Monthly Crop Comments

Supply and Demand Estimates and Profitability Outlook

The following is a summary of the USDA’s monthly World Agricultural Supply and Demand Estimates (WASDE) report. Domestic balance sheets for corn, soybeans, cotton, and wheat are displayed along with price reaction in futures markets for each commodity on the day of the report release. Additionally, supply and demand estimates for key importing and exporting countries are provided for the current month along with change in estimates from the previous report. The Profitability Outlook section contains estimated returns per acre for each commodity based on 2018 Tennessee state average/trend yields and current price offerings (note: cotton prices include a seed and hauling rebate). Variable expenses are based on the University of Tennessee Extension 2023 Row Crop Budgets. Prices are updated monthly; expenses are updated as warranted during the year and may be different than the expenses contained in the 2023 Row Crop Budgets. This section provides an estimation of the current relative profitability amongst major row crops in Tennessee.

The report is prepared monthly by Dr. Aaron Smith.


March 8, 2023 – USDA World Supply and Demand Estimates

Corn

Market Reaction and Price Outlook

May 2023 corn futures closed down 8 ¾ cents at $6.25 ½ with a trading range for the day of $6.24 ½ to $6.37 ½. December 2023 corn futures closed down 9 cents at $5.58 with a trading range for the day of $5.57 ¼ to $5.67 ½. USDA finally reduced projected corn exports. Price direction will be dictated by Brazilian and U.S. planting weather and progress.  

USDA Summary

This month’s 2022/23 U.S. corn outlook is for lower exports and larger ending stocks.  Exports are reduced 75 million bushels reflecting the poor pace of sales and shipments to date despite relatively competitive U.S. prices.  With no other use changes, ending stocks are up 75 million bushels from last month.  The season-average corn price received by producers is lowered 10 cents to $6.60 per bushel based on reported prices to date.

Global coarse grain production for 2022/23 is forecast lower.  This month’s foreign coarse grain outlook is for reduced production, consumption, and ending stocks relative to last month.  Foreign corn production is down, with a decline for Argentina partially offset by increases for India and Paraguay.  For Argentina, production is cut as continued heat and dryness during February and into early March reduce yield prospects for late-planted corn.  India corn production is higher based on official government data.  Foreign barley production is higher reflecting increases for Kazakhstan, Australia, and Argentina.  Foreign sorghum production is lowered with declines for Australia and Argentina.

Major global trade changes for 2022/23 include higher projected corn exports for India, Ukraine, and Paraguay, with reductions for Argentina and the United States.  Corn imports are lowered for Turkey, Iran, Malaysia, Chile, Colombia, Egypt, Morocco, Peru, and Taiwan.  Foreign corn ending stocks are down relative to last month, reflecting declines for Ukraine and Brazil that are partly offset by an increase for India.  Global corn ending stocks, at 11.673 billion bushels, are up 47 million.

2018/192019/202020/212021/22 Est.2022/23 Projected February2022/23 Projected March2022/23 Change from Previous MonthChange 2022/23-2021/22
 Planted and Harvested Acres & Yield
Planted (Million)88.989.790.793.388.688.60.0-4.7
Harvested (Million)81.381.382.385.379.279.20.0-6.1
U.S. Avg. Yield (Bu/Acre)176.4167.5171.4176.7173.3173.30.0-3.4
 Supply (Million Bushels)
Beg. Stocks2,1402,2211,9191,2351,3771,3770142
Production14,34013,62014,11115,07413,73013,7300-1,344
Imports284224245050026
Total Supply16,50915,88316,05516,33315,15715,1570-1,176
 Use & Ending Stocks (Million Bushels)
Feed and Residual5,4295,9005,6075,7185,2755,2750-443
Ethanol5,3784,8575,0285,3265,2505,2500-76
Food, Seed & Industrial1,4151,4291,4391,4401,4401,44000
Exports2,0661,7772,7472,4711,9251,850-75-621
Total Use14,28813,96314,82114,95613,89013,815-75-1,141
U.S. Ending Stocks2,2211,9191,2351,3771,2671,34275-35
Foreign Stocks10,41910,14210,29410,65710,35810,329-29-328
 Price and Stocks to Use Ratio
U.S. Avg. Season Price ($/Bu)$3.61$3.56$4.53$6.00$6.70$6.60-$0.10$0.60
U.S. Stocks/Use15.54%13.74%8.33%9.21%9.12%9.71%0.59%0.51%

