CROP BUDGETS
Department of Agricultural and
Consumer Economics
University of Illinois
CROP BUDGETS,
ILLINOIS, 2015
Department of Agricultural and Consumer Economics
University of Illinois
September 2015
Introduction
Gary Schnitkey
Department of Agricultural and Consumer Economics
University of Illinois
September 2015
This publication presents crop budgets for three regions in Illinois: northern, central, and
southern Illinois. Central Illinois is further divided into categories for high-productivity
farmland and low-productivity farmland.
Budgets are prepared to include all revenue and all financial non-land costs. Revenue
includes crop revenue, government commodity payments, and crop insurance proceeds.
Costs include all cash costs associated with producing the crop, as well as depreciation.
These costs are divided into three categories: 1) direct costs – costs that can be directly
attributable to the production of the crop, 2) power costs – costs related to machinery
operations, and 3) overhead – costs associated with general operation of the farm.
Subtracting non-land costs from revenue yields “operator and land return”. This is the
return remaining to pay for farmland and provide a return to the operator. In a cash rent
situation, the payment for farmland is cash rent. If the operator and land return is $270
per acre and cash rent is $220 then the operator will have $50 of return.
Acknowledgments: Much of the data used in these budgets comes from the local Farm
Business Farm Management (FBFM) Associations across the State of Illinois. Without
their cooperation, information as comprehensive and accurate as this would not be
available for educational purposes. FBFM, which consists of 5,500 plus farmers and over
60 professional field staff, is a not-for-profit organization available to all farm operators
in Illinois. FBFM field staff provides on-farm counsel with computerized recordkeeping,
farm financial management, business entity planning and income tax management. For
more information, please contact the State FBFM Office located at the University of
Illinois Department of Agricultural and Consumer Economics at 217-333-5511 or visit
the FBFM website at www.fbfm.org.
Table 1. 2015 Crop Budgets, Northern Illinois
CornafterSoybeans
CornafterCorn
SoybeansafterCorn
Soybeansafter-Two
Years-Corn
Wheat
Yield per acre
Price per bu
195
$3.90
185
$3.90
63
$8.90
68
$8.90
75
$4.50
Crop revenue
ARC/PLC
Crop insurance proceeds
Gross revenue
$761
40
20
$821
$722
40
20
$782
$561
40
20
$621
$605
40
20
$665
$338
40
0
$378
Fertilizers
Pesticides
Seed
Drying
Storage
Crop insurance
Total direct costs
$154
60
125
28
5
28
$400
$164
66
125
27
5
32
$419
$37
35
78
1
2
19
$172
$37
35
78
1
2
19
$172
$80
27
51
1
1
9
$169
Machine hire/lease
Utilities
Machine repair
Fuel and oil
Light vehicle
Mach. depreciation
Total power costs
$19
5
31
27
2
75
$159
$19
5
31
27
2
75
$159
$16
5
25
23
2
65
$136
$16
5
25
23
2
65
$136
$18
7
32
26
2
51
$136
$20
11
18
13
8
17
$87
$20
11
18
13
8
17
$87
$16
5
10
7
8
14
$60
$16
5
10
7
8
14
$60
$14
4
9
5
8
13
$53
Total non-land costs
$646
$665
$368
$368
$358
Operator and land return
$175
$117
$253
$297
$20
Hired labor
Building repair and rent
Building depreciation
Insurance
Misc
Interest (non-land)
Total overhead costs
Prepared by: Gary Schnitkey, University of Illinois, [email protected], 217 244-9595.
Available in the management section of farmdoc (www.farmdoc.illinois.edu).
Revised: September 2015
Table 2. 2015 Crop Budgets, Central Illinois -- High Productivity Farmland
CornafterSoybeans
CornafterCorn
SoybeansafterCorn
Soybeansafter-Two
Years-Corn
Wheat
DoubleCrop
Soybeans
Yield per acre
Price per bu
200
$3.90
190
$3.90
61
$8.90
67
$8.90
75
$4.50
34
$8.90
Crop revenue
ARC/PLC
Crop insurance proceeds
Gross revenue
$780
40
20
$840
$741
40
20
$801
$543
40
20
$603
$596
40
20
$656
$338
40
0
$378
$303
0
0
$303
Fertilizers
Pesticides
Seed
Drying
Storage
Crop insurance
Total direct costs
$148
60
124
23
5
27
$387
$158
66
124
22
5
27
$402
$49
40
78
1
4
18
$190
$49
40
78
1
4
18
$190
$80
27
51
1
1
9
$169
$29
37
51
0
1
5
$123
Machine hire/lease
Utilities
Machine repair
Fuel and oil
Light vehicle
Mach. depreciation
Total power costs
$11
5
25
24
2
69
$136
$11
5
25
24
2
69
$136
$9
4
22
21
1
63
$120
$9
4
22
21
1
63
$120
$9
4
20
20
1
53
$107
$6
5
20
20
1
30
$82
$18
8
7
10
8
11
$62
$18
8
7
10
8
11
$62
$16
5
11
10
8
10
$60
$16
5
11
10
8
10
$60
$14
4
10
8
7
12
$55
$13
6
5
0
0
7
$31
Total non-land costs
$585
$600
$370
$370
$331
$236
Operator and land return
$255
$201
$233
$286
$47
$67
Hired labor
Building repair and rent
Building depreciation
Insurance
Misc
Interest (non-land)
Total overhead costs
Prepared by: Gary Schnitkey, University of Illinois, [email protected], 217 244-9595.
