Farmers face tough decisions this year due to shrinking profit margins in corn and soybeans. With planting season approaching, carefully evaluating input costs is crucial to maximizing profitability.
While budgeting for crops may not be the most exciting task, it’s essential to ensure informed decision-making. Current market conditions, with corn and soybean prices hovering around $3.50 and $10.45 respectively, necessitate not only planning your main planting strategy but also creating alternative options in case market conditions force adjustments.
To assist farmers in planning their 2024 crop expenses, the UW-Madison Division of Extension offers a Crop Enterprise Budget Tool. This tool helps analyze the financial impact of various input costs like seeds, fertilizers, and herbicides on different planting scenarios. Farmers can input their specific costs and potential yields to estimate profitability under various market conditions.
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