Source: USDA-WASDE March 8, 2023

World Corn Supply and Use (Million Bushels) 2022/23 Marketing Year – Current Month

Country / RegionBeginning StocksProductionImportsDomestic FeedDomestic TotalExportsEnding Stocks
World12,03445,1766,86928,62045,5396,87811,671
United States1,37713,730505,27511,9651,8501,342
Total Foreign10,65731,4466,81923,34533,5745,02810,329
        Argentina591,57503154721,10259
        Brazil1484,921512,4212,8741,968278
        Russia37551238642913031
        South Africa77657028752413477
        Ukraine2001,063019724492594
        Egypt61293354539638070
        E.U.3912,1349252,3033,07587289
        Japan550591453591055
        Mexico1241,0876771,0241,74024124
        SE Asia1341,2076181,4841,80935115
        South Korea813433343435082
        Canada108572393545596398
        China8,23310,9137098,50311,69218,162
ROW9486,4702,4194,7368,492559795

Source: USDA-WASDE March 8, 2023

World Corn Supply and Use (Million Bushels): Current-Previous Month (2022/23)

Country / RegionBeginning StocksProductionImportsDomestic FeedDomestic TotalExportsEnding Stocks
World-23-151-99-85-221-25046
United States-7575
Total Foreign-24-151-99-85-221-176-28
        Argentina-276-276
        Brazil-20-20
        Russia
        South Africa22
        Ukraine39-39
        Egypt-8-8-8
        E.U.
        Japan
        Mexico
        SE Asia-8-12-124
        South Korea
        Canada
        China
ROW-5124-83-65-2025729

Source: USDA-WASDE March 8, 2023

Cotton

Market Reaction and Price Outlook

May 2023 cotton futures closed down 0.15 cents at 82.62 with a trading range for the day of 82.16 to 83.48 cents. December 2023 cotton futures closed down 0.32 cents at 83.21 cents with a trading range for the day of 82.81 to 83.98 cents. Cotton’s demand problem was amplified by the uncertainty created by concerns over financial markets.

USDA Summary

This month’s 2022/23 U.S. cotton supply and demand forecasts are unchanged relative to last month.  The projected marketing year average price received by producers is also unchanged at 83 cents per pound.

The global 2022/23 cotton supply and demand forecasts this month include lower consumption and trade, and higher production and stocks.  Beginning stocks are almost 900,000 bales higher as historical consumption estimates for China and Uzbekistan are updated to align with data from official and other sources.  World cotton consumption in 2022/23 is 555,000 bales lower this month with reductions in Turkey, Pakistan, Indonesia, and Bangladesh.  Projected imports are lower for each of these countries—and for China—while exports are lower for Brazil, India, and Argentina, with world trade totaling 785,000 bales lower.  Production is more than 700,000 bales higher as larger expected crops in China, Australia, and Uzbekistan more than offset reduced prospects for India.  At 91.1 million bales, 2022/23 world ending stocks are projected 2.1 million higher than a month earlier and 5.0 million higher than in 2021/22.

2017/182018/192019/202020/212021/22 Est.2022/23 Projected February2022/23 Projected March2022/23 Change from Previous MonthChange 2022/23-2021/22
 Planted and Harvested Acres & Yield
Planted (Million)12.7214.113.7412.0911.2213.7613.7602.54
Harvested (Million)11.19.9911.58.2210.277.447.440-2.83
U.S. Average Yield (lb/acre)9058828318538199479470128
 Supply (Million Bales)
Beg. Stocks2.754.24.857.253.153.753.7500.6
Production20.9218.3719.9114.6117.5214.6814.680-2.84
Imports00000.010.010.0100
Total Supply23.6822.5724.7721.8620.6818.4418.440-2.24
 Use & Ending Stocks (Million Bales)
Domestic3.232.982.152.42.552.12.10-0.45
Exports16.2814.8415.5116.3514.6212120-2.62
Total Use19.517.8117.6618.7517.1714.114.10-3.07
U.S. Ending Stocks4.24.857.253.153.754.34.300.55
Foreign Stocks76.5475.189.883.1382.3684.7886.852.074.49
Chinese Stocks37.9935.6736.937.7938.5637.4439.4420.88
 Price and Stocks to Use Ratio
U.S. Avg. Season Price ($/lb)$0.686$0.703$0.596$0.663$0.914$0.83$0.83$0.00-$0.08
U.S. Stocks/Use22%27%41%16.8%22%30%30%0.00%8.66%
Chinese Stocks/Use93%90%112%92.2%114%104%110%5.56%-4.70%

