university of illinois custom farming rates 2021
Includes tractor overhead, implement overhead, fuel and lube and labor: Vertical tillage, rolling basket at $11.70 per acre, V-ripper (shanks only) at $22.50 per acre. CBO recently, The operational efficiency of any industry is key to long-term profitability, no less so for the U.S. ethanol industry. A December 2020 graduate of Kansas State University in Animal Sciences & Industry and Agricultural Communications & Journalism, Day was active in Block & Bridle and Agriculture Communicators of Tomorrow, while also serving as a communications student worker in the animal science department. This program calculates premiums, evaluates insurance payments, and provides historical data useful when making crop insurance decisions for multiple crops. University of Illinois ag economists publish machinery costestimates intended to represent the actual costs associated with individual farm field operations, which can provide a baseline for setting a custom rate to ensure that costs are covered. These estimates are useful for determining custom rates and for analyzing machinery costs on farms. November 2021 (11) October 2021 (10) September 2021 (12) August 2021 (14) July 2021 (12) . It would be more cost effective to outsource the task than owning an implement of that size for 735 acres. When the tillage equipment is used on fewer acres, the cost of operation would rise. Trends in Table 1 for high-productivity farmland also occur across regions. These cost rates are dependent on annual hours of use and useful life. Labor. Fortunately, ag economists at the University of Illinois keep up on all those numbers, and have an entire listing of costs for various field operations located on their Farmdoc website. Machinery ownership and labor can be costly. Click here (http://www.farmdoc.uiuc.edu/manage/machinery/machinery_summary.html) for the complete table of custom rates, which also lists tractors of various sizes. 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). Due to the fuel price increases, fuel costs for the 310 horsepower tractor increased from $37.30 per hour in 2019 to $41.10 per hour in 2021 (see Table 1). These estimates are useful for determining custom rates and for analyzing machinery costs on farms. Consider outsourcing certain field tillage passes. Data collected through the Precision Conservation Management from 2015 to 2019 indicates that light to moderate tillage is associated with higher returns than heavier tillage (farmdoc daily webinar, June 22, 2020). Crop Insurance Decision Tool Spring 2023, Experience, Knowledge, & Collaboration: Why Good Managers Make an Effort to Improve, A Deeper Dive into the February 2023 CBO Baseline: Title I Commodities Programs, Trends in the Operational Efficiency of the U.S. Ethanol Industry: 2022 Update, Fertilizer Prices and Company Profits Going into Spring 2023, RP vs. RP-HPE Insurance Decision: Premium, Cash Flow, and Forward Contracting, The Russia-Ukraine War and Changes in Ukraine Corn and Wheat Supply: Impacts on Global Agricultural Markets, The FAO Food Price Index Drops in February, For the Eleventh Consecutive Month, Reuters: Ukraine Doesnt Plan to curb 2023/24 Wheat Exports, All Options Considered by U.S. Over Mexicos Corn Import Restrictions, AMIS: War in Ukraine, Black Sea Grain Deal- Uncertainty Continues to Hang Over Agricultural Markets, Crop Insurance Guarantee: $5.91 for Corn and $13.76 for Soybeans, Biden Administration Preparing Policy Shift on Rule to Boost Ethanol, Department of Agricultural and Consumer Economics. %PDF-1.6 % The cost with the largest increase is fertilizer. Michigan State University Extension June 2019. However, any appreciable decline from the $5.00 per bushel corn and $12.00 per bushel soybean prices without corresponding increases in yields will result in very low incomes. Labor costs per hour increased from $20.90 per hour in 2019 to $22.00 per hour in 2021 (see Table 1). Interest, insurance and housing, and repair cost rates were assumed to be 5 percent, 1 percent, and 3 percent, respectively. If annual hours of use or useful life were lower, the cost rates for interest, insurance and housing, and repairs would be higher. Custom work charges are determined by demand and supply and are negotiated between farmers and custom operators. "Machinery Cost Estimates: Tractors." Projected costs have been raised for 2022, and corn and soybean costs are. The 2021 estimates appear in the 2021 tractor costs publications, while the 2017 and 2019 costs appear in the machinery costs 2017 and 2019 editions. Gary Schnitkey, Carl Zulauf, Krista Swanson, and Nick Paulson - Gary Schnitkey - Illinois crop budgets for 2022 have been revised from their initial release in July. Remember, fuel This provides summary cost of production budgets for corn and soybeans. Costs will be at all-time