Purdue custom farming rates 2024. Variable cost per bushel in 2024 is estimated to be $3.

Purdue custom farming rates 2024 Jan 16, 2024 · Increasing margins generally signals upward pressure on cash rental rates, as farm operators will have additional revenues to allocate to labor, investment, and land. of Reports Range Average Sep 1, 2021 · A comparison of cropland flex leases to cash rental agreements is provided with insights from the 2024 Purdue Farmland and Cash Rental Rate Survey. 2024 from 6:30-9:00 PM. Looking Ahead While farmland prices increased between the 2023 and 2024 Purdue Farmland Value and Cash Rent Surveys, much of the growth appears to have taken place in the later half of 2023. 77 with May 23, 2023 · Farm Business Farm Management (FBFM). In 2024, the projected breakeven price is expected to decline to $5. Purdue Educators distributed the questionnaires at meetings and events May 19, 2023 · The rate for wrapping bales is 73% higher than the rate in ’21, but only 8% higher than the rate for the same task in ’17. Inflation should fall gradually to 2. Conclusions When crop producers are determining whether it is feasible to purchase a self-propelled sprayer, it is imperative to compare machine ownership costs to custom hire charges. 32, which is above projected fall 2024 corn prices. Sep 12, 2024 · Ohio Farm Custom Rates 2024 July 03, 2024 COLUMBUS, Ohio — Farming is a complex business and many Ohio farmers utilize outside assistance for specific farm-related work. Aug 29, 2017 · Langemeier, Michael. Center for Commercial Agriculture Center for Food & AgriBusiness Center for Food Conservation & Waste Reduction (CFCWR) Center for Food Demand Analysis and Sustainability (CFDAS) Center for Global Trade Analysis Center for Regional Development Digital Innovation in Agri-food Systems Laboratory (DIAL) Indiana Council for Economic Indiana Prairie Farmer January 2024: Page 20. The Aug 9, 2024 · Amid much policy uncertainty, output will likely grow about 2. Interest rates are also on a downward trend, and if the Fed Funds Rate decreases in 2024, farmers can expect a similar decrease in the interest rates they pay. 97 from $27. 82 per bushel or 3. If someone is relying on making a living solely as a custom operator, they must charge a rate that will cover all ownership costs, he says. Todd Kuethe, Professor and Schrader Endowed Chair in Farmland Economics. edu or by phone toll free to the West Lafayette Purdue Campus, 1-888-398-4636), Ext. As a final note, these rates are published to provide a baseline for estimating reasonable custom machinery rates in Kentucky (as well as estimating production costs). Jul 9, 2024 · MSU has a 2023 summary, while OSU, Purdue and Illinois have updated 2024 custom rates. ” Purdue University, Center for Commercial Agriculture, May 2017. Acres x Purdue; farm custom rates. June 9, 2021. 85 28. 28 per bale. Pennsylvania released its report before the new year. He joined Farm Progress in 1981 as a field editor, first writing stories to help farmers adjust to a difficult harvest after a tough weather year. 87 $1. economy, the Federal Reserve’s policy choices in 2023 and what it means for interest rates and the farm economy. 60 to $4. Sep 11, 2024 · Interested in the latest trends and insights on U. Feb 12, 2024 · Indiana farmland prices have continued the trend of record highs in 2024, according to the latest Purdue Farmland Value and Cash Rent Survey. Farm custom rates may differ significantly from one area in the state to another based on availability of custom operators and demand for their services. PAER-2024-09. 2024 Purdue Crop Cost & Return Guide September 2023 Estimates Aug 20, 2020 · Purdue Agricultural Economic Report - about cash rent and land values. They provide a reference point based on what people who do custom work say they charge or what people who hire others to work for them say they pay. Purdue Crop Cost & Return Guide (ID-166-W) What's the Right Rent? (EC-708) May 8, 2017 · The rates reported in this publication were compiled from questionnaires received from farmers, farm owners, farm custom operators, and professional farm managers in Indiana. 