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Southern Corn9

Step 1: Step 2:
. Year
2005 2006 2007 2008 2009 2010 2011
Yield per acre 138 144 145 168 163 148 141
Price per bu $2.17 $3.12 $4.21 $4.00 $3.80 $5.22 $6.09
LDP per bu1 $0.41 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
              
Revenue -------------------------------------- $ per acre -----------------------------------
Crop revenue2 $299 $449 $610 $672 $619 $773 $859
LDP revenue3 $57 $0 $0 $0 $0 $0 $0
DP and CC payments4 30 31 21 21 27 21 21
Crop insurance proceeds 8 6 6 44 34 13 41
Gross revenue $394 $486 $637 $737 $680 $807 $921
              
Costs -------------------------------------- $ per acre -----------------------------------
Fertilizer 77 81 92 126 149 134 163
Pesticides 41 41 39 55 55 45 52
Seed 44 47 52 58 84 80 88
Drying 4 6 4 10 18 10 11
Storage 3 3 2 3 4 3 2
Crop insurance 7 9 20 19 16 15 20
 
Total direct costs $176 $187 $209 $271 $326 $287 $336
               
Machine hire/lease $6 $6 $7 $7 $9 $8 $8
Utilities 3 4 4 4 5 4 5
Machine repair 16 16 20 21 24 23 26
Fuel and oil 15 15 19 23 18 20 24
Light vehicle 1 1 1 1 1 2 2
Mach. depreciation 23 25 25 30 44 47 50
 
Total power costs $64 $67 $76 $86 $101 $104 $115
               
Hired labor 11 11 12 15 19 20 13
Building repair and rent 5 4 5 6 8 8 7
Building depreciation 5 6 6 6 8 9 9
Insurance 5 6 6 9 9 9 9
Misc 5 6 6 7 8 7 7
Interest (non-land) 13 18 19 17 14 13 16
               
Total overhead costs $44 $51 $54 $60 $66 $66 $61
Total non-land costs $284 $305 $339 $417 $493 $457 $512
               
Operator and land return5 $110 $181 $298 $320 $187 $350 $409
Land costs6 98 98 101 107 120 125 137
Operator return7 39 46 48 58 61 68 83
Net return8 $-27 $37 $149 $155 $6 $157 $189

1. Represents revenue from loan deficiency and marketing loan programs.

2. Crop revenue equals yield per acre time price per bu.

3. Revenue from the loan deficiency program. LDP revenue is yield per acre times LDP per bu.

4. Includes revenue from direct and counter-cyclical programs.

5. Represents a return to pay for land and provide the operator a return.

6. Land costs are represented by a cash rent.

7. Operator return provides the farmer a return for invested equity capital and labor.

8. Positive net return indicate economic profits while negative values indicate economic loses. In equilibrium profits are expected to average zero over time.

9. The regions and counties in Illinois are classified as:

  • Northern: Boone, Bureau, Carroll, Cook, DeKalb, Dupage, Grundy, Jo Davies, Kane, Kankakee, Kendall, Lake, LaSalle, Lee, Marshall, McHenry, Ogle, Putnam, Stephenson, Whiteside, Will, Winnebago.
  • Central: Adams, Brown, Calhoun, Cass, Champaign, Christian, Clark, Coles, DeWitt, Douglas, Edgar, Ford, Fulton, Greene, Hancock, Henderson, Henry, Iroquois, Jersey, Knox, Livingston, Logan, Macon, Macoupin, Mason, McDonough, McLean, Menard, Mercer, Montogomery, Morgan, Moultrie, Peoria, Piatt, Pike, Rock Island, Sangamon, Schuyler, Scott, Shelby, Stark, Tazwell, Vermillion, Warren, Woodford.
  • Southern: Alexander, Bond, Clay, Clinton, Crawford, Cumberland, Edwards, Effingham, Fayette, Franklin, Gallatin, Hamilton, Hardin, Jackson, Jasper, Jefferson, Johnson, Lawrence, Madison, Marion, Massac, Monroe, Perry, Pope, Pulaski, Randolph, Richland, Saline, St. Clair, Union, Wabash, Washington, Wayne, White, Williamson.
Department of Agricultural and Consumer Economics    College of Agricultural, Consumer and Environmental Sciences
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