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.


November 9, 2023 – USDA World Supply and Demand Estimates

Corn

Market Reaction and Price Outlook

December 2023 corn futures closed down 8 cents at $4.68 with a trading range for the day of $4.66 ½ to $4.76. March 2024 corn futures closed down 7 ¼ cents at $4.82 ¾ with a trading range for the day of $4.81 ¼ to $4.90 ¼. National average yield is projected up 1.9 bu/acre at 174.9 bu/acre (Tennessee average yield was increased 4 bu/acre to an all-time record of 177 bu/acre). Month over month increases in foreign and domestic ending stocks were bearish for prices. Export sales increased 50 million bushels despite current export sales and commitments being well behind the five-year average.

USDA Summary

 This month’s 2023/24 U.S. corn outlook is for larger production, domestic use, exports, and ending stocks. Corn production is forecast at 15.2 billion bushels, up 170 million from last month on a 1.9-bushel increase in yield to 174.9 bushels per acre. With larger supplies, feed and residual use is raised 50 million bushels to 5.7 billion and corn used for ethanol is raised 25 million bushels to 5.3 billion. Exports are raised 50 million bushels to 2.1 billion. With supply rising more than use, corn ending stocks are up 45 million bushels to 2.2 billion. The season-average corn price received by producers is lowered 10 cents to $4.85 per bushel.

Global coarse grain production for 2023/24 is forecast up.  This month’s 2023/24 foreign coarse grain outlook is for larger production, trade, and ending stocks relative to last month. Foreign corn production is forecast higher as increases for Ukraine, Russia, Burma, and Paraguay are partly offset by declines for Mexico, Egypt, and Indonesia. Corn production for Ukraine and Russia is raised based on harvest results to date. Mexico production is lowered reflecting a reported decline in summer corn area. Foreign barley production is raised as higher production for Russia, Ukraine, and India are partly offset by reductions for Argentina, the EU, and Turkey.

Major global trade changes include larger corn exports for the United States, Russia, Turkey, Ukraine, and Paraguay. Corn imports are raised for Canada, Egypt, Mexico, the EU, and Saudi Arabia but lowered for Iran and Bangladesh. Foreign corn ending stocks are higher, mostly reflecting increases for Ukraine, Paraguay, and China that are partly offset by a decline for Iran. Global corn ending stocks, at 12.401 billion bushels, are up 102 million.

2019/202020/212021/222022/23 Est.2023/24 Projected October2023/24 Projected November2023/24 Change from Previous MonthChange 2023/24-2022/23
 Planted and Harvested Acres & Yield
Planted (Million)89.790.793.388.694.994.90.06.3
Harvested (Million)81.382.385.379.187.187.10.08.0
U.S. Avg. Yield (Bu/Acre)167.5171.4176.7173.4173174.91.91.5
 Supply (Million Bushels)
Beg. Stocks2,2211,9191,2351,3771,3611,3610-16
Production13,62014,11115,07413,71515,06415,2341701,519
Imports4224243925250-14
Total Supply15,88316,05516,33315,13016,45116,6211701,491
 Use & Ending Stocks (Million Bushels)
Feed and Residual5,9005,6075,7265,5495,6005,65050101
Ethanol4,8575,0285,3205,1765,3005,32525149
Food, Seed & Industrial1,4291,4391,4371,3821,4151,415033
Exports1,7772,7472,4721,6612,0252,07550414
Total Use13,96314,82114,95613,76914,34014,465125696
U.S. Ending Stocks1,9191,2351,3771,3612,1112,15645795
Foreign Stocks10,14210,29410,84110,41810,18810,24557-173
 Price and Stocks to Use Ratio
U.S. Avg. Season Price ($/Bu)$3.56$4.53$6.00$6.54$4.95$4.85-$0.10-$1.69
U.S. Stocks/Use13.74%8.33%9.21%9.88%14.72%14.90%0.18%5.02%
Source: USDA-WASDE November 9, 2023

