2014 Ohio Farm Business Analysis...Benchmark Reports follow the enterprise summary when available...

2014 Ohio Farm Business Analysis

Crop Enterprise Analysis Summary Including Benchmark Reports

For information on participating in the Ohio Farm Business Analysis program analyzing your farm’s 2015 performance, visit our web site at:

http://farmprofitability.osu.edu/

http://farmprofitability.osu.edu/

mailto:[email protected]

This document contains summary information for 43 farms participating in the 2014 Ohio Farm Business Analysis and Benchmarking Program. These farms provided detailed financial and production data in order to complete a whole farm and enterprise analysis for their crop enterprises. Confidentiality of individual farm data is of utmost importance, so data for the "High 20%" (based on net returns) are not generated for enterprises with fewer than 4 farms.

This project was supported by National Farm Business Benchmarking Collaboration (GRT00028630), and the Competitive Benchmarking: Assisting NY and Ohio Livestock Producers to Increase Profitability and Manage Risk in a Volatile Enviroment (GRT00035736) Grants from the USDA National Institute of Food and Agriculture.

This data is the property of The Ohio State University and should not be reproduced without permission.

Dianne Shoemaker, Field Specialist, Dairy Production Economics Ohio State University Extension. [email protected]

Christina Benton, Program Assistant Farm Business Analysis Program Ohio State University Extension. [email protected]

© The Ohio State University, 2015 CFAES provides research and related education programs to clientele on a nondiscriminatory basis. For more information: http://go.osu.edu/cfaesdiversity.

Keith L. Smith, Associate Vice President for Agricultural Administration; Associate Dean, College of Food, Agricultural, and Environmental Sciences; Director, Ohio State University Extension; and Gist Chair in Extension Education and Leadership.

For Deaf and Hard of Hearing, please contact Ohio State University Extension using your preferred communication (e-mail, relay services, or video relay services). Phone 1-800-750-0750 between 8 a.m. and 5 p.m. EST Monday through Friday. Inform the operator to dial 614-292-6181.

The Center For Farm Finacial Management at the University of Minnesota for some of this summary's text. The tables in this report were created using FINPACK and RankEm, copyrighted software of the Center For Farm Financial Management, University of Minnesota.

The professionals who worked with farms and completed the analyses included in this summary:

Chris Bruynis, Extension Educator, Ohio State University Extension Amanda Douridas, Extension Educator, Ohio State University Extension Christina Benton, Program Assistant, Ohio State University Extension Don Garrett, Ag Data Solutions Ann McCleary, CPA, Keeping Tabs, Inc.Levi Morrow, Former Extension Educator, Ohio State University Extension Dianne Shoemaker, Field Specialist, Ohio State University Extension Tom Weygandt, Tweyg Consulting, Ltd.Tom Ackerman, Farm Benchmarking Project Consultant, Wilmington, Ohio

Our Thanks To:

_________________________________________________________________________________________

___________________________________________________________________________________________

mailto:[email protected]

2014 Ohio Farm Business Analysis

Table of Contents

Pages Overview ……………………………………………………………………………………………………. 5-9

2014 Weather Summary……………………………………………………………………………………. 5 Crop Yields and Prices........………………………………………………………………………………… 6 Crop Reports……………………………………………………………………………………………………… 7-8 Benchmark Reports…………………………………………………………………………………………… 8-9

Crop Enterprise Analysis…………………………………………………………………………….. 10-29 Corn Harvested as Dry Shell Corn……………………………………………………………………… 10-13 Corn on Owned Land,

Average of all Farms and High 20% by Net Return………………………………… 10 Corn Benchmark Report on Owned Land……………………………………………… 11

Corn on Cash Rented Land Average of all Farms and High 20% by Net Return……………………………….. 12 Corn Benchmark Report on Cash Rented Land…………………………………….. 13

Corn Silage………………………………………………………………………………………………………. 14-17 Corn Silage on Owned Land