70 27 33. Compare your actual costs to custom rates. Nov 6, 2024 · 2023 Purdue Crop Cost and Return Guide by Michael Langemeier, Professor of Agricultural Economics – The 2023 Purdue Crop Cost and Return Guide, which is available for free download from the Center for Commercial Agriculture website, gives estimated costs for planting, growing and harvesting a variety of crops, as well as estimated Jan 26, 2024 · Dr. Download 2024 Custom Rates Report Oct 2, 2024 · Midwest crop producers have experienced a significant downturn in corn, soybean, and wheat prices since the beginning of the year and farm incomes are expected to be much lower in 2024 than they have been the last three to four years. Current farmer return expectations are negative for both corn and soybeans across all Sep 20, 2023 · These estimates are useful for determining custom rates and for analyzing machinery costs on farms. It is not intended for establishing rates for individuals or companies that rent equipment or contract custom farming operations as a business. Which is a decrease of 39. 23 for each bushel. 2024 Purdue Crop Cost & Return Guide December 2023 Estimates Feb 10, 2025 · February 2025 Estimates . Cash rental rates are expected to hold . Gain an in-depth understanding of trends, market dynamics, and The client pays a rate per acre for each farming operation requested to be completed. 82 30. Purdue ag economists James Mintert and Michael Langemeier share some insight into the results of the October 2024 Ag Economy Barometer survey, conducted from Oct. More operations are highlighted in other articles. As for haying on shares, a common transaction here is baling on halves for lesser value stands of grass hay — not alfalfa. Fixed cost (overhead cost) per acre is Mar 22, 2022 · March 2022 Estimates . 66 35. Jun 7, 2021 · Every other year, Michael Langemeier heads up a survey through Purdue University’s Center for Commercial Agriculture to see what people are either charging or paying for various farm tasks done on a custom basis. steady or increase in 2023. visit 2021 Indiana Farm Custom Rates. Postal Service and 633 people via email in February 2025. Mar 4, 2025 · The index rose to 115, marking a 27-point increase from September. Jun 11, 2021 · This publication reports custom rates based on a statewide survey of 377 farmers, custom operators, farm managers, and landowners conducted in 2020. Indiana Cash Rental Rates 2024 vs 2023 Survey Results, State Averages by Land Quality 21 Land Quality Yield (Bu/Ac) 2023 Value ($/A) 2024 Value ($/A) Percent Change Top 226 $306 $313 2. 2017 Indiana Farm Custom Rates. 2 IC 32-21-1-1. The survey is conducted out of the Purdue University Department of Agricultural Economics and produced through the cooperation of numerous professionals knowledgeable about Indiana’s farmland market. 26 34. Part II of the custom rates survey included questions about fall operations such as harvesting, hauling grain and livestock, as well as miscellaneous custom work activities on the farm. Jun 11, 2021 · Michael Langemeier, associate director of the Purdue University Center for Commercial Agriculture, says one reason custom rates vary is because people do custom operations for various reasons. 70 per bale, with large round bales coming in at $13. The rate for conventional corn is $19. Background Survey conducted annually in June since 1974 2. I know Iowa and Purdue university have rates of planting and harvesting. READ MORE Purdue ag economists Todd Kuethe, Michael Langemeier and James Mintert discuss the 2024 Purdue Farmland Value & Cash Rental Rates survey in a two-part video podcast where they share results which confirm that the average value for Indiana farmland hit a new record high this summer. 81 per bale. 13/bu. “To put growth rates into perspective, consider that a farm operation growing at a 5% annual rate will double in size in about 14 years, whereas a farm growing at an annual rate of 10% will need just seven years to The average flat rate in 2024 for harvesting wheat was $31. , and labor for the Aug 24, 2023 · Michael Langemeier, a Purdue Extension Indiana custom farming rates by operation Harvesting Unit 2023 avg. Machinery Costs; Finance; Illinois Crop Budgets and Historic Returns; Farmland Leasing; Whole Farm and Other Reports; ARC / PLC Decision; ARC/PLC Calculators. 