World Corn Supply and Use (Million Bushels) 2023/24 Current Month

Country / RegionBeginning StocksProductionImportsDomestic FeedDomestic TotalExportsEnding Stocks
World11,78048,0607,47529,91147,4407,85912,401
United States1,36115,234255,65012,3902,0752,155
Total Foreign10,41832,8267,45024,26135,0505,78410,245
        Argentina442,16503865551,61440
        Brazil4045,078472,5003,0512,165314
        Russia36630238642920930
        South Africa89661028753513481
        Ukraine951,1611177217787253
        Egypt59276335516614055
        E.U.2832,3549652,3273,149161291
        Japan510610472610052
        Mexico1631,0437401,0981,82312112
        Southeast Asia1221,2157071,5711,89824122
        South Korea754465374467076
        Canada646021264216387184
        China8,11110,9059058,77911,96817,953
ROW8236,7302,5474,9679,096605783
Source: USDA-WASDE November 9, 2023

World Corn Supply and Use (Million Bushels): Current-Previous Month 2023/24

Country / RegionBeginning StocksProductionImportsDomestic FeedDomestic TotalExportsEnding Stocks
World43249116138190133102
United States17050755044
Total Foreign4379117881158357
        Argentina
        Brazil-4-4
        Russia55121243
        South Africa160124
        Ukraine592039
        Egypt-24391616
        E.U.42020204
        Japan-3-3
        Mexico27-35312424-1
        Southeast Asia2-8-8-82
        South Korea
        Canada393939
        China99
ROW-428-14-141207
Source: USDA-WASDE November 9, 2023

Cotton

Market Reaction and Price Outlook

December 2023 cotton futures closed up 1.63 cents at 76.52 with a trading range for the day of 74.90 to 77.29 cents. March 2024 cotton futures closed up 1.51 cents at 79.21 cents with a trading range for the day of 77.7 to 79.21 cents. Cotton prices have declined dramatically since the end of October, moving from the mid-80 cent range to mid-70 cent range. Weak demand remains the main source of lower prices. US stocks increased but remain tight.

USDA Summary

The 2023/24 U.S. cotton balance sheet shows slightly lower consumption but higher production and ending stocks this month. Production is 273,000 bales higher, at 13.1 million bales, as lower production in Texas is more than offset elsewhere. Domestic mill use is 100,000 bales lower, reflecting the pace of recent consumption, and exports are unchanged, leaving ending stocks 400,000 bales higher at 3.2 million bales or 22.5 percent of use. The 2023/24 season-average price for upland cotton is reduced 3 cents this month to 77 cents per pound.

This month’s 2023/24 global cotton balance sheet includes lower consumption, but higher production and stocks. Beginning stocks are 200,000 bales higher largely due to a 300,000-bale increase in India’s 2022/23 production based on data from their Committee on Cotton Production and Consumption. The global production forecast for 2023/24 is 850,000 bales higher this month as larger expected crops in Afghanistan, the United States, Argentina, and Paraguay offset reductions in Spain and Mexico. Global consumption is 500,000 bales lower, with cuts for Vietnam, Turkey, and the United States. World trade is little changed from the previous month despite a 500,000-bale increase in China’s projected imports, as declines for Vietnam, Turkey, Korea, and Thailand are largely offsetting. At 81.5 million bales, 2023/24 global cotton ending stocks are projected 1.6 million bales higher than in October. China accounts for nearly one-third of this increase as higher imports are largely expected to be for the State Reserve.