Average of all Farms and High 20% by Net Return………………………………. 14 Corn Silage Benchmark Report on Owned Land………………………………….. 15

Corn Silage on Cash Rented Land Average of all Farms and High 20% by Net Return………………………………. 16 Corn Silage Benchmark Report on Cash Rented Land…………………………. 17

Hay………………………………………………………………………………………………………………… 18-23 Alfalfa Hay, Average of all Farms on Owned Land……………………………… 18 Alfalfa Hay, Average of all Farms on Cash Rented Land……………………… 19 Mixed Hay, Average of all Farms on Owned Land……………………………… 20 Mixed Hay, Average of all Farms on Cash Rented Land…………………….. 21 Mixed Haylage, Average of all Farms on Owned Land………………………. 22 Mixed Haylage, Average of all Farms on Cash Rented Land……………… 23

Soybeans……………………………………………………………………………………………… 24-27 Soybeans on Owned Land Average of all Farms and High 20% Sorted by Net Return………. 24 Soybeans Benchmark Report on Owned Land……………………….. 25 Soybeans on Cash Rented Land Average of all Farms and High 20% Sorted by Net Return………. 26 Soybeans Benchmark Report on Cash Rented Land……………….. 27

Wheat, Winter…………………………………………………………………………………….. 28-29 Wheat, Winter on Owned Land, Average of all Farms……………… 28 Wheat, Winter on Cash Rented Land, Average of all Farms……… 29

Appendix 1, Crop Enterprise Analysis Procedures and Measures…………………….. 30-31

2014 – The Year in Review

Weather - Jim Noel, NOAA/NWS/Ohio River Forecast Center

Even though 2014 had its issues, the burst of warm and drier weather in late summer helped to extend the growing season to make for fairly ideal weather conditions in the end after a challenging start.

The NOAA and the National Weather Service reported that 2014 went down in the record books as a cooler year with near-normal precipitation. Out of 120 years, it ranked as the 15th coolest year on record. Precipitation ranked right in the middle at 62nd out of 120 years. The big news was the cold and snowy winter to start 2014. After a cold start to the spring planting season in the eastern corn and soybean areas including Ohio, temperatures recovered to more normal levels by May. However, that did not last as the summer of 2014 was very cool and wet across the area. For Ohio, the summer of 2014 was the 37th coolest and 29th wettest summer on record over 120 years. While not the coldest or wettest on record, with soil temperatures lagging from the cold winter, it still created challenges stretching into summer.

Good news for 2014 were the very limited hot or dry periods meaning less stress on crops and livestock. Even though it was a cool summer, late warming and drying in August helped extend crop growth which was needed. The cool trend lingered through autumn 2014 with the 25th coolest autumn on record. Even though most of the corn and soybean growing areas were wet, Ohio was an exception, recording the 36th driest autumn.

Source: National Climactic Data Center

Crop Yields and Prices

Ohio Crop Yields and Marketing Year Prices as reported by the USDA National Agricultural Statistics Service in the Ohio Annual Bulletin (September 2015)

Corn Yield bu/acre

Corn Price $/bu1

Soybean Yield bu/acre

Soybean Price $/bu1

Wheat Yield bu/acre

Wheat Price $/bu1

Alfalfa Hay tons/ac

Alfalfa Hay $/ton1

2010 160 5.45 48 11.50 61 5.21 3.3 160 2011 153 6.44 48 13.00 57 6.73 3.4 183 2012 120 7.09 45 14.60 68 7.94 2.8 231 2013 174 4.41 49.5 13.00 70 6.54 3.5 194 2014 176 3.65 52.5 10.40 74 5.55 3.5 174

1Marketing year average price

http://www.agri.ohio.gov/divs/Communications/docs/ODA_Comm_AnnRpt_2014.pdf

http://www.agri.ohio.gov/divs/Communications/docs/ODA_Comm_AnnRpt_2014.pdf

Crop Reports

The Crop Enterprise Analysis reports show the average physical production, gross return, direct costs, overhead costs, and net returns per acre. There are potentially two analyses for each crop depending on the farmers' tenure on the land: owned land and cash rented land. Information is presented for the average of all farms and the high 20% sorted by net return per acre. Not all crop enterprises include a high 20% breakout depending on the total number of farms in the enterprise.