4 Indiana Cash Farm Lease • EC-257-W Purdue Extension • Knowledge to Go EXAMPLE Indiana Cash Farm Lease Form* This Cash Farm Lease form can provide the landlord and tenant with a guide for developing an agreement to fit their individual situation. 95 29. farmdoc daily (March 2011 to present) Weekly Outlook; Weekly Farm Apr 11, 2024 · Indiana farmland prices have continued the trend of record highs in 2024, according to the latest Purdue Farmland Value and Cash Rent Survey. Ohio Custom Rates Feb 16, 2024 · It is common for small custom jobs to have a 20% to 30% higher cost of operation than a larger job, she adds. , and labor for the use published custom rate surveys. Percentage increase may not be much larger than for other operations, but because combines are a high-dollar item and custom combining rates are relatively high compared to other operations, numbers appear to move up faster than they do percentagewise. The reason that’s been rising is the pandemic. For example, SE Indiana corn basis was -$0. Jan 17, 2024 · Host Brady Brewer provides a recap of Dr. Aug 7, 2024 · A comparison of cropland flex leases to cash rental agreements is provided with insights from the 2024 Purdue Farmland and Cash Rental Rate Survey. Respondents were asked to report custom rates in their farm business or perform custom work for others. Gain an in-depth understanding of trends, market dynamics, and future Apr 17, 2024 · These custom rates are based on reported surveys in Ohio, Indiana, Missouri, Iowa, Wisconsin, and Kansas. Jan 9, 2024 · Nick Paulson and Gary Schnitkey - Gary Schnitkey - Illinois crop budgets for 2024 have been revised from their initial release in August. in the first week of June but was $0. Purdue updates haying and baling custom rates Mar 24, 2023 · March 2023 Estimates . Decision Tool, ARC-CO & PLC Per Acre Payment Estimator for Iowa, 2025-2026 , uses reported and projected prices from USDA Farm Service Agency and Risk Management Agency to project payments at Total 2018 Farm Bill KANSAS ARC-County Payments ; Total 2018 Farm Bill NATIONAL ARC-County Payments ; Kansas 2023/2024 ARC-County Payment Rates ; National 2023/2024 ARC-County Payment Rates ; Kansas 2022/2023 ARC-CO Payment Rates ; National 2022/2023 ARC-CO Payment Rates 2020-21 Farm Machinery Custom and Rental Rate Guide This guide has been established to provide approximate costs for renting equipment or obtaining custom farming operations from another farmer. This option is appealing for tasks requiring specialized equipment or technical expertise. Labor has also become both a limiting and higher cost expense. Listen to this episode Part I of the survey focused on spring and summer farm and ranch operations such as planting, tillage, and baling hay. To learn more about Indiana’s 2024 farmland values, listen episode 173 for an in-depth understanding of trends, market dynamics, and future expectations for farmland values: https://purdue. Average 2023 farm custom rates for some typical tillage, planting, and harvesting practices, as well as custom farming rates, are listed in the adjoining Table. 95 per acre, an increase of $3. The custom rates for operations shown below should be considered only as a good starting point for setting a final rate, Langemeier urges. 91 38 27. Now, the net farm income forecast is expected to be 116. Hart, a professor and crop marketing specialist at Iowa State University, explores the shift to “normalcy” for crop prices and farm incomes in 2024. Purdue Extension Educators distributed the questionnaires at meetings and events statewide during the last month of 2022 and the first three months of 2023. 4%, the unemployment rate should remain unchanged, and the Fed will cut interest rates more slowly than previously expected. These are the March 2022 crop budget estimations for 2022; prepared by Purdue faculty members Michael Langemeier and Craig Dobbins, Department of Agricultural Economics; Bob Nielsen, Tony Vyn and Shaun Casteel, Department of Agronomy; and Bill Johnson Aug 7, 2023 · Purdue ag economists Todd Kuethe, James Mintert and Michael Langemeier discuss cash rental rates for Indiana farmland in this, the second of two AgCast episodes discussing the 2023 Purdue Farmland Values and Cash Rents Survey results. Mar 27, 2024 · AMES, Iowa – Farmers who depend on custom work or provide custom services can review rates charged by others across the state in the latest Iowa Farm Custom Rate Survey. 