2018/192019/202020/212021/222022/23 Est.2023/24 Projected October2023/24 Projected November2022/23 Change from Previous MonthChange 2023/24-2022/23
 Planted and Harvested Acres & Yield
Planted (Million)14.113.7412.0911.2213.7610.2310.230-3.53
Harvested (Million)9.9911.58.2210.277.318.028.0200.71
U.S. Average Yield (lb/acre)88283185381995076778316-167
 Supply (Million 480 Pound Bales)
Beg. Stocks4.24.857.253.154.054.254.2500.2
Production18.3719.9114.6117.5214.4712.8213.090.27-1.38
Imports0000.0100.010.0100.01
Total Supply22.5724.7721.8620.6818.5217.0717.350.28-1.17
 Use and Stocks (Million 480 Pound Bales)
Domestic2.982.152.42.552.052.152.05-0.10
Exports14.8415.5116.3514.4812.7712.212.20-0.57
Total Use17.8117.6618.7517.0314.8214.3514.25-0.1-0.57
U.S. Ending Stocks4.857.253.154.054.252.83.20.4-1.05
Foreign Stocks75.189.883.1572.3478.7977.1278.31.18-0.49
Chinese Stocks35.6736.937.7938.0637.436.837.30.5-0.1
 Price and Stocks to Use Ratio
U.S. Avg. Season Price ($/lb)$0.703$0.596$0.663$0.914$0.848$0.80$0.77-$0.03-$0.08
U.S. Stocks/Use27%41%16.8%24%29%20%22%2.94%-6.22%
Chinese Stocks/Use90%112%92.2%113%100%98%99%1.33%-0.27%
Source: USDA-WASDE November 9, 2023

World Cotton Supply and Use (Million 480 lb Bales) 2023/24 Current Month

Country / RegionBeginning StocksProductionImportsDomestic UseExportsLossEnding Stocks
World83.04113.4643.3115.343.31-0.3181.5
United States4.2513.090.012.0512.2-0.113.2
Total Foreign78.79100.3743.3113.2531.11-0.278.3
       Central Asia3.125.190.14.191.3802.85
       Afr. Fr. Zone1.174.9200.14.6101.38
       Australia4.775.100.015.7-0.24.36
       Brazil5.7614.560.023.311.805.24
       India11.82251.3241.8012.32
       Mexico0.431.050.851.70.300.33
       China37.42710.537.50.1037.3
       E.U.0.391.050.590.611.1500.27
       Turkey2.633.54.37.90.6501.88
       Pakistan1.536.54.2100.0802.15
       Indonesia0.3602.32.20.0100.46
       Thailand0.1400.680.68000.14
       Bangladesh1.930.167.77.7002.09
       Vietnam1.0506.76.7001.05
ROW6.296.344.056.663.530.006.48
Source: USDA-WASDE November 9, 2023

World Cotton Supply and Use (Million 480 lb Bales): 2023/24 Current-Previous Month

Country / RegionBeginning StocksProductionImportsDomestic UseExportsLossEnding Stocks
World0.20.860.07-0.490.07-0.031.58
United States0.27-0.1-0.030.4
Total Foreign0.20.580.08-0.390.071.18
       Central Asia0.010.02
       Afr. Fr. Zone0.01-0.120.13
       Australia-0.01-0.01
       Brazil
       India0.1-0.20.3
       Mexico-0.05-0.05
       China0.50.5
       E.U.-0.08-0.05-0.02
       Turkey-0.1-0.10.15-0.15
       Pakistan
       Indonesia
       Thailand-0.05-0.05
       Bangladesh
       Vietnam-0.2-0.2
ROW0.090.72-0.080.010.290.41
Source: USDA-WASDE November 9, 2023

Soybeans

Market Reaction and Price Outlook

January 2024 soybean futures were down 22 ¼ cents for the day closing at $13.43 ½ with a trading range for the day of $13.36 to $13.73. November 2024 soybean futures closed down 10 ½ cents at $12.82 ¾ with a trading range for the day of $12.74 ¾ to $13.01. A small revision to production was the major change on the domestic balance sheet. No changes to Brazil or Argentina production estimates. Weather in South America will be the dominant market driver moving through the end of 2023.

USDA Summary

The U.S. soybean outlook for 2023/24 includes increased production and ending stocks. Soybean production is forecast at 4.13 billion bushels, up 25 million on higher yields. The largest production changes are for Wisconsin, Tennessee, North Dakota, South Dakota, and Ohio. With crush and exports unchanged, soybean ending stocks are raised to 245 million bushels. The U.S. season-average soybean price for 2023/24 is forecast at $12.90 per bushel, unchanged from last month. The soybean oil price is reduced 2.0 cents to 61.0 cents per pound. The soybean meal price is unchanged at $380.00 per short ton.