Benchmark Reports follow the enterprise summary when available (data from 12 or more farms). Benchmark Reports include information on 37 income, expense, and efficiency measures from the associated crop enterprise analysis. Information on how to use the reports is included on page 8 and 9.

Gross Return per Acre includes the value of the crop produced plus any other income directly associated with production of the crop, including hedging gains or losses, LDP payments, crop insurance proceeds and any disaster payments that might have been received. It does not include government payments (see Net Return with Government Payments).

The Value per Unit is assigned by the producer. For cash crops, the value is based on the actual sales price for production sold or contracted before year-end and the inventory value for crops still in inventory at year-end.

Net Return per Acre is the amount contributed toward operator labor, management, and equity capital. Any wages and benefits paid to the operator are removed from labor costs (and added to the Labor and Management Charge) so that all farms are on equal footing. Land costs include land rent on the rented land enterprises but only actual interest paid and real estate taxes on owned land. For this reason, net returns from owned and rented land should not be compared.

Net Return with Government Payments is the net return per acre after decoupled government payments such as direct and counter-cyclical government payments have been added. These payments are generally allocated evenly per acre across all crops except vegetables and pasture.

Net Return over Labor and Management is the return, including government payments, remaining after compensating the operator for unpaid labor and management. This is the per acre return to equity capital.

Labor and Management for farms calculation:

Management is calculated at 5% of the Value of Farm Production (VFP)Labor is valued at $13.50 per hour for 3,000 hours annually (dairy or swine)

2,500 hours annually (crop or livestock)

Example: Management at 5% * $900,000 VFP = $45,000 Labor of 2,500 hrs * $13.50 = $33,750

$78,750

Cost of Production shows the average cost per unit produced in each cost category.

Total Direct and Overhead Expense per Unit is the breakeven price needed to cover cash costs and depreciation.

Less Government and Other Income is the breakeven price if government payments and any miscellaneous income are used to offset some expenses.

With Labor and Management is the breakeven price to provide a labor and management return for the operator(s).

Machinery Cost per Acre includes fuel and oil, repairs, custom hire, machinery lease payments, machinery depreciation, and interest on intermediate debt.

Benchmark Reports

Benchmark Reports follow the enterprise summary when available (data from 12 or more enterprises). Benchmark Reports include information on 37 income, expense, and efficiency measures from the crop enterprise analysis.

These reports allow farms to compare their performance against other Ohio farms. The farms who completed their analysis receive benchmark reports personalized for their farm. These reports include their farm’s numbers in the “My Farm” column and corresponding percentiles highlighted for each of the 37 items. Managers can quickly see where they are doing well and where they have opportunities for improvement.

The Benchmark Reports are generated using the RankEm(c) software from the University of Minnesota’s Center for Farm Financial Management. Benchmark reports include the median value (half of the data points were higher, half of the data points were lower – which will frequently be at least slightly different from the average) for each of the 37 income, expense and efficiency measures. For each measure, the corresponding data

is sorted from lowest to highest. Then the median value of for each 10% grouping of the data set is sorted into the 10%, 20%, 30%...100% columns of the table.

Each line is calculated separately. In other words, the 10% column does not represent the bottom 10% of all farms, nor does the 100th percentile group include only the top performing farms. An individual farm may be in the 80th percentile for Gross Return, but in the 30th percentile for seed cost. Typically, a farm’s values will be scattered in multiple percentile groups (columns) across the chart.

