks figures, and they could retrench fast once the market reassess the real impact of the new information. For 2021, Purdue's Crop Cost and Return Guide suggests and expected corn yield of 180 bushels per acre for rotation corn on average quality farmland. In the livestock corn division, the average cost per acre is $206 (minimum = $186 during 1993; maximum = $235 during 1987). John Deere Updates 7, 8 and 9 Series Tractors For Model Year 2024, AgDay TV Markets Now: Randy Martinson Talks About How the February Crop Insurance Prices May Impact Planting Decisions. And those optimum populations increased yield of marketable ears by an average of 0.53 tons per acre. Depreciation is estimated at 10% of current value of the machinery. Projected prices are $5.30 per bushel for corn and $12.70 for soybeans, near current 2023 fall bids. In the cash corn division, the average cost per bushel has ranged from $1.25 to $1.95, and in the livestock corn division, the average cost per bushel has ranged from $1.13 to $1.81. Click Image to Enlarge Changing Use Impacts Corn and Soybean Returns Bonsai plants. You list seed costs as the same for corn after corn rotation as corn after soybeans. Many farmers purchased fertilizer for 2022 before much of the price increase in fall and early winter of 2021. In northern Illinois, cash rents are projected to increase from $296 per acre up to $301 per acre. Until that point, the risks of low returns from price declines will be large. Garlic. In an average year, Iowa produces more corn than most COUNTRIES! corn takes the worst figure in the study to the third best at $144 per acre profit . To continue using this site and its features, you will need to use a newer browser. The estimated costs of production per bushel for corn following soybeans are $3.34, $3.31, and $3.32 for target yields of 181, 201, and 221 bushels per acre, respectively. U.S. corn production is unchanged from the previous month at 14,506.8 million bushels, based on a national average yield of 175.8 bushels per acre. The factors that are causing those cost increases are inflation, including wages and labor, fuel and just general supply disruptions further exasperated by the Ukrainian Russian war, he says. Gross revenue (market revenue plus government payments), variable cost, and overhead cost per acre for rotation corn on average productivity soil is illustrated in Figure 2. Units Nitrogen, $0.83 per pound 167 138.61 177 146.91 187 155.21 Phosphate, $0.75 per pound 63 47.25 69 51.75 77 57.75 Domestic use, exports, and ending stocks are also unchanged for 2020 /21. In a year with low-corn-price predictions, every input must be reviewed to lower the cost of production. A safety net under revenue will be established when projected prices for crop insurance are determined in February 2023. It will be on corn for the 2020 crop but not received until October 2021.. Several notes concerning the budgets shown in Table 1 are: Farmer returns represent the amount remaining for the farmer after paying all financial costs, with a land charge at the average projected cash rent. The farmdoc daily website falls under University of Illinois copyright and intellectual property rights. endobj We're still protecting positive returns for 2023 but there are risks. The latest issue of the ISU Extension and Outreach, Estimated Costs of Crop Production, reports average cost estimates for Iowa farms in 2021, and provides guidelines to help farmers calculate their own costs of production. At 180 bushels per acre it is $3.58 per bushel. The state average soybean yield was 58.5 bushels per acre, down 4.5 bushels from 63.0 bushels per acre last year. Net returns to corn following soybeans would range from $55 to $74 per acre under conventional tillage, and average $82 and $75, respectively, under strip tillage and no-till. gendergp subscription cost. In the livestock corn division, the average cost per acre is $206 (minimum = $186 during 1993; maximum = $235 during 1987). All Rights Reserved. The largest proportion of costs involved in corn farming is land, fertilizer, and fixed and variable equipment. It doesn't appear that farmland prices are slowing down anytime soon either with the steady increase in prices as seen in the graph above. A decline in commodity price likely would not be associated with similar decreases in cost levels, reducing already narrow margins. Corn seed costs are expected to increase by 2% to $262 per bag. Average costs per bushel have been $1.26 to $1.74 in the cash grain division, and $1.13 to $1.81 in the dairy and livestock division. for the fresh market and 4 to 6 tons per acre for processing. For corn following soybeans, the following targets were used to figure the gross revenue estimate of slightly more than $600 per acre for a farmer who has 50% crop loss. For a detailed statement, please see the University of Illinois Copyright Information and Policies here. Explore Statistics By State By Subject Crops and Plants Demographics Economic and Prices Environmental Livestock and Animals Research, Science, and Technology