The global 2023/24 soybean supply and demand forecast includes lower beginning stocks, higher production, higher crush, and lower ending stocks. Beginning stocks are reduced 59 million bushels, reflecting offsetting back-year balance sheet revisions for China and Brazil. China’s beginning stocks are reduced on lower soybean imports for 2021/22 and 2022/23 and higher crush for 2022/23. Conversely, Brazil’s beginning stocks are increased on a larger 2022/23 crop of 5.806 billion bushels due to higher-than-expected use to date.

Global 2023/24 soybean production is raised 33 million bushels to 14.712 billion, mainly on higher production for Russia, Ukraine, and the United States. Global soybean crush is raised on higher crush for China and Russia. Global soybean ending stocks are reduced 40 million bushels as higher stocks for Brazil and the United States are more than offset by lower stocks for China.

2019/202020/212021/222022/23 Est.2023/24 Projected October2023/24 Projected November2023/24 Change from Previous MonthChange 2023/24-2022/23
 Planted and Harvested Acres & Yield
Planted (Million)76.183.487.287.583.683.60.0-3.9
Harvested (Million)74.982.686.386.282.882.80.0-3.4
U.S. Avg. Yield (Bu/Acre)47.451.051.749.649.649.90.30.3
 Supply (Million Bushels)
Beg. Stocks9095252572742682680-6
Production3,5524,2164,4654,2704,1044,12925-141
Imports15201625303005
Total Supply4,4764,7614,7384,5694,4034,42825-141
 Use & Ending Stocks (Million Bushels)
Crushing2,1652,1412,2042,2122,3002,300088
Exports1,6792,2662,1521,9921,7551,7550-237
Seed and Residual1089710897128127-130
Total Use3,9524,5044,4644,3014,1834,182-1-119
U.S. Ending Stocks52525727426822024525-23
Foreign Stocks3,0343,4303,3293,4184,0293,962-67544
 Price and Stocks to Use Ratio
U.S. Average Season Price ($/Bu)$8.57$10.80$13.30$14.20$12.90$12.90$0.00-$1.30
U.S. Stocks/Use13.28%5.71%6.14%6.23%5.26%5.86%0.60%0%
Source: USDA-WASDE November 9, 2023

World Soybean Supply and Use (Million Bushels) 2023/2024 Current Month

Country / RegionBeginning StocksProductionImportsDomestic CrushDomestic TotalExportsEnding Stocks
World3,68614,7136,09012,10614,0986,1844,208
United States2684,130302,3002,4271,755245
Total Foreign3,41810,5846,0609,80611,6714,4293,962
        Argentina6321,7642091,2681,534169902
        Brazil1,2295,989172,0482,1943,5831,458
        Paraguay10367112913422023
        China1,2427533,6743,6014,42841,238
        E.U.531135075516101151
        S.E. Asia2717365185373136
        Mexico8623523924108
ROW2181,5741,0521,7852,157441245
Source: USDA-WASDE November 9, 2023

World Soybean Supply and Use (Million Bushels): 2023/2024 Current-Previous Month

Country / RegionBeginning StocksProductionImportsDomestic CrushDomestic TotalExportsEnding Stocks
World-583436152-41
United States25-126
Total Foreign-58936152-67
        Argentina-11-11
        Brazil7373
        Paraguay
        China-1113718-129
        E.U.1
        S.E. Asia-4-4-4
        Mexico-4-3-7
ROW-2113127
Source: USDA-WASDE November 9, 2023

Wheat

Market Reaction and Price Outlook

December 2023 wheat futures closed down 11 ½ cents at $5.80 ¾ with a trading range for the day of $5.73 to $5.92 ½.  July 2024 wheat futures closed down 11 ½ cents for the day at $6.36 ¼ with a trading range for the day of $6.30 ¼ to $6.45.  Russia estimated production was increased and India’s production was decreased compared to last month. Domestically a small revision was made to US wheat imports.