2014 Crop Enterprise Analysis(Farms Sorted By Net Return)

Corn on Owned Land

Avg. OfAll Farms High 20%

Number of farms 22 5

Acres 121.81 137.31Yield per acre (bu.) 178.16 204.71Operators share of yield % 100.00 100.00Value per bu. 4.30 4.27Total product return per acre 766.89 873.53Hedging gains/losses per acre 7.57 29.54Crop insurance per acre 2.62 -Other crop income per acre 1.32 5.15Gross return per acre 778.40 908.22

Direct ExpensesSeed 112.00 113.41Fertilizer 146.88 145.71Crop chemicals 52.45 27.58Crop insurance 10.79 17.34Drying expense 10.10 17.78Storage 2.36 1.80Fuel & oil 42.06 27.76Repairs 70.09 53.34Custom hire 22.26 6.69Hired labor 23.43 28.55Machinery leases 6.80 3.24Utilities 7.59 3.09Hauling and trucking 1.93 0.28Marketing 0.60 -Operating interest 3.47 0.73Miscellaneous 8.09 11.73

Total direct expenses per acre 520.89 459.02Return over direct exp per acre 257.51 449.20

Overhead Expenses8.46 0.00

26.08 36.3910.15 12.082.45 3.01

49.73 52.5373.87 105.91

Hired laborReal estate taxes Farm insuranceDues & professional fees InterestMach & bldg depreciation Miscellaneous 14.94 5.77

Total overhead expenses per acre 185.67 215.68Total dir & ovhd expenses per acre 706.56 674.71Net return per acre 71.84 233.51

Government payments 4.68 -Net return with govt pmts 76.52 233.51Labor & management charge 87.41 89.61Net return over lbr & mgt -10.89 143.90

Cost of ProductionTotal direct expense per bu. 2.92 2.24Total dir & ovhd exp per bu. 3.97 3.30Less govt & other income 3.88 3.13With labor & management 4.37 3.56

Net value per unit 4.35 4.41Machinery cost per acre 202.07 170.62Est. labor hours per acre 6.60 3.48

Ohio Farm Business Analysis Program © 2015 The Ohio State University

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2014 Crop Enterprise Analysis (Farms Sorted By Net Return)

Corn on Cash Rented Land




Direct ExpensesSeed 103.96 105.17Fertilizer 140.23 145.29Crop chemicals 45.00 36.39Crop insurance 12.86 19.14Drying expense 10.71 15.19Storage 6.27 -Packaging and supplies 1.22 -Fuel & oil 38.28 32.65Repairs 56.01 53.21Custom hire 21.30 11.16Hired labor 17.77 22.93Land rent 116.26 90.84Machinery leases 5.21 2.19Utilities 6.24 6.34Hauling and trucking 3.59 2.32Marketing 1.19 1.65Operating interest 1.81 1.03Miscellaneous 7.75 7.68


Overhead ExpensesHired labor 5.88 2.44Building leases 1.14 0.74Farm insurance 8.94 11.09Dues & professional fees 3.04 4.32Interest 5.88 6.14Mach & bldg depreciation 68.85 87.00Miscellaneous 14.36 22.70


Government payments 1.89 -Net return with govt pmts 36.43 216.54Labor & management charge 94.50 98.31Net return over lbr & mgt -58.07 118.23




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st. l

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527

Cop

yrig

ht ©

The

Ohi

o S

tate

Uni

vers

ity 1

2/21

/15

Plea

se s

ee p

age 8

and 9

for m

ore

info

rmat

ion

on h

ow to

use

the

benc

hmar

k re

port

s.