highs in 2022. hb``` eaVCz @ .m&n\`h``) J20ii TEjA@JGCbs>1Um_iF L:C#u` (^ Table gives results for corn, soybeans, wheat,. Follow these social media channels for updates on farmdoc daily articles, farmdoc events, and ag information from Ryan Hanrahan - the farmdoc social media director. Ohio Farm Custom Rates. Acres farmed, annual hours, useful life, and interest rate represent those of the case farm. Examples pertaining to field cultivation and a self-propelled sprayer were used to illustrate the conceptual framework. Gary Schnitkey, ag economist at U of I, says theyll publish 2021 machinery cost estimates by the end of September. Tillage, Nitrogen Use, and Cover Crop Impacts of Corn and Soybean Returns. farmdoc webinar, Department of Agricultural and Consumer Economics, University of Illinois at Urbana-Champaign, June 22, 2020. And he expects 2021 costs to be 8% to 10% higher than 2019. Illinois Farm Management Handbook, Department of Agricultural and Consumer Economics, University of Illinois at Urbana . Shawn and Kristy Freeland with some of their cattle, Corn with fuel pump handle representing ethanol fuel. Report ID: . "Management Decisions Relative to High Nitrogen Fertilizer Prices." In situations, where a farmer determines it is cost effective to perform a tillage operation, the next step in a cost management approach is to determine whether it is more cost effective to own and operate the tillage implement or to outsource the operation. This publication shows estimated costs for owning and operating forage machinery. Ruraltax.org contains many articles on taxes aimed at farm and land owners. Report with summary of cost to produce milk in Illinois. Oklahoma Farm and Ranch Custom Rates, 20212022. If it occurs, the $25 per acre increase will be the second-highest, only exceeded by a $33 per acre increase in cash rents between 2010 and 1011. This publication shows estimated costs of performing agricultural field operations. Fertilizer prices may decrease in the spring when many fertilizer purchases are made. The site also contains a completed example of a farm return. Learn, Introduction Knowledge, experience, and collaboration work hand in hand with one another to improve farm output per unit of input (i.e., productivity). Informa Markets, a trading division of Informa PLC. Custom Rates -- Iowa; Kansas State Resources . Farmers likely will be reducing fertilizer rates. 2474 0 obj <>stream Lattz, D. and G. Schnitkey. Air-seeder at $16.80 per acre. The farmdoc daily website falls under University of Illinois copyright and intellectual property rights. The following comparisons are relevant to farms who already own newer tillage equipment or those who are considering a purchase while aiming to manage costs effectively. Post Application Coverage Endorsement Tool (Sheet), Balance Sheet & Historical Financial Statements, Briomass Crop Budget Tool Miscanthus & Switchgrass, Illinois Soil Productivity & Yield Utilities, Farmland LEasing Facts Sheets & Pricing Information, Department of Agricultural and Consumer Economics. Historically, cost of production has been a focus, In policy, definitions matter. Overall, corn and soybeans have about the same projected profitability in 2022: $61 farmer return for corn and $67 farmer return for soybeans, giving a difference of -$6 per acre. Thus, it is imperative that farms compute their own machinery costs per acre when making comparisons with custom rate survey data. The $230 per acre does not reflect the over $1,300 high price point for anhydrous ammonia in November. %PDF-1.5 % Crop Insurance Summary of Business Tool (Sheet), Post Application Coverage Endorsement Tool (Sheet), Balance Sheet & Historical Financial Statements, Post Application Coverage Endorsement Tool, Biomass Crop Budget Tool Miscanthus and Switchgrass, Illinois Soil Productivity and Yield Utilities, Illinois Crop Budgets and Historic Returns, Department of Agricultural and Consumer Economics. The updated budgets result in a comparative returns situation between corn and soybeans that does not indicate acreage would deviate from recent rotations. Depending on your situation, you may want to consider the following spraying and ammonia application total costs from 2019: Liquid fertilizer applicator at $23.50 per acre. Those levels will have an influence over total costs for 2022. The University of Illinois farmdoc machinery costs estimates are intended to represent costs associated with buying new machinery and owning the machinery for ten years (links provided in farmdoc daily, August 6, 2019). endstream endobj startxref We provide machinery cost estimates which may be helpful in setting custom rates. The list price increase will also increase costs but is countered by a decline in interest rates from 5.5% in 2019 to 4.5% in 2021. Post Application Coverage Endorsement Tool (Sheet), Balance Sheet & Historical Financial Statements, Briomass Crop Budget Tool Miscanthus & Switchgrass, Illinois Soil Productivity & Yield Utilities, Farmland LEasing Facts Sheets & Pricing Information, Swanson, K., G. Schnitkey, N. Paulson, C. Zulauf and J. Coppess. ", Tillage, Nitrogen Use, and Cover Crop Impacts of Corn and Soybean Returns, Revenue Loss Coverage and Other Farm Safety Net Proposals in an Era of High Ad Hoc Payments, Department of Agricultural and Consumer Economics, Department of Agricultural, Environmental and Development Economics. NASS county yields are not the same yields that will be used to calculate Agriculture Risk Coverage at the county, Farmers will again have until March 15 to make commodity title program selections. The $25 projected increase considers these variations and gives an average. A comparison of the two sets of rates provides a baseline that can be used to evaluate costs of owning equipment and performing field operations versus outsourcing. Summary of statistical data on variable case rent leases in Illinois. These budgets represent average returns no matter the preceding crop and are summarized from farms enrolled in Illinois Farm Business Farm Management (FBFM). Lattz, D. and G. Schnitkey. Lets say you dont want to retire and rent out your farm, but you dont want to do it all yourself either. Moreover, our return estimates do not suggest large changes in acres from 2021 to 2022. Total costs will be at all-time highs in 2022. Guidelines are available here. Credit reports and scores are being used for many decisions such as credit determination and pricing; insurance pricing; government licenses; and employment. The average is representative of a 35-foot chisel plow used on 1,470 acres. The total of all economic costs per acre for growing corn and soybeans in Illinois. These higher fertilizer costs reflect higher prices for diammonium phosphate and potash. Fortunately, the USDA began publishing the Grain Crushings and Co-Products Production, Fertilizer prices have been on a declining trend in recent months. Farming is a capital intensive venture with specialized equipment needed for various field operations, including several different implements used for tillage. Still, overhead costs increased from $122.90 per acre to $126.10 per acre. Fuel costs will vary with each operations fuel use. Lattz, D. and G. Schnitkey. At this point, our return estimates are not suggesting large changes in acreage. This program calculates per-acre budgets for different crops and a whole farm budget and includes breakevens. Fertilizer costs in 2022 are projected at $230 per acre for corn, considerably higher than the $153 per acre costs for 2021. 1 Min Read. For vertical tillage and chisel plow, the economic cost is lower than the lowest custom rate reported. The latest from the Gardner Agriculture Policy Center. Lattz, D. and G. Schnitkey. Payment estimates are provided for the program years from 2019 to 2023. Unlike fuel and labor costs which vary with use, depreciation and interest costs vary little with use. The 2022 Iowa Farm Custom Rate Survey is intended as a guide in determining custom rates. 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. Farm implements for tillage can be costly to own and operate, particularly when purchased new or relatively new. If you are figuring what it costs you to make hay on your farm, add mowing, raking, and baling at 20.20 per bale ( Machinery Cost Estimates, University of Illinois Extension, June 2015 ). If you are having trouble registering please view the faq or watch the video below. This report is based on farm income and earnings data on Illinois farms. At this early stage, The National Agriculture Statistics Service (NASS) recently released county yields. As part of a forthcoming Farm Bill, Congress may consider changes to farm programs to incorporate margins, expected to be defined as the difference between a, Note: This article is based on testimony given before the House Agricultural Committee Subcommittee on General Farm Commodities and Risk Management on June 9, 2022. Several factors may explain this divergence: Whether prices will come down to those indicated by typical supply/demand relationships is an open question that will play out over the next year. Includes tractor overhead, implement overhead, fuel and lube, and labor: Depending on your situation, you may want to consider the following spraying and ammonia application total costs from 2019: Fuel costs are based on $2.50 per gallon for diesel fuel. If annual hours of use or the useful life were lower, the cost rates for interest, insurance and housing, and repairs would be higher. Economic useful life is not necessarily the same as service life. The dynamics of fertilizer prices in conjunction with movements in corn and soybean prices will influence relative profitability of corn and soybeans and acreage decisions. Many Iowa farmers hire some custom machine work in their farm business or perform custom work for others. As a result, a bale of hay sitting in the field costs $33.11. We provide machinery cost estimates which may be helpful in setting custom rates. A survey of agricultural custom operators is conducted in Nebraska every two years. Tables 3 and 4 present machinery costs for a self-propelled sprayer operation on the case farm. To fully obtain the benefits of reduced tillage passes, the pieces of equipment on a farm must be reduced. 