Tag: budget

New Web-Based Soybean Budget Tool

Alan Leslie, Agriculture Agent | aleslie@umd.edu
University of Maryland Extension, Charles County

With grant funding from the Maryland Soybean Board, we have been working to develop a new web-based app for calculating crop budgets for growing soybeans. The goal for this new tool is to allow farmers more freedom to customize inputs to better reflect their farming practices with a simple user interface. The web app allows you to download a summary of all inputs and expected profits as a PDF document for your records. The new crop budget tool can be found at: https://awleslie.shinyapps.io/budget_4/.

We are interested in gathering feedback and input about this new format and ways to improve it in the future. After testing the new crop budget tool, we would appreciate if you could take a few minutes to provide feedback through our online survey: https://ume.qualtrics.com/jfe/form/SV_07bOf0994wyKzGd. Survey feedback will be used to develop better crop budget tools in the future.

 

MD Grain Marketing Site Updated for 2020: Field Crop Budgets and Custom Rates

Shannon Dill, Principal Agriculture Agent
University of Maryland Extension, Talbot County

The University of Maryland Extension has updated extension.umd.edu/grainmarketing site with new input data and spray programs for the 2020 field crop budgets.  

Crop Budgets

Cost of production is very important when making decisions related to your farm enterprise and grain marketing. Enterprise budgets provide valuable information regarding individual enterprises on the farm. This tool enables farm managers to make decisions regarding enterprises and plan for the coming production year. An enterprise budget uses farm revenue, variable cost, fixed cost and net income to provide a clear picture of the financial health of each farm enterprise.

The 2020 Maryland enterprise budgets were developed using average yields and estimated input cost based upon producer and farm supplier data. The figures presented are averages and vary greatly from one farm and region to the other. It is therefore crucial to input actual farm data when completing enterprise budgets for your farm.

How to Use University Enterprise Budgets: 

The enterprise budgets can be used as a baseline for your operation. Make changes to these budgets to include your production techniques, inputs and overall management. New spray programs were added for herbicide resistant weeds.

The budgets are available electronically in PDF or Excel online at www.extension.umd.edu/grainmarketing. Use this document as a start or reference to create your crop budgets. If you have problems downloading any of these budgets, contact information is located on the website.

Cost Per Acre 2020 
  Corn – No Till Corn – Conventional Soybeans Wheat Wheat/Beans
2020 $537.74 $593.58 $346.51 $424.80 $630.50
Increase -5% -4% -5% -3% -4%