Corn Silage on Owned Land



Acres 117.08 102.71Yield per acre (ton) 21.72 23.06Operators share of yield % 100.00 100.00Value per ton 45.01 47.26Total product return per acre 977.39 1,089.73Other crop income per acre 1.66 8.52Gross return per acre 979.05 1,098.25

Direct ExpensesSeed 124.77 125.40Fertilizer 131.00 122.13Crop chemicals 46.57 42.76Crop insurance 9.14 3.49Storage 1.31 3.34Packaging and supplies 6.24 2.83Fuel & oil 54.65 60.77Repairs 97.37 66.87Custom hire 120.84 21.67Repair, buildings 0.11 0.56Hired labor 30.12 14.27Machinery leases 5.47 1.98Utilities 3.46 1.82Hauling and trucking 7.01 -Operating interest 3.64 4.68Miscellaneous 15.93 3.87


Overhead Expenses19.00 27.8020.84 19.548.40 7.550.44 0.712.87 4.57

59.07 60.1063.55 50.30

Hired laborReal estate taxesFarm insuranceUtilitiesDues & professional fees InterestMach & bldg depreciation Miscellaneous 13.51 11.54


Government payments - -Net return with govt pmts 133.73 439.69Labor & management charge 103.91 120.52Net return over lbr & mgt 29.82 319.17

Cost of ProductionTotal direct expense per ton 30.29 20.66Total dir & ovhd exp per ton 38.93 28.56Less govt & other income 38.85 28.19With labor & management 43.64 33.42



Ran

kEm

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Cor

n S

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Ow

ned

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; 27

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2014

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o Fa

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27

Cop

yrig

ht ©

The

Ohi

o S

tate

Uni

vers

ity 1

2/21

/15

Plea

se s

ee p

age 8

and 9

for m

ore

info

rmat

ion

on h

ow to

use

the

benc

hmar

k re

port

s.


Corn Silage on Cash Rented Land



Acres 146.30 87.96Yield per acre (ton) 21.88 24.86Operators share of yield % 100.00 100.00Value per ton 44.26 50.02Total product return per acre 968.27 1,243.35Crop insurance per acre 12.81 -Other crop income per acre 1.20 -Gross return per acre 982.28 1,243.35

Direct ExpensesSeed 114.97 108.48Fertilizer 127.79 119.95Crop chemicals 40.16 44.69Crop insurance 7.44 7.42Drying expense 0.07 0.61Storage 0.37 2.77Packaging and supplies 9.71 -Fuel & oil 70.28 59.45Repairs 128.45 82.50Custom hire 112.98 135.45Hired labor 26.98 22.12Land rent 81.00 66.22Machinery leases 5.16 -Utilities 4.36 2.37Hauling and trucking 5.23 -Operating interest 4.91 6.94Miscellaneous 14.06 9.05


Overhead ExpensesHired labor 14.44 29.18Farm insurance 14.79 10.10Utilities 0.77 1.72Dues & professional fees 2.57 5.79Interest 8.08 3.51Mach & bldg depreciation 89.63 63.73Miscellaneous 21.31 27.44


Government payments - -Net return with govt pmts 76.74 433.85Labor & management charge 96.92 117.20Net return over lbr & mgt -20.18 316.65

Cost of ProductionTotal direct expense per ton 34.46 26.88Total dir & ovhd exp per ton 41.39 32.57Less govt & other income 40.75 32.57With labor & management 45.18 37.28



Ran

kEm

Gro

up

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ian

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80%

90%

100%

Cor

n S

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Rep

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s

Co

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2014

Ohi

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20

Cop

yrig

ht ©

The

Ohi

o S

tate

Uni

vers

ity 1

2/21

/15

Plea

se s

ee p

age 8

and 9

for m

ore

info

rmat

ion

on h

ow to

use

the

benc

hmar

k re

port

.


