CROP BUDGETS, ILLINOIS, 2021

CROP BUDGETSDepartment of Agricultural andConsumer EconomicsUniversity of IllinoisCROP BUDGETS,ILLINOIS, 2021Department of Agricultural and Consumer EconomicsUniversity of IllinoisJanuary 2021

IntroductionGary SchnitkeyDepartment of Agricultural and Consumer EconomicsUniversity of IllinoisJanuary 2021This publication presents crop budgets for three regions in Illinois: northern, central, andsouthern Illinois. Central Illinois is further divided into categories for high-productivityfarmland and low-productivity farmland.Budgets are prepared to include all revenue and all financial non-land costs. Revenueincludes crop revenue and government commodity payments. Costs include all cashcosts associated with producing the crop as well as depreciation. These costs are dividedinto three categories: 1) direct costs – costs that can be directly attributable to theproduction 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 thereturn remaining to pay for farmland and provide a return to the operator. In a cash rentsituation, the payment for farmland is cash rent. If the operator and land return is 170per acre and cash rent is 150 then the operator will have 20 of return.Acknowledgments: Much of the data used in these budgets comes from the local FarmBusiness Farm Management (FBFM) Associations across the State of Illinois. Withouttheir cooperation, information as comprehensive and accurate as this would not beavailable for educational purposes. FBFM, which consists of 5,500 plus farmers and over60 professional field staff, is a not-for-profit organization available to all farm operatorsin Illinois. FBFM field staff provides on-farm counsel with computerized recordkeeping,farm financial management, business entity planning and income tax management. Formore information, please contact the State FBFM Office located at the University ofIllinois Department of Agricultural and Consumer Economics at 217-333-5511 or visitthe FBFM website at www.fbfm.org.

Table 1. 2021 Crop Budgets, Northern erCornSoybeansafterSoybeansWheatYield per acrePrice per bu214 4.00204 4.0062 10.5060 10.5085 5.90Crop revenueARC/PLCOther gov't paymentsCrop insurance proceedsGross revenue 856000 856 816000 816 651000 651 630000 630 502000 502FertilizersPesticidesSeedDryingStorageCrop insuranceTotal direct costs 13261114151025 357 14267114141025 372 3736741417 169 3741741417 174 762750119 164Machine hire/leaseUtilitiesMachine repairFuel and oilLight vehicleMach. depreciationTotal power costs 2662717259 137 2662717259 137 2252314257 123 2252314257 123 1873320249 129 2391710927 95 2391710927 95 204810922 73 20487922 70 18375914 56Total non-land costs 589 604 365 367 349Operator and land return 267 212 286 263 153Hired laborBuilding repair and rentBuilding depreciationInsuranceMiscInterest (non-land)Total overhead costsPrepared by: Gary Schnitkey, University of Illinois, schnitke@illinois.edu, 217 244-9595.Available in the management section of farmdoc (www.farmdoc.illinois.edu).Revised: October 2020

Table 2. 2021 Crop Budgets, Central Illinois -- High Productivity Yield per acrePrice per bu220 4.00210 4.0068 10.5066 10.5085 5.9043 10.50Crop revenueARC/PLCOther gov't paymentsCrop insurance proceedsGross revenue 880000 880 840000 840 714000 714 693000 693 502000 502 452000 452FertilizersPesticidesSeedDryingStorageCrop insuranceTotal direct costs 13576116151524 381 14582116141524 396 4445740816 187 4450740816 192 1092750119 197 294049014 123Machine hire/leaseUtilitiesMachine repairFuel and oilLight vehicleMach. depreciationTotal power costs 1652414163 123 1652414163 123 1452112155 108 1452112155 108 1873320249 129 1152522228 93 186119923 76 186119923 76 1751011921 73 1751011921 73 18375914 56 14650011 36Total non-land costs 580 595 368 373 382 252Operator and land return 300 245 346 320 120 200Hired laborBuilding repair and rentBuilding depreciationInsuranceMiscInterest (non-land)Total overhead costsPrepared by: Gary Schnitkey, University of Illinois, schnitke@illinois.edu, 217 244-9595.Available in the management section of farmdoc (www.farmdoc.illinois.edu).Revised: October 2020

Table 3. 2021 Crop Budgets, Central Illinois -- Low Productivity Yield per acrePrice per bu208 4.00198 4.0061 10.5059 10.5080 5.9043 10.50Crop revenueARC/PLCOther gov't paymentsCrop insurance proceedsGross revenue 832000 832 792000 792 641000 641 620000 620 472000 472 452000 452FertilizersPesticidesSeedDryingStorageCrop insuranceTotal direct costs 13876120151123 383 14882120151123 399 4447631415 174 4452631415 179 1052941118 185 1073750015 200Machine hire/leaseUtilitiesMachine repairFuel and oilLight vehicleMach. depreciationTotal power costs 1262515265 125 1262515265 125 1152112156 106 1152112156 106 1351911146 95 1051911136 82 1861310923 79 1861310923 79 1731010919 68 1731010919 68 14188821 60 1468007 35Total non-land costs 587 603 348 353 340 317Operator and land return 245 189 293 267 132 135Hired laborBuilding repair and rentBuilding depreciationInsuranceMiscInterest (non-land)Total overhead costsPrepared by: Gary Schnitkey, University of Illinois, schnitke@illinois.edu, 217 244-9595.Available in the management section of farmdoc (www.farmdoc.illinois.edu).Revised: October 2020

Table 4. 2021 Crop Budgets, Southern Yield per acrePrice per bu187 4.00177 4.0053 10.5051 10.5068 5.9043 10.50Crop revenueARC/PLCOther gov't paymentsCrop insurance proceedsGross revenue 748000 748 708000 708 557000 557 536000 536 401000 401 452000 452FertilizersPesticidesSeedDryingStorageCrop insuranceTotal direct costs 124781077722 345 134841077722 361 4450650515 179 4455650515 184 1022941118 182 294049014 123Machine hire/leaseUtilitiesMachine repairFuel and oilLight vehicleMach. depreciationTotal power costs 1472818270 139 1472818270 139 1272717167 131 1272717167 131 1473516249 123 1152214228 82 2661812923 94 2661812923 94 2241012921 78 2241012921 78 15689721 66 14650011 36Total non-land costs 578 594 388 393 371 241Operator and land return 170 114 169 143 30 211Hired laborBuilding repair and rentBuilding depreciationInsuranceMiscInterest (non-land)Total overhead costsPrepared by: Gary Schnitkey, University of Illinois, schnitke@illinois.edu, 217 244-9595.Available in the management section of farmdoc (www.farmdoc.illinois.edu).Revised: October 2020

January 2021 . Introduction . Gary Schnitkey . Department of Agricultural and Consumer Economics . University of Illinois . January 2021 . 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