0 This publication presents crop budgets for three regions in Illinois: northern, central, and southern Illinois. Summary of costs for Field Operations, Havest Operations, Tractor and Forage Operations. Assuming a 1200lb round bale is 15% moisture, the nutrient value per bale is $12.91. This site is operated by a business or businesses owned by Informa PLC and all copyright resides with them. Copyright 2023. A "custom rate" is the amount agreed upon by both parties to be paid by the custom work customer to the custom work provider. University of Illinois Extension, Farm Business Management, June 2017 (b). Cost Management: Harvest Operations - farmdoc daily Farm implements for tillage can be costly to own and operate, particularly when purchased new or relatively new. Based on the above comparisons, the following suggestions result: Further note that that these decisions are longer run in nature as well. Our YouTube channel includesfarmdocwebinars and publication related videos. Custom Farming. Fuel costs are based on a $2.25 per gallon price for diesel fuel. Per hour costs are divided into overhead, fuel, and labor categories. Gary Schnitkey, ag economist at U of I, says theyll publish 2021 machinery cost estimates by the end of September. Unlike fuel and labor costs which vary with use, depreciation and interest costs vary little with use. The "Ohio Farm Custom Rates 2022" publication reports custom rates based on a statewide survey of 223 farmers, custom operators, farm managers, and landowners conducted in 2022. Unlike the farmdoc machinery cost estimates which represent actual economic cost of performing the field operation, the custom rate survey reports actual rates expected to be charged or paid in 2020. Table 3 illustrates the computation of depreciation, interest, insurance and housing, and repairs. Uncertainty exists about whether fertilizer prices will continue at high levels. Significant changes from the initial release are increased corn prices, soybean prices, and non-land costs. This publication shows estimated costs for owning and operating forage machinery. Total costs for the 310 horsepower tractor were estimated at $181.10 per hour in 2019 (see Table 1) and per hour increased by 4% to $189.20 per hour in 2021 (see Table 1).

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