2017 Indiana Farm Custom Rates." Farm Progress is part of the Informa Markets Division of Informa PLC. 147 0 obj <>/Filter/FlateDecode/ID[<269ADE589DBEE54094DDE17E08AF1239><530EECDB0D779343B2147141D420F3BF>]/Index[122 43]/Info 121 0 R/Length 119/Prev 235468/Root 123 0 R/Size 165/Type/XRef/W[1 3 1]>>stream Post Application Coverage Endorsement Tool (Sheet), Balance Sheet & Historical Financial Statements, Briomass Crop Budget Tool Miscanthus & Switchgrass, Illinois Soil Productivity & Yield Utilities, Farmland LEasing Facts Sheets & Pricing Information, Machinery Cost Estimates: Field Operations, Machinery Cost Estimates: Forage Field Operations, 2022 Planting Decisions, Nitrogen Fertilizer Prices, and Corn and Soybean Prices, Department of Agricultural and Consumer Economics. Plastina, A., A. Johanns and O. Massman. Again, other factors such as timeliness, liquidity, solvency, and tax management affect a farms decision to own the sprayer or use a custom operator to spray the farms crops. First, the 2022 Crop Budgets give corn-after-corn, corn-after-soybeans, soybeans-after-corn, soybeans-after-soybeans, and wheat budgets for four regions: northern Illinois, central Illinois with high-productivity farmland, central Illinois with low-productivity farmland, and southern Illinois. Depreciation for tax purposes is often accelerated compared to economic depreciation. Table 3 illustrates the computation of depreciation, interest, insurance and housing, and repairs. These costs are heavily dependent on annual hours of use and useful life. Follow these social media channels for updates onfarmdoc dailyarticles,farmdocevents, and ag information from Ryan Hanrahan thefarmdocsocial media director. Copyright 2023. These projected prices were based on prices from Chicago Mercantile Exchange (CME) futures contracts. 2H8so:e`!g[ a In 2018, she received her associate degree from Lake Land College, where her time was spent as an active member in clubs such as Ag Transfer club and PAS. Machinery cost estimates for 2019 are available in the management section of farmdoc in five publications. The most likely candidates for outsourcing are tillage operations that are not performed on all acres, and require specialized, costly tillage equipment. Twitter at farmdocdaily. FAST aids users in performing financial analysis, assessing investment decisions, and evaluating the impacts of various management decisions. Both corn and soybean costs will be at record levels. ceres imagaging lindsay irrigation partner. Check out the baseline prices on custom rates from 2019. Interest, insurance and housing, and repair cost rates were assumed to be 5 percent, 1 percent, and 1.5 percent, respectively. Annually, Iowa State University surveys those who hire and/or perform custom farm services and compiles a report of results. According to Lattz and Schnitkey (2017b), the field cultivator represented in tables 1 and 2 can cover 29.1 acres per hour. This Microsoft Excel spreadsheet will estimate Price Loss Coverage (PLC) and Agricultural Risk Coverage at the county level ARC-IC (Agriculture Risk Coverage Individual) has received less attention than ARC-CO (ARC County) and PLC (Price Loss Coverage). Substantial increases in list prices of machinery occurred between 2019 and 2021. Salvage values for the tractor and implement were assumed to 30 percent of the purchase prices. It is important to note that other factors such as timeliness, liquidity, solvency, and tax management may affect a farms decision to own machines or custom hire certain field operations. Lattz, Dale and Gary Schnitkey. September 14, 2021 at 6:50 illinois custom rate guide Verified 8 days ago Url: wxms.nodedecrease.shop Go Now Get more: Illinois custom rate guide Show All Rentals FAST Tools. Labor cost reflect machine time, time required to lubricate and service machines, and travel time. Many forecasters are using much lower prices for 2022. Includes tractor overhead, implement overhead, fuel and lube, and labor: Split-row planter for soybeans at $12.50 per acre. It is important to note that machinery costs per acre vary widely among farms. Number 8860726. Here, a look at cost estimates of field, forage and harvesting operations, plus per-hour tractor operating costs. Subscribe to receive top agriculture news, Be