TABLE 3. Wheat, dryland, budgeted per acre costs and returns for a 640 acre farm with
above average management, Union County, 2001.
Planting dates: August 15 - September 15
Harvesting dates: July 1 - July 15
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ITEM PRICE YIELD TOTAL
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GROSS RETURNS
WHEAT $3.00 35.00 BUSHELS $105.00
ASCS DEFICIENCY $0.46 35.00 BUSHELS $16.10
ASCS DIVERSION $0.00 $0.00
GRAZING $20.00 1.00 ACRE $20.00
_______
TOTAL $141.10
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PURCHASED
PURCHASED INPUTS PRICE QUANTITY INPUTS TOTAL
--------- ------ ----- ----------- ------ ------
SEED $0.11 30 LBS $3.30 $3.30
MANURE $2.70 5 TON $13.50 $13.50
______ _______
SUBTOTAL $16.80 $16.80
POWER ACCOMPLISHMENT PURCHASED FUEL FIXED
PREHARVEST OPERATIONS UNIT RATE INPUTS LABOR & LUBE REPAIRS COST TOTAL
---------- ---------- -------------- ----------- --------- ------ ------ ------- ------ -------
SWEEPS (3X) 145 HP 0.30 HR $2.27 $3.79 $1.74 $4.38 $12.17
DRILL 145 HP 0.18 HR $1.36 $2.28 $1.26 $3.55 $8.45
_________ ______ _______ ______ ______ _______
SUBTOTAL 0.48 HR $3.62 $6.07 $3.00 $7.93 $20.62
HARVEST OPERATIONS
------- ----------
COMBINE (CUSTOM) $16.00 $16.00
HAUL (CUSTOM) $5.60 $5.60
______ ______
SUBTOTAL $21.60 $21.60
OVERHEAD EXPENSES
-------- --------
DOWNTIME 0.12 HR $0.91 $0.91
EMPLOYEE BENEFITS $0.65 $0.65
INSURANCE $0.07 $0.07
LAND TAXES $0.08 $0.08
SUPERVISION AND MANAGEMENT $10.12 $10.12
OTHER EXPENSES $23.92 $23.92
_________ ______ ______ ______ ______
SUBTOTAL 0.12 HR $24.00 $11.68 $0.08 $35.76
--------- ------ ------ ------ ------ ------- -------
TOTAL OPERATING EXPENSES 0.60 HR $62.40 $15.30 $6.07 $3.00 $8.01 $94.77
NET OPERATING PROFIT $46.33
INTEREST ON OPERATING CAPITAL ( $12.47 @ 9.00%) $1.12
INTEREST ON EQUIPMENT INVESTMENT $4.68
RETURN TO LAND AND RISK $40.53
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BUDGET SUMMARY
GROSS RETURN $141.10 VARIABLE OPERATING EXPENSES $71.46 RETURN OVER VARIABLE EXPENSES $69.64 (GROSS MARGIN) FIXED EXPENSES $8.01 NET FARM INCOME $61.63 (RETURN TO CAPITAL, LABOR, LAND & RISK) LABOR AND MANAGEMENT COST $15.30 NET OPERATING PROFIT $46.33 (RETURN TO CAPITAL, LAND & RISK) CAPITAL COSTS $5.80 RETURN TO LAND AND RISK $40.53 ===================================================================================================