Charts and Maps 1). Operating profit margin ratio - net farm income, plus interest expense, minus value of operator and family labor, divided by value of farm production. of Science and Technology By accessing or using the Service you agree to be bound by these Terms. The deadline is August 28. %PDF-1.6 % Since 2020, total costs have increased from $833 per acre to $1,161, an increase of $328 per acre, or 39%. Knowing costs is key, as it is to understand the assumptions behind the budgets used in the calculations. The highest returns are in central Illinois with high-productivity farmland, with farmer returns of $8 for corn and $43 per acre for soybeans. Sac county had the largest year-over-year increase of 5.8 bushels per acre while Plymouth County saw the largest decrease of . The tables are calculated on a per acre basis. Projected returns range from $13.50 per acre for dryland corn to $194.55 per acre for irrigated corn. Agricultural price and income policy has been in place in different forms since World War I. Copyright 1995-document.write(new Date().getFullYear()) Net returns per acre to herbicide-tolerant soybean production would range from $42 to $78 per acre, depending on target yield and tillage practice. The break-even price to cover total costs less other revenue for soybean in 2022 is projected at $11.06 per bushel. endstream endobj startxref Data for ending assets and liabilities represent those of the operator only, and do not include the value of rented land. Non-land costs are projected to be higher in 2023 than in 2022, as is illustrated for corn grown in northern Illinois in Figure 1. The average yield on an acre of popcorn ranges from 1,000 to 4,000 pounds of grain. These returns are for a typical 50% corn and 50% soybean rotation in central Illinois. Decision Tools on the Ag Decision Maker website, ISU cost of production estimates for 2021, https://www.youtube.com/watch?v=xuxGMkKuzeE. Nationally, the average is 172 bushels per acre. M. The 2020-2021 national average corn price, which will be finalized on Sept. 30, is now estimated at $4.40 per bushel. Required fields are marked *. A string of great crops from 2010-2013. For all regions of Illinois, the relatively high returns experienced in recent years are projected to end in 2023. Lower commodity prices are possible from any number of causes. Current futures prices seem to indicate that corn and soybean prices might average $4.45 and $11.40 per bushel in 2021/22, respectively. How can I make money with 10 acres? Projections are for a return to much lower profits in 2023, continuing a pattern of rising and falling farm incomes. Those break-even prices are above average prices received from 2014 to 2019 ($3.66 per bushel for corn and $9.69 for soybeans). Farmers need to manage nutrients and pesticides carefully to avoid adverse effects on the environment and to reduce the costs of purchased inputs. From 2014 to 2018, farmer returns averaged -$30 per acre for corn and $64 per acre for soybeans. (Source: USDA, Jan. 2021) The average yield in their database is 60 bushels (beans) and 204 bushels (corn). The data for this report were collected by Iowa Farm Business Association consultants and compiled by Iowa State University Extension and Outreach. Overall, costs have increased dramatically since 2020, from $577 to $860, an increase of $283 per acre, or a 49% increase. The U.S. Department of Agriculture's National Agricultural Statistics Service reported on Friday that Iowa averaged 200.0 bushels per acre for corn and 58.5 bushels per acre . For central Illinois high-productivity farmland, we are projecting an average return of $25 per acre for a corn-soybean rotation, Schnitkey says. Be ready for a big profit swing for 2023 to the downside. The full report is available online through the Ag Decision Maker website. But despite this volatility, corn farmers are still making some good profit from their corn farms, depending on the yield of that year. Will Bird Flu Become a Recurring Issue Each Year. Corn has been grown across the United States and other parts of the world for hundreds of decades. For corn, Johnson estimates a PLC payment of $65 an acre. The United States grew 1,304,003,000 bushels (i.e. At $75 per ton, that's an extra $40 per acre in profit to the grower. Answer (1 of 3): "Total Cost Analysis" for farmed products is tricky do you factor in the land costs (maybe $10,000 per acre for corn fields in production)? However, it is great that you are reviewing the budget line by line and adjusting our state average estimates to reflect the specifics of your operation. goya cuban black beans recipe; July 9, 2022 . This can be viewed in Figure 2. In this scenario, soybean production would only be profitable for operations with medium and high yields, but the profitability margins could be very tight (Figure 3). The average of all farms in each table represents a weighted average of the values for each size group listed. Have a specific question for one of our subject experts? Variable costs: Fuel, fertilizer, seed, irrigat. equals