informed daily with these free e-newsletters. Annually, Iowa State University surveys those who hire and/or perform custom farm services and compiles a report of results. Still, we are projecting positive returns for 2022, given relatively high corn and soybean prices. This site is operated by a business or businesses owned by Informa PLC and all copyright resides with them. Eliminating a tillage pass in a single year will reduce fuel, labor, and repair costs for the given year, but the ownership costs will remain. Click here (http://www.farmdoc.uiuc.edu/manage/newsletters/fefo06_16/fefo06_16.html) for a look at their summary, including commentary by farm management experts Dale Lattz and Gary Schnitkey. Copyright 2023. Farm Progress Show annually hosts more than 600 exhibitors displaying new farm equipment, tractors, combines and farm implements; seed and crop protection products; and many additional farm supplies and services. Schnitkey, G., K. Swanson and N. Paulson. The rates presented in this publication represent the responses of a statewide survey conducted from February to March 2013 by Mississippi State University Extension agricultural economists. By Mike Rankin. Fortunately, ag economists at the University of Illinois keep up on all those numbers, and have an entire listing of costs for various field operations located on their Farmdoc website. ) ", Revenue and Costs for Illinois Grain Crop, Revenue and Costs for Illinois Grain Crops, Revenue and Costs for Illinois Grain Crops, Actual for 2015 through 2020, Projected for 2021 and 2022, Management Decisions Relative to High Nitrogen Fertilizer Prices, Net Change in CRP Acres, 2020-2021 Program Year, Department of Agricultural and Consumer Economics, Department of Agricultural, Environmental and Development Economics, Overall increases in production and land costs, and. A chisel plow in that size range would be cost effective to own and operate on 735 acres. Repair and maintenance costs for a particular machine can vary substantially among farms. And how do you set a rate? 2431 0 obj <> endobj Custom Rates Financial and economic considerations such as limited capital, untimely cash flow, insufficient labor, small acreage, or other reasons require farmers to hire custom service for field operations. Or if a farmer is assisting a neighbor or seeking custom work, knowing their own cost of operation provides a baseline level for which to add a profit margin when setting a custom rate. The reference price escalator was introduced in the 2018 Farm Bill and uses effective reference prices to calculate Price Loss Coverage (PLC) payments. Disclaimer: We request all readers, electronic media and others follow our citation guidelines when re-posting articles from farmdoc daily. Ag Decision Maker A3-10, Iowa State University Extension and Outreach, Department of Economics, March 2020. Details: WebFarmland Values and Rental Rates for 2022 - farmdoc Farmland Values and Rental Rates for 2022 December 6, 2021 at 11:00 am - 12:00 pm CST Farmland illinois farm custom rates 2021 Verified 8 days ago Url: farmdoc.illinois.edu Go Now Get more: Illinois farm custom rates 2021 Show All Rentals for a look at their summary, including commentary by farm management experts Dale Lattz and Gary Schnitkey. ) Fuel costs will vary with each operations fuel use. Costs for most operations are higher in 2021 than in 2019, with most of the increases due to increases in list prices of machines. Farm Progress is part of the Informa Markets Division of Informa PLC. Includes tractor overhead, platform overhead, fuel and lube, and labor: Combining only for corn at $37.60 per acre, Combining only soybeans at $32.60 per acre, Grain cart for soybeans at $7.80 per acre. A way for reducing these costs is outsourcing the equipment, thereby allowing the individual performing the operation to perform the operation over more acres, and thereby lower total costs. For farms in that situation, the cost of retaining that equipment to use as needed is comparatively lower than the economic cost of a newer implement because depreciation and interest make up a large portion of the economic costs. "Machinery Cost Estimates for 2019." Some farms may have other factors to consider, such as requirements of land or business owners, and the ability to outsource, and timeliness of completing the task. Declines in natural gas and corn prices likely have led to nitrogen fertilizer price declines. Fuel use on a 310 horsepower tractor is estimated at 13.6 gallons per hour. Annually, Iowa State University surveys those who hire and/or perform custom farm services and compiles a report of results. RP-HPE has a lower premium and thus a lower cash, The impacts of the Russia-Ukraine conflict on Ukrainian corn and wheat supply are reassessed at the wars one-year anniversary. May 25, 2019. Iowa State University Extension