USDA-WASDE March 8, 2023

World Cotton Supply and Use (Million 480 lb Bales) 2022/23 Marketing Year – Current Month

Country / RegionBeginning StocksProductionImportsDomestic UseExportsLossEnding Stocks
World86.11115.0939.58110.1139.6-0.0791.15
United States3.7514.680.012.1120.044.3
Total Foreign82.36100.4139.57108.0127.6-0.1186.85
       Central Asia2.375.20.053.921.4202.28
       Afr. Fr. Zone1.614.7900.14.701.6
       Australia4.865.500.016.1-0.194.44
       Brazil11.8413.30.023.27.7014.25
       India8.624.51.722.52.2010.1
       Mexico0.371.40.91.80.50.010.36
       China38.5629.57.5360.13039.44
       E.U.0.31.570.560.581.500.34
       Turkey2.774.94.27.70.70.013.46
       Pakistan1.893.94.38.60.030.031.44
       Indonesia0.4601.81.90.0100.36
       Thailand0.100.70.700.010.09
       Bangladesh2.290.167.78.100.012.04
       Vietnam1.0206.36.3001.03
ROW5.325.693.846.62.610.015.62

USDA-WASDE March 8, 2023

World Cotton Supply and Use (Million 480 lb Bales): Current-Previous Month (2022/23)

Country / RegionBeginning StocksProductionImportsDomestic UseExportsLossEnding Stocks
World0.870.72-0.86-0.55-0.780.012.07
United States
Total Foreign0.870.72-0.87-0.55-0.780.012.07
       Central Asia-0.290.2-0.030.15-0.05-0.22
       Afr. Fr. Zone-0.02-0.030.01
       Australia0.50.5
       Brazil-0.30.3
       India-1-0.3-0.7
       Mexico0.05-0.05
       China1.251-0.252
       E.U.
       Turkey-0.1-0.30.010.19
       Pakistan-0.2-0.2
       Indonesia-0.1-0.1
       Thailand
       Bangladesh-0.2-0.1-0.1
       Vietnam
ROW-0.09-0.010.07-0.10.09

USDA-WASDE March 8, 2023

Soybeans

Market Reaction and Price Outlook

May 2023 soybean futures closed up 2 ¼ cents at $15.17 ¾ with a trading range for the day of $15.11 to $15.33 ¾. November 2023 soybean futures were down 2 cents for the day closing at $13.71 ½ with a trading range for the day of $13.68 ¼ to $13.83 ¾.  Tight projected US ending stocks will continue to support prices even with the shift in export business from the US to Brazil.

USDA Summary

U.S. soybean supply and use changes for 2022/23 include higher exports, lower crush, and reduced ending stocks compared with last month’s report.  Soybean exports are raised 25 million bushels to 2.02 billion based on higher-than-expected shipments through February.  Soybean crush is reduced on a small reduction in domestic soybean meal disappearance combined with a higher extraction rate.  With higher exports more than offsetting lower crush, ending stocks are reduced 15 million bushels to 210 million.  If realized, ending stocks would be the lowest in seven years.  With relatively strong domestic demand for soybean oil limiting export competitiveness, U.S. soybean oil exports are reduced 200 million pounds to a historically low 500 million.  Higher domestic use and reduced production are offsetting, leaving soybean oil stocks unchanged this month. The U.S. season-average soybean price forecast for 2022/23 is unchanged at $14.30 per bushel.  The soybean meal price is forecast at $465 per short ton, up 15 dollars.  The soybean oil price is reduced 2 cents to 66.0 cents per pound.

Global 2022/23 oilseed supply and demand forecasts include lower production, crush, and stocks.  Global oilseed production is reduced mainly on lower soybean and sunflowerseed production for Argentina partly offset by higher Australia rapeseed production.  Soybean production for Argentina is lowered 294 million bushels to 1.213 billion on dry and hot weather conditions.  Uruguay soybean production is also lowered 7 million bushels to 77 million. 

