Dec
12

Tools for 2012- Crop Budgets, Crop Variety Selection, Income Tax Planning

by Greg LaBarge, Fulton County

OSU Extension produces some important planning tools that are now available on-line. See the links below as you begin planning for 2012.

Budgeting for crop enterprises is an important tool in looking at the economic situation that you can expect. How much for variable cost such as fertilizer, seed and crop insurance will I need to spend? What do I need to cover fixed cost of land rents and machinery? Accounting for all cost provides a dollar amount we need to be profitable and sets the point where we can look at  grain marketing.  Table 1 below highlights cost in the OSU budgets.

Crop Yield per Acre Expectations Variable Cost per Acre Fixed per Cost Acre Total Cost per Acre Total Cost per Bushel
Corn 155 $ 411 $ 341 $ 752 $   4.86
Soybeans

48

$ 228 $ 290 $ 518 $ 10.50
Wheat

82

$ 260 $ 353 $ 613 $   7.88

While these serve as a guideline remember the most important line is your expected numbers. The tool can be accessed at http://aede.osu.edu/programs/farmmanagement/budgets and you can put your numbers in the spreadsheet to quickly do enterprise planning.

The second tool is the Ohio Corn and Soybean Performance Trials. Hard copies of this publication are available in the Extension Office and you can also find the convenient on-line tool which has sorting capabilities on various aspects of the data. The on-line versions of the corn trials can be found at http://www.oardc.ohio-state.edu/corntrials/ and soybeans can be found at http://www.oardc.ohio-state.edu/soy2011/.

The Farmers Tax Guide has also been a resources that farmers look to for income tax preparations and tracking the ever changing issues that affect the bill to Uncle Sam. This publication will be available in the Fulton County Office on Friday 12/16. Other office may have hard copies already available. On line you can find this publication at http://www.irs.gov/publications/p225/index.html

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