The Estimated Costs of Crop Production from Iowa State University Extension are now available.

In the 2007 crop budgets, the expected corn and soybean yields were increased 5 bu./acre. Corn seed costs were increased to $1.82 per 1,000 kernels and corn seeding rates increased by 5,000/acre.

Nitrogen cost decreased from $.37 to $.31/lb., while corn nitrogen use increased from 150 to 190 lbs./acre for corn after corn and from 100 to 135 lbs./acre for corn after soybeans. The nitrogen use rate was based on the Maximum Return to N Calculator with $.27 anhydrous nitrogen and $3.40 corn. The Corn Nitrogen Rate Calculator is from ISU Extension Agronomy and is available here

Other input price changes included a decrease of herbicide cost by $8 and insecticide by $1/acre. For herbicide tolerant soybeans, herbicide costs went down $3.

Insurance costs, which reflect the mix of multiple peril, revenue and hail insurance, as well as noninsured acres, increased $2/acre, and miscellaneous costs increased $1. The interest rate was raised to 8% and labor was increased from $10.50 to $11/hour. Cash rent prices increased $5, $10 and $15/acre for low, medium, and high-quality land, respectively. Fuel price was decreased to $2.05/gal.

The 2007 Estimated Costs of Crop Production publication is available through the ISU Extension Store as publication FM 1712 or in Information File Estimated Costs of Crop Production in Iowa.

Decision Tools for developing crop production budgets have been updated to reflect the price changes for 2007. The updated Decision Tools are available with the information file on the Ag Decision Maker Web site.

by Ann M. Holste, ISU Extension Program Specialist