USDA Summary

The outlook for 2023/24 U.S. wheat this month is for larger supplies, decreased domestic use, unchanged exports, and higher ending stocks. Supplies are raised on increased imports, up 10 million bushels to 145 million, on a strong pace to date and expectations for the rest of the marketing year. Total domestic use is projected 4 million bushels lower to 1,155 million, all on a reduction in food use following the release of the latest NASS Flour Milling Products report. July-September wheat used in milling is the smallest for this quarter since at least 2014 when NASS began reporting this series. With no other changes to the U.S. balance sheet, projected ending stocks are raised 14 million bushels to 684 million. The projected 2023/24 season-average farm price is lowered $0.10 per bushel to $7.20 on lower expected prices for the remainder of the marketing year.

The global wheat outlook for 2023/24 is for increased supplies, fractionally lower consumption, less trade, and larger ending stocks. Supplies are projected up 22 million bushels to 38.636 billion as increased beginning stocks more than offset a decline in global production. World production is lowered 55 million bushels to 28.734 billion on decreases to many countries including India, Argentina, Kazakhstan, the United Kingdom, and Brazil. The decrease for production in India is based on revised government estimates. In Argentina, production is forecast 55 million bushels lower to 551 million as rains in October were too late to benefit the crop in Cordoba and Santa Fe. These production declines are partially offset by a 184-million-bushel increase in the forecast for Russia, up to 3.307 billion, based on near-final harvest data from the Ministry of Agriculture that indicates more harvested area and higher yields. The global forecast for trade is lowered 48 million bushels to 7.532 billion, primarily on lower exports from Argentina, India, and Egypt that are only partly offset by an increase for Ukraine. Projected global ending stocks are raised 22 million bushels to 9.506 billion, with larger forecasts for Russia, China, and Argentina more than offsetting declines for India, Ukraine, and Brazil.

2019/202020/212021/222022/23 Est.2023/24 Projected October2023/24 Projected November2023/24 Change from Previous MonthChange 2023/24-2022/23
 Planted and Harvested Acres & Yield
Planted (Million)45.544.546.745.749.649.603.9
Harvested (Million)37.436.837.135.537.337.301.8
U.S. Avg. Yield (Bu/Acre)51.749.744.346.548.648.602.1
 Supply (Million Bushels)
Beg. Stocks1,0801,0288456985825820-116
Production1,9321,8281,6461,6501,8121,8120162
Imports104100961221351451023
Total Supply3,1162,9562,5882,4702,5292,5391069
 Use & Ending Stocks (Million Bushels)
Food962961971973974970-4-3
Seed6264586865650-3
Feed95936489120120031
Exports9699947967597007000-59
Total Use2,0872,1111,8891,8881,8591,855-4-33
U.S. Ending Stocks1,02884569858267068414102
Foreign Stocks9,8799,6769,3119,3238,8158,8216-502
 Price and Stocks to Use Ratio
U.S. Avg. Season Price ($/Bu)$4.58$5.05$7.63$8.83$7.30$7.20-$0.10-$1.63
Source: USDA-WASDE November 9, 2023

World Wheat Supply and Use (Million Bushels) 2023-24 Current Month

Country / RegionBeginning StocksProductionImportsDomestic FeedDomestic TotalExportsEnding Stocks
World9,90428,7337,5215,79829,1327,5339,505
United States5821,8121451201,155700683
Total Foreign9,32326,9217,3775,67827,9776,8338,821
        Argentina1445510224136787
        Australia1299007147276643118
        Canada1341,13922129320845131
        European Union6074,9352761,6173,9871,378453
        Russia5383,307117351,5801,837439
        Ukraine488273154323441113
        Bangladesh30402139248036
        Brazil673452062945211056
        China5,1015,0344411,3605,622334,921
        Japan4241202242301144
        N. Africa4466151,124641,73826421
        Nigeria13417601691312
        Sel. Mideast4137048271221,46923453
        Southeast Asia135089324886741120
        India3494,06242023,99218404
        Kazakhstan120441733721936749
        United Kingdom92525732545517070
ROW9133,4492,8245465,695608895
Source: USDA-WASDE November 9, 2023