1 billion in the calendar year 2024. Break-even prices to cover all costs, including cash rent for farmland, range from $4. The Purdue Crop Cost and Return Guide offers farmers a resource to project financials for the coming cropping year. For more, visit farmprogress. , and the labor for the operation. The growth rate of Indiana farmland prices is expected to moderate in 2024. , we have an up-to-date tillage, planting and harvesting fleet along with the latest technology to meet your corn, soybean, wheat and cover crop needs. 2024 Farmland and Cash Rent Outlook. 51 per acre or $24. 73% Source: Purdue Land Value and Cash Rent Survey Purdue Commercial AgCast podcast, September 2024 Purdue Extension-Spencer County will1179@purdue. using rates where only 1-2 states were included in the calculation. 6 13 7 6 30 30 37. 5% increase. 00 15 28 12 16 33. Though this information is very useful when establishing custom rates, it is prudent to compare your farm machinery costs per acre to custom rates. on July 10th. West Lafayette, IN. The average value of bare Indiana cropland ranged from $9,071 per acre for poor quality land (a 4. The team provided an update on the change in Indiana farmland values and cash rental rates and reviewed farmland value estimates 1Rotations are as follows: c-c = all of the farm acres in continuous corn; c-b = one-half of the farm acres in rotation corn and one-half in rotation soybeans. Crop Share Leasing and Lease Forms (EC-210-W) Indiana Cash Farm Lease(EC-257-W) Flex Rent Calculator Tool User Guidelines. Unlike history suggests, the movement has generally been a strengthening in basis for both corn and soybeans. The infographic below shows that Acres’ farmland transaction database indicates that the two counties with the largest per acre increase in farmland prices between 2023 The Farm Management Team produces and provides a list of resources for producers to help provide up-to-date information and news on horticulture related topics. Variable cost per bushel in 2024 is estimated to be $3. They’ll be going up a lot in 2025 too. Custom farm operation inputs and associated costs have trended higher over the past five years, so we see rates doing much the same. The quality of data is dependent on the cooperation received by producers and commercial custom operators. Watch the recording now! Read More The annual 2024 farmland values & cash rents survey report from Purdue University hit the news wire today. Another survey will be out sometime this year to update these findings. Purdue Educators distributed the questionnaires at meetings and events 1 Gerry is a professor and Extension Specialist, Dept. Date: 3/22/24 Prepared by: Michael R. Menu. Farmers, landowners, farm custom Jan 16, 2025 · USDA’s Farm Service Agency dates to make changes to program enrollment for ARC and PLC for the 2025 crop year are open from Jan. Bechman became the Midwest Crops editor at Farm Progress in 2024 after serving as editor of Indiana Prairie Farmer for 23 years. Apr 30, 2023 · Expect strict enforcement in 2024. 6 percent lower than gross revenue in 2023. 2024 Canola Corn. 36$ 0. Purdue Farmland Value & Cash Rent Survey Background §Survey conducted annually in June since 1974 §Respondents: rural appraisers, ag lenders, farm managers, and farmers §Information collected: •Estimated Land values as of December 2022, June 2023 & December 2023 (projection) •Top, average, and poor quality land •Annual cash rental rate Jun 8, 2019 · The rates reported in this publication were compiled from questionnaires received from farmers, farm owners, farm custom operators, and professional farm managers in Indiana. Nov 21, 2023 · The Iowa Custom Rate Survey, which also includes many miscellaneous farming practices and a formula for calculating rental rates. Langemeier says the