Global oilseed trade is up on higher rapeseed and soybean exports.  Rapeseed exports are increased for Australia and Ukraine, in line with higher imports for the EU and Pakistan.  Soybean exports are higher for Brazil and the United States, and imports are higher for Argentina to partly offset production losses.  Soybean imports are also raised for Iran and Turkey.

Global 2022/23 oilseed crush is lowered mainly on a slower-than-expected soybean crush pace for China and lower available soybean and sunflowerseed supplies for Argentina.  Lower Argentina vegetable oil exports are offset by higher shipments of palm oil from Malaysia and sunflowerseed oil from Turkey, Russia, and Ukraine.  Global soybean ending stocks are lowered 73 million bushels to 3.674 billion, with lower stocks for Argentina, Brazil, and the United States that are partly offset by higher stocks for China.

2018/192019/202020/212021/22 Est.2022/23 Projected February2022/23 Projected March2022/23 Change from Previous MonthChange 2022/23-2021/22
 Planted and Harvested Acres & Yield
Planted (Million)89.276.183.487.287.587.50.00.3
Harvested (Million)87.674.982.686.386.386.30.00.0
U.S. Avg. Yield (Bu/Acre)50.647.451.051.749.549.50.0-2.2
 Supply (Million Bushels)
Beg. Stocks438909525257274274017
Production4,4283,5524,2164,4654,2764,2760-189
Imports1415201615150-1
Total Supply4,8804,4764,7614,7384,5664,5660-172
 Use & Ending Stocks (Million Bushels)
Crushing2,0922,1652,1412,2042,2302,220-1016
Exports1,7521,6792,2662,1581,9902,01525-143
Seed and Residual12710897103120121118
Total Use3,9713,9524,5044,4644,3404,35515-109
U.S. Ending Stocks909525257274225210-15-64
Foreign Stocks3,2973,0343,4193,3633,5243,465-59102
 Price and Stocks to Use Ratio
U.S. Average Season Price ($/Bu)$8.48$8.57$10.80$13.30$14.30$14.30$0.00$1.00
U.S. Stocks/Use22.89%13.28%5.71%6.14%5.18%4.82%-0.36%-1.32%

USDA-WASDE March 8, 2023

World Soybean Supply and Use (Million Bushels) 2022/2023 Marketing Year – Current Month

Country / RegionBeginning StocksProductionImportsDomestic CrushDomestic TotalExportsEnding Stocks
World3,63813,7846,07711,75913,6376,1883,675
United States2744,276152,2202,3402,015210
Total Foreign3,3639,5086,0629,53911,2964,1733,465
        Argentina8781,2132661,2951,505125728
        Brazil9885,622281,9382,0723,4061,159
        Paraguay736701271322358
        China1,1547453,5273,3804,16341,260
        E.U.5791511538596953
        S.E. Asia2518363178375132
        Mexico117235239241012
ROW2431,4451,1311,8432,213393214

USDA-WASDE March 8, 2023

World Soybean Supply and Use (Million Bushels): Current-Previous Month (2022/23)

Country / RegionBeginning StocksProductionImportsDomestic CrushDomestic TotalExportsEnding Stocks
World6-28949-142-19434-74
United States-10-1025-15
Total Foreign6-28949-132-1849-59
        Argentina-29437-75-132-29-96
        Brazil3226-25
        Paraguay-1-24-3
        China-2-73-7372
        E.U.
        S.E. Asia
        Mexico
ROW471217229-8

USDA-WASDE March 8, 2023

Wheat

Market Reaction and Price Outlook

May 2023 wheat futures closed down 10 ½ cents at $6.87 ½ with a trading range for the day of $6.84 ¼ to $6.99 ½. July 2023 wheat futures closed down 9 ½ cents for the day at $6.97 with a trading range for the day of $6.93 ¼ to $7.08. Minor changes to foreign estimates result in small month-over-month and year-over-year declines in projected ending stocks.

USDA Summary

 

The 2022/23 U.S. wheat supply and demand outlook is unchanged from last month.  The projected season-average farm price remains $9.00 per bushel. 