and Outreach, Ag Decision Maker, A3-10, March 2017. Illinois crop budgets for 2022 have been revised from their initial release in July (farmdoc daily, July 27, 2021). For a detailed statement, please see the University of Illinois Copyright Information and Policies here. Custom hay mowing and baling are common in parts of Indiana where people have small patches of hay but don't want to own the equipment needed to mow, rake and bale hay themselves. Represents the rate obtained from surveys of actual farm data surveys for 2014 & 2015 from Universities listed below to do this type of . Black piggy bank with downward trend line representing recession. This information is based on 122 responses and 3,389 custom rates provided by Iowa farmers, custom operators, and farm managers. Spraying. These rates, except where noted, include the implement and tractor if required, all variable machinery costs such as fuel, oil, lube, twine, etc., and the labor for the operation. Schnitkey, G. Crop Budgets, Illinois, 2022. Illinois Farm Management Handbook. It is an annual summary of such records obtained from farmers cooperating with University of Illinois Extension, the Department of Agricultural and Consumer Economics, and the Illinois Farm Business Farm Management (FBFM) Association. These . The farmdoc daily website falls under University of Illinois copyright and intellectual property rights. Costs include overhead (depreciation, interest, insurance . If the same chisel plow were used on only 735 acres (50% less acres), the cost would increase about 80% to $22.86 per acre (see Table 2). In certain weather and field conditions, tillage operations may be necessary to prepare the field, while other times tillage may not be necessary. Fortunately, ag economists at the University of Illinois keep up on all . Tillage. Pursuit of one of these items without the, The Congressional Budget Office (CBO) projections for mandatory program spending, known as the CBO Baseline, have developed an into one of the primary influences on farm bill debates. Report with summary of cost to produce beef in Illinois. Second, purchase prices, insurance and housing, and repair costs were adapted using information contained in Edwards (2015) and Lattz and Schnitkey (2017a; 2017b). The total machinery cost per acre ($9.58 per acre) for the case farm is under these custom rates, indicating that it is economical for the case farm to own a field cultivator. 0 Ohio Farm Custom Rates. These estimates are useful for determining custom rates and for analyzing machinery costs on farms. 2021 Custom Machine Work Rates By Ned M. Birkey, MSU Extension Educator Emeritus, Spartan Ag; July 21, 2021 News release With the 2021 spring planting season wrapping up with wheat harvest and . Assuming a 1200lb round bale is 15% moisture, the nutrient value per bale is $12.91. Shows estimated costs for different sized tractors. 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. This publication shows estimated costs for combining, using grain carts, and hauling grain. Strategies then for lowering costs are to use equipment on the maximal acres. These . Historically, cost of, The Farm Service Agency (FSA) recently released all the information necessary to calculate 2021 commodity title payments. Conversely, the economic cost of owning and operating a mulch tiller and moldboard plow are both higher than average reported custom rates, indicating it would likely be less expensive to outsource these tasks than owning and operating the equipment to complete the task. Custom Farming. endstream endobj 123 0 obj <. There will be great diversity in cash rent increases across farms. Effective reference prices can exceed statutory reference, High farm input costs, especially for fertilizer and fuel, have reinvigorated arguments for farm support programs where payments are triggered when the cost of production rises. An active member of organizations such as 4-H, FFA and the National Junior Angus Association, she was able to show Angus cattle on the local, state and national levels while participating in contests and leadership opportunities that were presented through these programs. Machinery Cost Estimates: Summary. Illinois Farm Management Handbook, Department of Agricultural and Consumer Economics, University of Illinois at Urbana-Champaign, updated October 11, 2021. Fuel costs are based on a $2.25 per gallon price for diesel fuel. Lattz, D. and G. Schnitkey. Informa PLC's registered office is 5 Howick Place, London SW1P 1WG. Lattz, Dale and Gary Schnitkey. The second publication Revenue and Costs for Illinois Grain Crop shows yearly returns and costs of producing corn, soybeans, wheat, and double-crop soybeans by region of Illinois. Tillage operations are typically used to prepare a desirable seedbed, reduce weed growth, incorporate fertilizer, or improve soil conditions.