World Wheat Supply and Use (Million Bushels): 2023/2024 Current-Previous Month

Country / RegionBeginning StocksProductionImportsDomestic FeedDomestic TotalExportsEnding Stocks
World73-53351-1-4621
United States10-414
Total Foreign73-53-7513-467
        Argentina18-55-5518
        Australia25111114
        Canada
        European Union1111
        Russia1847373110
        Ukraine37-37
        Bangladesh
        Brazil-11-15-26
        China3737
        Japan
        N. Africa9-18-7-2
        Nigeria
        Sel. Mideast-71-4-3
        Southeast Asia-11-7-7-1-3
        India-10820-18-110
        Kazakhstan6-37-18-24-7
        United Kingdom-17-7-7-9
ROW27-16-8-1-58-113
Source: USDA-WASDE November 9, 2023

Profitability Update

2023 Estimated Returns – Non-Irrigated

The profitability outlook has been updated after the release of the November 9, 2023, USDA WASDE and Crop Production reports. For the table below, non-irrigated yields are November Crop Production report yields for Tennessee. Prices used for grain and cotton sales are based on current Tennessee harvest cash prices provided by USDA AMS. Revenue estimates do not consider any government payments (crop insurance, ARC or PLC, etc.). Costs shown below are based on the 2023 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 $113 per acre. Substantial variation in land costs exist in Tennessee. Additional details on expenses can be found in the 2023 UT Crop Budgets.

Based on projected yields, prices, and expenses returns over specified costs for corn, cotton, soybeans, and wheat/soybeans are showing a -$44, -$24, $140, and $15 per acre net returns. Producers with higher yields or lower cost structures may attain improved net returns over specified costs. Producers that priced production at higher market prices earlier in 2023 may have higher net returns as prices have declined since the start of the year. 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)1,1815417780 /50
Harvest Price (as of 11/9/2023)$0.74$13.38$4.57$5.39/$13.38
Revenue$874$723$809$1,033
Variable Expenses$590$340$595$660
Returns Over Variable$284$383$214$373
Land Costs (Cash Rent – NASS State Average)$113$113$113$113
Returns Over Variable and Land Costs$171$270$101$260
Fixed Costs (Capital Recovery and Management Labor)$195$130$145$245
Returns Over Specified Costs($24)$140($44)$15
Breakeven Price at Estimated Yield and Specified Cost$0.76$10.80$4.82$6.36/$10.18

2023 Estimated Returns – Irrigated

The profitability outlook has been updated after the release of the November 9, 2023, USDA WASDE and Crop Production reports. For the table below, irrigated yields were estimated as: 240 bushels per acre for corn, 65 bushels per acre for full-season soybeans, and 1,450 pounds per acre cotton. Prices used for grain and cotton sales are based on current Tennessee cash prices provided by USDA AMS. Revenue estimates do not consider any government payments (crop insurance, ARC or PLC, etc.). Costs shown below are based on the 2023 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 $197/acre (USDA NASS state average for Tennessee). Substantial variation in land costs exist in Tennessee. Additional details on expenses can be found in the 2023 UT Crop Budgets.

Based on projected yields, prices, and expenses corn, cotton, soybeans, and wheat/soybeans are showing returns of -$184, -$130, $23, and -$67 per acre net returns. Producers that priced production at higher market prices earlier in 2023 may have higher net returns as prices have declined since the start of the year. 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)1,4506524095/60
Harvest Price (as of 11/9/2023)$0.74$13.38$4.57$5.39/$13.38
Revenue$1,073$870$1,097$1,315
Variable Expenses (includes energy cost)$760$410$780$840
Fixed Irrigation Costs per Acre$100$100$100$100
Returns Over Variable & Fixed IR Costs$213$360$217$375
Land Costs (Cash Rent – NASS State Average)$197$197$197$197
Returns Over Variable, IR Fixed Cost and Land Costs$16$163$20$178
Fixed Costs (Capital Recovery and Management Labor)$200$140$150$245
Returns Over Specified Costs($184)$23($130)($67)
Breakeven Price at Estimated Yield and Specified Cost$0.87$13.03$5.11$7.68/$12.56