The 2022/23 global outlook this month is for slightly smaller supplies, increased trade and consumption, and lower ending stocks.  Supplies are lowered slightly as an increase in production nearly offsets a decrease in beginning stocks, which are lowered mostly on an increase for China 2020/21 feed and residual use.  This reduction is based on an updated analysis of government old-crop wheat stocks auction data.  Nearly offsetting this change, global production is raised 187 million bushels to 28.987 billion primarily on increases for Kazakhstan, Australia, and India.  Production estimates for all three countries are raised on updated government data.  Wheat production in Kazakhstan is now forecast at 603 million bushels, 88 million higher than last month, and the largest harvest since 2011/12.  World trade is raised 37 million bushels to 7.859 billion as increases for Kazakhstan, Australia, and Brazil more than offset decreases for Argentina and India.  Global use is forecast 73 million bushels higher to 29.145 billion, largely on increases in India food, seed, and industrial use and Kazakhstan feed and residual use.  Global ending stocks are lowered 77 million bushels to 9.818 billion, as smaller stocks for China more than offset increases for Argentina, Kazakhstan, and Australia.

2018/19 2019/202020/212021/22 Est.2022/23 Projected February2022/23 Projected March2022/23 Change from Previous MonthChange 2022/23-2021/22
 Planted and Harvested Acres & Yield
Planted (Million)47.845.544.546.745.745.70-1
Harvested (Million)39.637.436.837.135.535.50-1.6
U.S. Avg. Yield (Bu/Acre)47.651.749.744.346.546.502.2
 Supply (Million Bushels)
Beg. Stocks1,0991,0801,0288456986980-147
Production1,8851,9321,8281,6461,6501,65004
Imports13510410095120120025
Total Supply3,1193,1162,9562,5872,4682,4680-119
 Use & Ending Stocks (Million Bushels)
Food95496296197297597503
Seed596264587070012
Feed889593598080021
Exports9379699948007757750-25
Total Use2,0392,0872,1111,8881,9001,900012
U.S. Ending Stocks1,0801,0288456985685680-130
Foreign Stocks9,3339,8799,6259,2769,3289,249-79-27
 Price and Stocks to Use Ratio
U.S. Avg. Season Price ($/Bu)$5.16$4.58$5.05$7.63$9.00$9.00$0.00$1.37
U.S. Stocks/Use52.97%49.26%40.03%36.97%29.89%29.89%0.00%-7.08%

USDA-WASDE March 8, 2023

World Wheat Supply and Use (Million Bushels) 2022/23 Marketing  Year – Current Month

Country / RegionBeginning StocksProductionImportsDomestic FeedDomestic TotalExportsEnding Stocks
World9,97428,9897,6585,82429,1457,8619,818
United States6981,650120801,125775568
Total Foreign9,27627,3397,5385,74428,0207,0859,249
        Argentina864740223023992
        Australia1261,43371843121,047207
        Canada1341,24322165351919130
        EU4914,9493311,6534,0051,360406
        Russia4073,380117901,6721,598529
        Ukraine2127724147338496153
        Bangladesh48401847246026
        Brazil433822061543016240
        China5,0255,0603671,1025,291335,129
        Japan4339211282311151
        N. Africa3996471,099651,73518391
        Nigeria23422002062219
        Sel. Mideast3666478531241,44325398
        Southeast Asia199098831095542190
        India7173,82142203,876202464
        Kazakhstan55603737325738688
        UK67570662875814874
ROW8343,2752,8905705,860478862

USDA-WASDE March 8, 2023

World Wheat Supply and Use (Million Bushels): Current-Previous Month (2022/23)

Country / RegionBeginning StocksProductionImportsDomestic FeedDomestic TotalExportsEnding Stocks
World-19318949277536-79
United States
Total Foreign-19318948277436-79
        Argentina154-3748
        Australia371818
        Canada
        EU
        Russia
        Ukraine-1-1
        Bangladesh-11-11
        Brazil1818
        China-184-184
        Japan
        N. Africa
        Nigeria
        Sel. Mideast4-4
        Southeast Asia-15-7-8
        India3751-15
        Kazakhstan881818245528
        UK
ROW-8-656810-120