the gross return per acre. Overall, with all adjustments considered, cash and economic costs per production unit remained generally steady from the 2020 budgets to the new budgets for 2021. Alejandro Plastina, extension economist, 515-294-6160, plastina@iastate.edu, Department of Economics The break-even soybean price is $12.54. Such methodological adjustment resulted in an average 6% increase in the amount of nitrogen applied to corn following corn, and an 11% increase in the amount applied to corn following soybeans. In 2019/2020, Iowa corn growers grew an average of 178 bushels per acre. The models point to substantial cost increases in 2023, says Gary Schnitkey, University of Illinois Extension ag economist. If theyre paying average cash rent, theyre not making any money, Johnson said of his outlook for soybeans. ISU used a a corn yield target of 200 bu./acre with an average price of $3.10 per bushel. Illinois Crop Budgets, 2023. Department of Agricultural and Consumer Economics, University of Illinois at Urbana-Champaign, August 2, 2022. This compares to U.S. corn yields of 172 bushels per acre in 2020, 167.4 bushels per acre in 2019, 176.4 bushels per acre in 2018 and the current record U.S. average . Corn is seen as a staple in the average family diet. With the many types of flex rents, the landowner usually takes a lower fixed payment than with cash rents, in exchange for sharing a percentage of the farms positive returns. previous year's 2.58 billion bushels. Seed and fertilizers amount to 44% of variable costs. Disclaimer: We request all readers, electronic media and others follow our citation guidelines when re-posting articles from farmdoc daily. It appears you're visiting this site with a browser that is old and unsupported. It is important to mention that although there are clear profits and losses, this does not sum up the complete profitability of a corn or soybean farmer. 7 . Even with those, the net return on beans is projected at a negative $15 an acre. 10 Most Profitable Specialty Crops to Grow Lavender. The Quick Stats Database is the most comprehensive tool for accessing agricultural data published by NASS. When using the ISU cost of production estimates for 2021, keep several things in mind. For related content and insights from industry experts, sign up for Successful Farming newsletters. AgDay TV Markets Now: Randy Martinson of Martinson Ag Talks About How the February Crop Insurance Prices May Impact Planting Decisions. If water requirements are met with a good irrigation system and other cultural practices optimized, sweet corn yields can be up to 7 to 8 tons per acre or 2,000 dozen. According to Iowa State it takes about 1.25 gallons of diesel fuel to cut, rake and bale per acre. However, a grower generally has more control over the cost of production than price. Total costs are projected at $785 per acre, with $476 per acre in non-land costs and $309 per acre in cash rent. An average corn fertilizer program in Southern Minnesota is expected to cost about $250 to $300 per acre in 2022, as compared to an estimated $140 per acre in 2021 and $121 per acre in 2020, based on South Central College (SCC) Farm Business Management (FBM) data. Very large or small farms may have lower or higher fixed costs per acre. NREL . If YES, here is an analysis of the income & profit margin corn farmers make per acre. It is difficult to predict corn-production economics. The total cost per bushel of soybeans is projected at $8.72 for non-herbicide-tolerant beans at 56 bpa, according to the report.". As of Friday, $130 billion hadnt been spent, Tidgren said. Depreciation is estimated at 10% of current value of the machinery. . Yield multiplied by price equals the total production return per acre. Net farm income, accrual - cash net income adjusted for inventory changes and accrued expenses. it gets. We use a great deal of rope for odd jobs around the farm and at various community events. The 2023 farmer return is projected to be close to the average from 2013 to 2019 when the return averaged $29 per acre. How Much Profit Per Acre of Corn Can a Farmer Make Yearly? Ames, IA 50011-1054. <>/ExtGState<>/XObject<>/ProcSet[/PDF/Text/ImageB/ImageC/ImageI] >>/Annots[ 18 0 R] /MediaBox[ 0 0 612 792] /Contents 4 0 R/Group<>/Tabs/S/StructParents 0>> Return on equity - net farm income minus value of operator and family labor, divided by net worth. where did the 198,870 kWh per acre in Iowa come from? Loans can be made through June 30 and this is money available, Tidgren said. Corn and soybeans futures prices have recently rallied to their highest levels in years, providing hope for a market-driven profitable 2021 crop year. Brazil became the second country in the world after Argentina to approve planting of GMO wheat, following a decision by the nations biosecurity agency CTNbio. However, higher expected corn yields over a 30-year trend for 2021 suggest that on a per bushel basis, costs would increase by 1.0% 2.6% to remain below their 2019 marks (Figure 1).
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