Hay, Alfalfa on Owned Land

Avg. OfAll Farms

Number of farms 9

Acres 73.88Yield per acre (ton) 6.30Operators share of yield % 100.00Value per ton 123.76Total product return per acre 779.61Gross return per acre 779.61

Direct ExpensesSeed 20.06Fertilizer 70.25Crop chemicals 25.28Fuel & oil 46.73Repairs 72.36Custom hire 91.67Hired labor 45.34Machinery leases 2.35Utilities 3.67Hauling and trucking 4.21Operating interest 3.91Miscellaneous 12.37

Total direct expenses per acre 398.20Return over direct exp per acre 381.41

Overhead Expenses1.42

19.099.713.45

54.4740.56

Hired laborReal estate taxes Farm insuranceDues & professional fees InterestMach & bldg depreciation Miscellaneous 14.26

Total overhead expenses per acre 142.96Total dir & ovhd expenses per acre 541.16Net return per acre 238.44

Government payments -Net return with govt pmts 238.44Labor & management charge 135.64Net return over lbr & mgt 102.81

Cost of ProductionTotal direct expense per ton 63.21Total dir & ovhd exp per ton 85.91Less govt & other income 85.91With labor & management 107.44

Net value per unit 123.76Machinery cost per acre 246.62Est. labor hours per acre 6.22



Hay, Alfalfa on Cash Rented Land

Avg. OfAll Farms

Number of farms 11


Direct ExpensesSeed 15.18Fertilizer 102.25Crop chemicals 22.25Packaging and supplies 5.33Fuel & oil 62.72Repairs 112.30Custom hire 76.17Hired labor 39.26Land rent 98.54Machinery leases 9.02Utilities 5.48Hauling and trucking 1.44Operating interest 4.55Miscellaneous 20.61


Overhead ExpensesHired labor 7.58Building leases 0.66Farm insurance 13.45Dues & professional fees 2.46Interest 9.06Mach & bldg depreciation 41.43Miscellaneous 28.89







Hay, Mixed on Owned Land

Avg. OfAll Farms

Number of farms 10


Direct ExpensesSeed 18.41Fertilizer 27.69Crop chemicals 15.84Packaging and supplies 0.60Fuel & oil 30.59Repairs 59.90Repair, machinery 1.21Custom hire 65.28Hired labor 27.78Machinery leases 4.87Utilities 3.93Operating interest 2.10Miscellaneous 24.08



14.232.992.41

22.8133.38







2014 Crop Enterprise Analysis

(Farms Sorted By Net Return)

Hay, Mixed on Cash Rented Land

Avg. OfAll Farms

Number of farms 6


Direct ExpensesSeed 15.32Fertilizer 19.41Crop chemicals 8.29Packaging and supplies 1.31Fuel & oil 26.85Repairs 45.25Custom hire 61.10Hired labor 27.03Land rent 48.59Machinery leases 0.50Utilities 2.49Operating interest 0.74Miscellaneous 16.18


Overhead ExpensesHired labor 1.87Farm insurance 4.51Dues & professional fees 1.86Interest 2.15Mach & bldg depreciation 38.60Miscellaneous 9.56







Haylage, Mixed on Owned Land

Avg. OfAll Farms

Number of farms 4

Acres 124.95Yield per acre (ton) 9.57Operators share of yield % 100.00Value per ton 123.05Total product return per acre 1,178.00Gross return per acre 1,178.00

Direct ExpensesSeed 35.98Fertilizer 34.80Crop chemicals 4.34Packaging and supplies 18.97Fuel & oil 53.32Repairs 72.20Custom hire 4.10Repair, buildings 1.15Hired labor 25.53Machinery leases 25.02Utilities 6.95Operating interest 6.68


Overhead Expenses24.9524.325.681.93

84.1182.08








Haylage, Mixed on Cash Rented Land

Avg. OfAll Farms

Number of farms 5


Direct ExpensesSeed 38.61Fertilizer 15.82Crop chemicals 0.72Storage 1.34Packaging and supplies 5.89Fuel & oil 58.68Repairs 70.24Repair, machinery 1.72Custom hire 4.16Hired labor 18.00Land rent 58.57Machinery leases 10.92Utilities 5.64Hauling and trucking 3.32Operating interest 8.07Miscellaneous 1.14


Overhead ExpensesHired labor 23.13Machinery leases 0.79Farm insurance 11.75Dues & professional fees 4.61Interest 3.68Mach & bldg depreciation 90.11Miscellaneous 7.94