USDA-WASDE March 8, 2023

March 2023 Profitability Update

2022 Estimated Returns – Non-Irrigated

The profitability outlook has been updated after the release of the March 8, 2023 USDA WASDE report. For the table below, non-irrigated yields are the most recent Crop Production estimates for Tennessee: 130 bushels per acre for corn; 48 bushels per acre for soybeans; 73 bushels per acre for wheat; and 1,049 pounds per acre cotton. Yields across Tennessee varied tremendously in 2022. Prices used for grain and cotton sales are based on current Tennessee cash prices provided by USDA AMS: corn – $6.38/bu; cotton – $0.8222/lb; soybeans – $15.41/bu; and wheat – $6.72/bu. Revenue estimates do not consider any government payments (crop insurance, ARC or PLC, etc.). For corn, given the impact of the drought, indemnity payments from crop insurance and county ARC payments for the 2022 crop are likely. Costs shown below are based on the 2022 UT Extension Row Crop budgets with adjustments made where warranted. Land cost was estimated as a cash rent at the USDA NASS state average of $104 per acre. Substantial variation in land costs exist in Tennessee. Additional details on expenses can be found in the 2022 UT Crop Budgets. Rising input prices from December 2021 through August have increased costs substantially compared to initial estimates in the 2022 UT budgets.

Based on projected yields, prices, and expenses returns over specified costs for corn, cotton, soybeans, and wheat/soybeans are showing a -$178, -$155, $136, and $-3 per acre net returns. Producers with higher yields or lower cost structures may attain improved net returns over specified costs. The table below should be used as a guide as yields, prices, and expenses will vary among producers and locations. Expenses will also vary among producers and production systems.

Please contact your local County Extension office or Extension Specialist – Farm Management for assistance in developing a budget or financial plan for your farm.

CottonSoybeansCornWheat/Soybeans
Yield – Crop Production Report (Tennessee)1,0494813073 /40
Harvest Price (as of 3/8/2023)$0.82$15.41$6.38$6.72/$15.41
Revenue$862$740$829$1,107
Variable Expenses$705$356$742$749
Returns Over Variable$157$383$87$358
Land Costs (Cash Rent – NASS State Average)$104$104$104$104
Returns Over Variable and Land Costs$53$279($17)$254
Fixed Costs (Capital Recovery and Management Labor)$208$143$161$257
Returns Over Specified Costs($155)$136($178)($3)
Breakeven Price at Estimated Yield and Specified Cost$0.97$12.57$7.75$7.60/$13.87

2022 Estimated Returns – Irrigated

below, irrigated yields were estimated as: 230 bushels per acre for corn, 65 bushels per acre for full-season soybeans, and 1,400 pounds per acre cotton. Prices used for grain and cotton sales are based on current Tennessee cash prices provided by USDA AMS: corn – $6.38/bu; cotton – $0.8222/lb; soybeans – $15.41/bu; and wheat – $6.72/bu. Revenue estimates do not consider any government payments (crop insurance, ARC or PLC, etc.). Costs shown below are based on the 2022 UT Extension Row Crop budgets with adjustments made where warranted. Irrigation fixed costs and energy costs will vary greatly among producers and irrigation systems. Land cost was estimated as cash rent of $180/acre (USDA NASS state average for Tennessee). Substantial variation in land costs exist in Tennessee. Additional details on expenses can be found in the 2022 UT Crop Budgets. Rising input prices from December 2021 through August 2022 have increased costs substantially compared to initial estimates in the 2022 UT budgets.

Based on projected yields, prices, and expenses corn, cotton, soybeans, and wheat/soybeans are showing returns of $39, -$263, $123, and -$43 per acre net returns. Producers that priced production at higher market prices earlier in 2022 may have higher net returns. Additionally, producers with higher yields or lower cost structures may attain improved net returns over specified costs. The table below should be used as a guide as yields, prices, and expenses will vary among producers and locations. Expenses will vary among producers and production systems.

Please contact your local County Extension office or Extension Specialist – Farm Management for assistance in developing a budget or financial plan for your farm.

CottonSoybeansCornWheat/Soybeans
Estimated Yield (lb or bu)1,4006523085/55
Harvest Price (as of 3/8/2023)0.822215.416.38$6.72/$15.41
Revenue$1,151$1,002$1,467$1,419
Variable Expenses (includes energy cost)$886$420$949$900
Fixed Irrigation Costs per Acre$102$102$102$102
Returns Over Variable & Fixed IR Costs$163$479$416$417
Land Costs (Cash Rent – NASS State Average)$180$180$180$180
Returns Over Variable, IR Fixed Cost and Land Costs($17)$299$236$237
Fixed Costs (Capital Recovery and Management Labor)$246$177$197$280
Returns Over Specified Costs($263)$123$39($43)
Breakeven Price at Estimated Yield and Specified Cost$1.01$13.52$6.21$8.60/$13.29