Crop budgets

Annual crop budgets are compiled by using data from the FINBIN website. The data is collected from farmers and agricultural producers enrolled in the Minnesota Farm Business Management Education through Minnesota State and Southwestern Minnesota Farm Business Management Association. These farms represent approximately 10 percent of Minnesota farms.

The tables are calculated on a per acre basis. The top portion of each table shows income. Yield multiplied by price equals the total production return per acre. Adding miscellaneous income (straw, crop insurance, etc.) equals the gross return per acre.

The next portion of each table shows expenses on a per acre basis. Other expenses include marketing, hedging, drying, operating interest and other.

In bold, you can see how much is left to cover land rent and owner (labor and management charge). For previous years the average land rent and labor and management charges are listed, but for the current year forecast they are unknown.

Southern Minnesota

The counties included in southern Minnesota are Benton, Big Stone, Blue Earth, Brown, Carver, Chippewa, Cottonwood, Dakota, Dodge, Douglas, Faribault, Fillmore, Freeborn, Goodhue, Grant, Houston, Jackson, Kandiyohi, Kanabec, Lac qui Parle, Le Sueur, Lincoln, Lyon, McLeod, Martin, Meeker, Mille Lacs, Morrison, Mower, Murray, Nicollet, Noble, Olmstead, Pine, Pipestone, Pipe, Redwood, Renville, Rice, Rock, Schott, Sherburne, Sibley, Stearns, Steele, Stevens, Swift, Todd, Traverse, Wabasha, Waseca, Watonwan, Winona, Wright and Yellow Medicine.

Corn budget

Download this spreadsheet or view it in your browser.

*Corn Fertilizer is lowered by $20 credit to soybean budget and no credit for manure values

(Source: FINBIN Database of Farm Business Management Associations in Southern Minnesota)

Soybean budget

Southern Minnesota 2023 soybean budget

Soybean Budget Southern MN FINBIN Data	Range in Values 2012	-2021	Average 12-2021	Actual 2021	Trend 2022	Trend. 2023	Forecast 2023
Yield per acre (bu.)	61.25	46.92	53.92	58.6	59.53	60.47	55
Value per bu.	13.77	8.6	10.41	12.53	12.41	12.28	12.5
Total product return per acre	734.13	440.78	558.34	734.13	739.72	745.32	688
Miscellaneous income per acre	114.72	7.53	37.53	8.14	7.46	6.78	0
Gross return per acre	742.27	514.43	596.21	742.27	747.19	752.1	688
Direct Expenses
Seed	60.83	51.28	56.45	51.28	50.79	50.3	52
Fertilizer	25.29	19.05	21.91	23.09	22.87	22.65	45
Crop chemicals	52.16	30.65	43.15	52.16	54.31	56.46	56
Crop insurance	26.55	18.1	21.15	26.55	26.97	27.39	27
Fuel & oil	23.18	12.94	17.55	17.02	16.4	15.79	20
Repairs	35.66	25.55	29.31	35.66	36.13	36.59	37
Custom hire	11.22	6.67	8.63	11.22	11.58	11.94	12
Hired labor	4.06	1.59	3.15	3.37	3.55	3.73	4
Land rent	236.45	191.52	215.67	217.94	220.58	223.22	255
Machinery & bldg leases	4.78	1.54	3.61	4.78	5.1	5.43	5
Marketing	3.62	1.46	2.86	2.25	2.33	2.41	3
Operating interest	11.99	5.73	8.11	5.97	5.96	5.96	7
Miscellaneous	4.18	2.07	3.08	3.94	4.08	4.22	4
Total direct expenses per acre	456.18	401.97	435.26	455.24	460.57	465.89	527
Return over direct exp per acre	291.14	71.3	160.94	287.03	286.62	286.21	161
Overhead Expenses
Hired labor	7.98	5.84	7.17	7.92	7.91	7.91	8
Machinery & bldg leases	5	3.17	4.2	4.52	4.47	4.42	5
Farm insurance	7.28	5.83	6.87	7.2	7.34	7.47	8
Utilities	4.41	3.05	3.44	3.45	3.46	3.47	3
Dues & professional fees	3.37	2.34	2.74	3.37	3.47	3.58	4
Interest	4.58	3.33	4.1	3.33	3.21	3.08	3
Mach & bldg depreciation	40.13	30.53	35.3	34.29	34.21	34.12	35
Miscellaneous	6.33	4.04	5.07	5.34	5.27	5.2	5
Total overhead expenses per acre	75.71	62.71	68.81	69.43	69.35	69.26	71
Total dir & ovhd expenses per acre	528.91	472.23	504.07	524.66	529.9	535.15	598
Net return per acre	220.88	-1.44	92.13	217.6	217.27	216.94	90
Lbr & mgt charge per acre	41.14	32	35.26	38.42	38.15	37.88	40
Net return over lbr & mgt	179.74	-36.98	56.87	179.18	179.12	179.07	50
Government payments	46.38	0.61	15.87	0.78	-0.86	-2.5	0
Net return with govt payments	196.92	-35.76	72.74	179.96	178.26	176.57	50
Cost of Production
Total direct expense per bu.	9.72	7.1	8.15	7.77	7.73	7.69	9.58
Total dir & ovhd exp per bu.	11.27	8.21	9.44	8.95	8.89	8.82	10.87
With labor & management	12.04	8.49	9.98	9.61	9.53	9.45	11.6
Total exp less govt & oth income	11.69	7.62	9.11	9.46	9.43	9.4	11.6

