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Operator landowners on fully paid land will have much lower accounting costs, since the cash rent used in the report will only be an opportunity cost and not a cash cost (as it is for tenants). 2021 Nebraska Crop Budgets Review | Agricultural Economics Interest is not included. The key points to remember when growing popcorn is to make sure it doesn't cross pollinate with other corn you may be growing. Similarly, a projected 2014 soybean price of $12.70 compares to an average price of $9.69 from 2014 to 2019. In 2023, total costs are projected at $1,161 per acre, up from the $1,054 level in 2022, Schnitkey says. How to Write a Community Garden Business Plan [Sample Template], 10 Best Agricultural Crops That are Most Profitable Per Acre, How to Write a Hemp Processing Plant Business Plan [Sample Template], How to Start a Cut Flower Business in 19 Steps, How to Start a Tea Farm Sample Business Plan Template, How to Start a Peanut Farm Sample Business Plan Template, How to Start a Cucumber Farm Sample Business Plan Template, How to Start a Plantain Farm Sample Business Plan Template, How to Start a Sunflower Farm Sample Business Plan Template, How to Start an Avocado Pear Farm Sample Business Plan Template. Interest is not included. Johnson expects federal payments to come from two main sources, the farm bill programs of ARC (Agriculture Risk Coverage) and PLC (Price Loss Coverage) and from extraordinary payments meant to cushion losses from the economic effects of the coronavirus. In the livestock corn division, the average cost per acre is $206 (minimum = $186 during 1993; maximum = $235 during 1987). Several notes concerning the budgets shown in Table 1 are: Farmer returns represent the amount remaining for the farmer after paying all financial costs, with a land charge at the average projected cash rent. What is the average bushel of corn per acre? All rights reserved. To see all exchange delays and terms of use, please see https://www.barchart.com/solutions/terms. Sign-up for the CFAP program, through your local Farm Service Agency, is still underway. For all regions of Illinois, the relatively high returns experienced in recent years are projected to end in 2023. Current futures prices seem to indicate that corn and soybean prices might average $4.45 and $11.40 per bushel in 2021/22, respectively. Revenue and Costs for Illinois Grain Crops, Actual for 2015 through 2021, Projected 2022. Department of Agricultural and Consumer Economics, University of Illinois at Urbana-Champaign, August 2, 2022. Woody ornamentals. Inflation is prevalent across the entire U.S. economy. Domestic use, exports, and ending stocks are also unchanged for 2020 /21. Non-land costs are projected to be higher in 2023 than in 2022, as is illustrated for corn grown in northern Illinois in Figure 1. This is a record yield and up substantially from 2020's average yield of 177 bushels per acre.