Available in the management section of farmdoc (www.farmdoc.illinois.edu).
Revised: September 2015
Table 3. 2015 Crop Budgets, Central Illinois -- Low Productivity Farmland
CornafterSoybeans
CornafterCorn
SoybeansafterCorn
Soybeansafter-Two
Years-Corn
Wheat
DoubleCrop
Soybeans
Yield per acre
Price per bu
185
$3.90
176
$3.90
55
$8.90
58
$8.90
72
$4.50
32
$8.90
Crop revenue
ARC/PLC
Crop insurance proceeds
Gross revenue
$722
40
20
$782
$686
40
20
$746
$490
40
20
$550
$516
40
20
$576
$324
40
0
$364
$285
0
0
$285
Fertilizers
Pesticides
Seed
Drying
Storage
Crop insurance
Total direct costs
$148
60
129
18
5
26
$386
$158
66
129
18
5
26
$402
$43
40
79
1
4
18
$185
$43
40
79
1
4
18
$185
$78
27
51
1
1
9
$167
$29
37
51
0
1
5
$123
Machine hire/lease
Utilities
Machine repair
Fuel and oil
Light vehicle
Mach. depreciation
Total power costs
$13
5
28
24
2
68
$140
$13
5
28
24
2
68
$140
$9
4
22
21
1
63
$120
$9
4
22
21
1
63
$120
$11
4
20
20
1
53
$109
$8
4
20
20
1
43
$96
$17
11
13
10
8
14
$73
$17
11
13
10
8
14
$73
$16
5
11
10
8
10
$60
$16
5
11
10
8
10
$60
$13
3
9
8
7
12
$52
$13
6
9
0
0
7
$35
Total non-land costs
$599
$615
$365
$365
$328
$254
Operator and land return
$183
$131
$185
$211
$36
$31
Hired labor
Building repair and rent
Building depreciation
Insurance
Misc
Interest (non-land)
Total overhead costs
Prepared by: Gary Schnitkey, University of Illinois, [email protected], 217 244-9595.
Available in the management section of farmdoc (www.farmdoc.illinois.edu).
Revised: September 2015
Table 4. 2015 Crop Budgets, Southern Illinois
CornafterSoybeans
CornafterCorn
SoybeansafterCorn
Soybeansafter-Two
Years-Corn
Wheat
DoubleCrop
Soybeans
Yield per acre
Price per bu
163
$3.90
153
$3.90
50
$8.90
52
$8.90
67
$5.50
32
$8.90
Crop revenue
ARC/PLC
Crop insurance proceeds
Gross revenue
$636
35
20
$691
$597
35
20
$652
$445
35
20
$500
$463
35
20
$518
$369
35
0
$404
$285
0
0
$285
Fertilizers
Pesticides
Seed
Drying
Storage
Crop insurance
Total direct costs
$143
60
120
16
5
24
$368
$153
66
120
16
5
24
$384
$49
40
78
1
4
18
$190
$49
40
78
1
4
18
$190
$70
27
51
1
1
9
$159
$29
37
51
0
1
5
$123
Machine hire/lease
Utilities
Machine repair
Fuel and oil
Light vehicle
Mach. depreciation
Total power costs
$10
6
33
29
2
73
$153
$10
6
33
29
2
73
$153
$9
4
22
21
1
63
$120
$9
4
22
21
1
63
$120
$18
7
32
26
2
51
$136
$11
5
27
21
2
30
$96
$28
10
18
12
9
12
$89
$28
10
18
12
9
12
$89
$28
5
11
10
8
10
$72
$28
5
11
10
8
10
$72
$16
8
7
9
7
16
$63
$13
6
5
0
0
7
$31
$610
$626
$382
$382
$358
$250
$81
$26
$118
$136
$46
$35
Hired labor
Building repair and rent
Building depreciation
Insurance
Misc
Interest (non-land)
Total overhead costs
Total non-land costs
Operator and land return
Prepared by: Gary Schnitkey, University of Illinois, [email protected], 217 244-9595.
Available in the management section of farmdoc (www.farmdoc.illinois.edu).
Revised: September 2015