Central Minnesota

The counties included in central Minnesota are Benton, Douglas, Kandiyohi, Meeker, Morrison, Otter Tail, Pope Sherburne, Stearns and Todd.

Corn budget

Central Minnesota 2023 corn budget

Income	10 year average	2021 actual	2023 projected
Yield (per unit)	174	165	175
Price ($ per unit)	$4.17	$5.35	$5.50
Total production return/acre	$727	$886	$963
Misc. income/acre	$50	$55	$10
Gross return/acre	$777	$941	$973
Expenses (per acre)
Seed	$102	$98	$105
Fertilizer	$135	$132	$204
Crop chemicals	$31	$32	$33
Crop insurance	$22	$24	$24
Fuel & Machinery	$154	$154	$154
Other expenses	$62	$61	$62
Total expenses (without rent)	$506	$501	$582
Available for land rent & operator living	$271	$440	$291
Average land rent cost (area avg.)	$166	$172	$??
Average labor & management charge (area avg.)	$86	$248	$??

Soybean budget

Central Minnesota 2023 soybean budget

Income	10 yearaverage	2021actual	2023projected
Yield (per unit)	47	46	52
Price ($ per unit)	$10.40	$12.28	$11.50
Total production return/acre	$485	$564	$598
Misc. income/acre	$36	$24	$10
Gross return/acre	$521	$588	$608
Expenses (per acre)
Seed	$56	$51	$56
Fertilizer	$20	$19	$34
Crop chemicals	$40	$48	$50
Crop insurance	$19	$21	$21
Fuel & Machinery	$93	$94	$94
Other expenses	$28	$29	$30
Total expenses (without rent)	$260	$266	$285
Available for land rent & operator living	$286	$362	$323
Average land rent cost (area avg.)	$185	$193	$??
Average labor & management charge (area avg.)	$101	$169	$??

Spring wheat budget

Central Minnesota 2023 spring wheat budget

Income	10 yearaverage	2021actual	2023projected
Yield (per unit)	55	58	56
Price ($ per unit)	$6.15	$8.44	$7.50
Total production return/acre	$347	$497	$420
Misc. income/acre	$35	$22	$10
Gross return/acre	$382	$519	$430
Expenses (per acre)
Seed	$27	$24	$25
Fertilizer	$86	$84	$105
Crop chemicals	$25	$26	$27
Crop insurance	$11	$9	$10
Machinery costs	$83	$84	$84
Other expenses	$26	$26	$26
Total expenses (without rent)	$258	$253	$277
Available for land rent & operator living	$124	$266	$153
Average land rent cost (area avg.)	$124	$125	$??
Average labor & management charge (area avg.)	-$11	$106	$??

Northwestern Minnesota

The counties included in northwest Minnesota are Becker, Clay, Clearwater, Kittson, Mahnomen, Marshall, Norman, Pennington, Polk and Red Lake.

Corn budget

Northwest Minnesota 2023 corn budget

Income	10 year average	2021 actual	2023 projected
Yield (per unit)	37	28	37
Price ($ per unit)	$10.10	$12.24	$12.50
Total production return/acre	$374	$348	$463
Misc. income/acre	$34	$65	$10
Gross return/acre	$408	$413	$473
Expenses (per acre)
Seed	$61	$59	$60
Fertilizer	$22	$24	$36
Crop chemicals	$26	$33	$33
Crop insurance	$17	$18	$18
Fuel & Machinery	$78	$79	$79
Other expenses	$26	$26	$27
Total expenses (without rent)	$230	$239	$253
Available for land rent & operator living	$178	$174	$220
Average land rent cost (area avg.)	$101	$106	$??
Average labor & management charge (area avg.)	$67	$59	$??

Soybean budget

Northwest Minnesota 2023 soybean budget

Income	10 year average	2021 actual	2023 projected
Yield (per unit)	37	28	37
Price ($ per unit)	$10.10	$12.24	$12.50
Total production return/acre	$374	$348	$463
Misc. income/acre	$34	$65	$10
Gross return/acre	$408	$413	$473
Expenses (per acre)
Seed	$61	$59	$60
Fertilizer	$22	$24	$36
Crop chemicals	$26	$33	$33
Crop insurance	$17	$18	$18
Fuel & Machinery	$78	$79	$79
Other expenses	$26	$26	$27
Total expenses (without rent)	$230	$239	$253
Available for land rent & operator living	$178	$174	$220
Average land rent cost (area avg.)	$101	$106	$??
Average labor & management charge (area avg.)	$67	$59	$??