Government payments -Net return with govt pmts 67.94Labor & management charge 82.85Net return over lbr & mgt -14.91





Soybeans on Owned Land




Direct ExpensesSeed 73.16 56.25Fertilizer 30.66 11.26Crop chemicals 45.35 37.20Crop insurance 7.77 9.50Storage 0.96 2.04Fuel & oil 23.89 18.59Repairs 33.57 28.15Custom hire 27.41 1.79Hired labor 28.47 24.92Machinery leases 5.82 3.97Utilities 4.50 2.04Hauling and trucking 3.64 2.38Marketing 1.04 -Operating interest 2.00 0.37Miscellaneous 8.07 11.64


Overhead Expenses3.84 0.31

32.79 41.155.97 7.751.95 2.16

46.06 42.5951.89 83.30

Hired laborReal estate taxes Farm insuranceDues & professional fees InterestMach & bldg depreciation Miscellaneous 7.25 3.14


Government payments 0.18 -Net return with govt pmts 102.57 311.75Labor & management charge 52.67 56.00Net return over lbr & mgt 49.90 255.75




Ran

kEm

Gro

up

Med

ian

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

Soy

bean

Ben

chm

ark

Rep

ort,

Ow

ned

Land

; 18

Far

ms

Co

un

t

2014

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o Fa

rm B

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47.4

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t of p

rod

with

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& m

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0713

.92

12.1

310

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Mac

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89

1

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st. l

abor

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1.69

1.58

20.6

618

Cop

yrig

ht ©

The

Ohi

o S

tate

Uni

vers

ity 1

2/21

/15

Plea

se s

ee p

age 8

and 9

for m

ore

info

rmat

ion

on h

ow to

use

the

benc

hmar

k re

port

s.


Soybeans on Cash Rented Land




Direct ExpensesSeed 72.58 54.34Fertilizer 32.43 14.14Crop chemicals 38.48 36.50Crop insurance 4.92 7.91Storage 4.35 5.64Packaging and supplies 0.67 1.43Fuel & oil 21.07 17.09Repairs 28.68 23.44Custom hire 13.72 15.48Hired labor 13.14 15.94Land rent 118.51 114.43Machinery leases 4.97 5.46Utilities 2.00 2.13Hauling and trucking 2.73 3.35Operating interest 1.26 -Miscellaneous 7.09 7.82


Overhead ExpensesHired labor 7.63 0.23Building leases 0.38 1.01Farm insurance 5.07 6.11Dues & professional fees 1.46 1.69Interest 3.92 2.48Mach & bldg depreciation 32.81 58.14Miscellaneous 5.55 3.95


Government payments - -Net return with govt pmts 79.42 256.19Labor & management charge 49.57 47.83Net return over lbr & mgt 29.86 208.36




Ran

kEm

Gro

up

Med

ian

10%

20%

30%

40%

50%

60%

70%

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90%

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Soy

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Wheat, Winter on Owned Land

Avg. OfAll Farms

Number of farms 11

Acres 35.55Yield per acre (bu.) 61.50Operators share of yield % 100.00Value per bu. 4.92Total product return per acre 302.53Crop insurance per acre 5.14Other crop income per acre 40.01Gross return per acre 347.68

Direct ExpensesSeed 50.77Fertilizer 41.98Crop chemicals 3.75Crop insurance 1.13Packaging and supplies 3.54Fuel & oil 25.64Repairs 37.24Custom hire 13.89Hired labor 29.51Machinery leases 10.91Utilities 5.25Operating interest 1.96Miscellaneous 5.69



21.113.361.34

54.5139.44


Total overhead expenses per acre 134.12Total dir & ovhd expenses per acre 365.37Net return per acre -17.69

Government payments -Net return with govt pmts -17.69Labor & management charge 51.72Net return over lbr & mgt -69.42