Sugarbeet budget

Northwest Minnesota 2023 sugarbeet budget

Income	10 year average	2021 actual	2023 projected
Yield (per unit)	26	29	27
Price ($ per unit)	$42.31	$50.60	$44.00
Total production return/acre	$1,116	$1,452	$1,188
Misc. income/acre	$54	$20	$15
Gross return/acre	$1,170	$1,472	$1,203
Expenses (per acre)
Seed	$213	$228	$230
Fertilizer	$94	$89	$129
Crop chemicals	$100	$142	$145
Crop insurance	$29	$33	$33
Machinery costs	$291	$323	$325
Other expenses	$144	$129	$130
Total expenses (without rent)	$871	$844	$992
Available for land rent & operator return	$299	$628	$211
Average land rent cost (area avg.)	$133	$147	$??
Average labor & management charge (area avg.)	$21	$233	$??

Spring wheat budget

Northwest Minnesota 2023 spring wheat budget

Income	10 year average	2021 actual	2023 projected
Yield (per unit)	64	58	64
Price ($ per unit)	$5.99	$5.56	$6.50
Total production return/acre	$382	$325	$416
Misc. income/acre	$30	$54	$10
Gross return/acre	$412	$379	$426
Expenses (per acre)
Seed	$22	$22	$22
Fertilizer	$90	$82	$105
Crop chemicals	$30	$32	$33
Crop insurance	$14	$13	$13
Machinery costs	$79	$78	$78
Other expenses	$26	$29	$30
Total expenses (without rent)	$259	$256	$271
Available for land rent & operator living	$136	$123	$155
Average land rent cost (area avg.)	$91	$98	$??
Average labor & management charge (area avg.)	$45	$21	$??

Statewide budgets

Minnesota alfalfa

Minnesota 2023 alfalfa budget

Income	10 year average	2021 actual	2023 projected
Yield (per unit)	4.6	4.2	4.7
Price ($ per unit)	$147	$150	$140
Total production return/acre	$677	$634	$658
Misc. income/acre	$12	$5	$0
Gross return/acre	$689	$639	$658
Expenses (per acre)
Seed	$1.58	$1.70	$1.75
Fertilizer	$49	$55	$79
Crop chemicals	$8	$11	$10
Machinery costs	$183	$169	$168
Other expenses	$52	$47	$45
Total expenses (without rent)	$294	$284	$304
Available for land rent & operator return	$395	$355	$354
Average land rent cost (area avg.)	$152	$156	$??
Average labor & management charge (area avg.)	$220	$174	$??

Minnesota irrigated corn

Minnesota 2023 irrigated corn budget

Income	10 year average	2021 actual	2023 projected
Yield (per unit)	194	208	198
Price ($ per unit)	$3.99	$5.28	$5.50
Total production return/acre	$783	$1,102	$1,089
Misc. income/acre	$35	$15	$10
Gross return/acre	$818	$1,117	$1,099
Expenses (per acre)
Seed	$101	$97	$101
Fertilizer	$151	$156	$206
Crop chemicals	$34	$39	$40
Crop insurance	$19	$20	$20
Fuel & Machinery	$168	$166	$166
Other expenses	102	$112	$112
Total expenses (without rent)	$575	$600	$645
Available for land rent & operator living	$243	$517	$454
Average land rent cost (area avg.)	$170	$172	$??
Average labor & management charge (area avg.)	$53	$334	$??

Projected budget data for the 2023 crop year - disclaimer

Projected Budget Data for the 2023 Crop Year. No representation intended for final 2023 production or cost figures. This budget should be used as a guide only. For educational uses only. "Your Farm" data represents the budget items for your operation.

Machinery Costs includes: Fuel, Repairs, Machine Leases, Custom Hire, Machinery Depreciation, and Intermediate Interest Costs.

Other Expenses include: Drying Fuel, Operating Interest, Hired Labor, Utilities, Building Depreciation, Long Term Interest, & Misc. Expenses.

No representation of FSA farm program payments is made in the estimated projection (for ARC or PLC payments). These values vary dramatically between counties and years and are received at the end of the marketing year. (Ex: 2022 crop year payments will be received in the fall of 2023 - at the end of the 2022 crop marketing year.) Feel free to use a government payment value in the other income category, if you so choose, in your estimate.

Estimated data and actual 2021 figures come from FINBIN. Data includes all irrigated corn acres in the state of MN for each represented time period. This ensures a large enough data set.

Authors: Nathan Hulinsky and Dave Bau, Extension educators

Reviewed in 2023