Cost of ProductionTotal direct expense per bu. 3.76Total dir & ovhd exp per bu. 5.94Less govt & other income 5.21With labor & management 6.05




Wheat, Winter on Cash Rented Land

Avg. OfAll Farms

Number of farms 13

Acres 61.59Yield per acre (bu.) 65.38Operators share of yield % 100.00Value per bu. 4.99Total product return per acre 326.46Crop insurance per acre 13.95Other crop income per acre 49.59Gross return per acre 390.00

Direct ExpensesSeed 57.03Fertilizer 57.15Crop chemicals 8.06Crop insurance 6.18Drying expense 0.94Storage 1.65Packaging and supplies 4.01Fuel & oil 28.76Repairs 33.08Custom hire 27.15Hired labor 11.56Land rent 97.93Machinery leases 4.08Utilities 3.48Hauling and trucking 3.08Marketing 0.73Operating interest 1.24Miscellaneous 4.22


Overhead ExpensesHired labor 14.28Building leases 0.30Farm insurance 5.29Utilities 0.51Dues & professional fees 1.74Interest 2.66Mach & bldg depreciation 40.05Miscellaneous 5.80

Total overhead expenses per acre 70.63Total dir & ovhd expenses per acre 420.97Net return per acre -30.98

Government payments -Net return with govt pmts -30.98Labor & management charge 48.64Net return over lbr & mgt -79.61

Cost of ProductionTotal direct expense per bu. 5.36Total dir & ovhd exp per bu. 6.44Less govt & other income 5.47With labor & management 6.21



Appendix I Crop Enterprise Analysis Procedures and MeasuresThe Crop Enterprise Analyses show the profitability of each crop enterprise produced by five or more farms.

Gross Return is the average Yield multiplied by the Value per Unit plus any other production or income related to the crop. Value per Unit for cash crops is the average sales price for crops sold before the end of the year and the average ending inventory value for crops remaining unsold. For feed crops, it is the estimated value reported by each farm. LDP payments and other commodity-specific income are added to estimate the total value received for crop production.

Direct Expenses include expenses that are directly related to the production of the specific crop. Most direct expenses are directly assigned to production of the crop and simply divided by acres. Some, such as Fuel and Oil and Repairs, which are difficult to assign directly to specific fields or crops, are determined by allocating the total annual expense across all enterprises using allocation factors entered for each crop.

Overhead Expenses are also determined by allocating the total annual expense across all enterprises using allocation factors entered for each crop.

Net Return per Acre is the Gross Return per Acre minus Total Direct and Overhead Expenses.

Net return with government payments is Net Return per Acre plus Government Payments per acre. Government Payments includes only direct payments and counter-cyclical payments. Payments that are directly attached to production of the crop, such as LDP and disaster payments are included in Gross Return. Because direct government payments have been decoupled from actual production, these payments are generally allocated to all crops excluding vegetables and pasture. This is done for each farm by allocating the direct payments from the whole farm to these crops.

Net Return over Labor and Management is calculated by allocating the farmer's charge for unpaid labor and management across all enterprises and subtracting it from Net Return with Government Payments.

Cost of Production is calculated by dividing the total expense for each category by the yield per acre.

Total Expense Less Government and Other Income is total expense minus government payments, income from secondary products, and other income, divided by yield per acre.

Machinery Cost per Acre is the sum of fuel and oil, repairs, custom hire expense, machinery lease payments, machinery depreciation, and interest on intermediate debt

divided by acres.

Estimated Labor Hours per Acre is calculated by allocating the farmer's estimate of total operator and hired labor hours for the year across all enterprises.

Rounding of individual items for the report may have caused minor discrepancies with the calculated totals. If fewer than 4 farms have a certain crop enterprise, that information is not reported. If there are fewer than 18 farms, the high groups are not reported.

2014 Ohio Farm Business Analysis...Benchmark Reports follow the enterprise summary when available...

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