rates should only be used as a guide. August 2024 Early Season Custom Farm Work Rates Page 3 FERTILIZER AND PESTICIDE APPLICATION AND HAYING OPERATIONS STATEWIDE AVERAGES, NORTH DAKOTA, 2024 Operation 20 24 2020 Average Rate 20 4 as Percent of 2020 Number of Reports Range in Rates Most Frequent Rate Reported Average Rate (number )(dollars per acre) (percent FERTILIZER APPLICATION Mar 29, 2022 · The custom farming rates for corn and soybean production are expected to increase by about 1. Page View; Contents View; Archive; Advertisers; Indiana Prairie Farmer; Indiana Prairie Farmer Aug 3, 2023 · The rates reported in this publication were compiled from questionnaires received from farmers, farm owners, farm custom operators, and professional farm managers in Indiana. These are the updated February 2025 crop budget estimations for 2025; prepared by Purdue faculty members Michael R. Purdue Extension educators and specialists developed the questionnaire. However, in 2023, the cash rental rate exceeded the contribution margin for rotation corn, which puts downward pressure on 2024 rental rates for corn acreage. The discussion covers cash rental trends in west central Indiana, the economic factors influencing changes in rental rates, and the relationship between net returns to land and cash rental rates. Of course, many states no longer do custom rate surveys. of Ag Econ, Purdue Univ. 3It is assumed that the current farm bill will not provide ARC-CO or PLC payments for base acres in 2024. The Iowa Farm Custom Rate Survey was mailed to 371 people by the U. 3It is assumed that the current farm bill will provide ARC-CO or PLC payments of $10 per acre in 2025. 50 14 29 14. “There are also more people taking training. See the complete Purdue custom rate survey results for ’23 at bit. 14-18, 2024, on this Purdue Commercial AgCast episode. 2023 Indiana Farm Custom Rates. The 2024 report was published in the March edition of Ag Decision Maker and includes 130 responses and 2,805 custom rates provided by Iowa farmers, custom operators and farm Apr 24, 2023 · As we move into another crop year, it is prudent to review custom rates and their components. Agricultural Economics College of Agriculture Purdue University. This form is not intended to take the place of legal advice pertaining to con- Sep 12, 2017 · Alternatively, if 3000 acres were sprayed on the farm, the farm would need to at least custom spray an additional 60 acres to breakeven on machine ownership. ” Custom spraying issue. Chad Hart's presentation on the 2024 agricultural crop market outlook at the Purdue Top Farmer Conference on the latest episode of the Purdue Commercial AgCast. edu 1101 E CR 800 N Chrisney, IN 47611 812-362-8066 spencerces@purdue. Pre-registration is needed for accommodations, exams, and certificates as well as to speed the registration process and printing of certificates, and Jun 10, 2021 · Related: Purdue issues custom rates for field operations. ©Informa. 47 33. 8% increase from June 2023. Farm work completed by others services. The 2024 Purdue Farmland Values and Cash Rent Survey found that the Southwest region that saw the largest annual growth in average per-acre farmland prices, a 22. 7 Apr 12, 2024 · The podcast episode was a follow-up to the panel discussion the group had at the 2023 Purdue Top Farmer Conference focused on the U. Jul 3, 2024 · The “Ohio Farm Custom Rates 2024” publication reports custom rates based on a statewide survey of 333 farmers, custom operators, farm managers, and landowners conducted in 2024. 2025 Dryland Corn EC-130-W • 2013 Indiana Farm Custom Rates It is the policy of the Purdue University Cooperative Extension Service that all persons have equal opportunity and access to its educational programs, services, activities, and Dec 10, 2024 · Indiana farmland prices have continued the trend of record highs in 2024, according to the latest Purdue Farmland Value and Cash Rent Survey. purdue. 4% increase from 2023) to $14,392 per acre for top quality land (a 4. 65 per acre (Range = $70 - $275 per acre) Purdue Farmland Value & Cash Rent Survey 1. The 2025 report is based on 193 responses and 3,703 custom rates provided by Iowa farmers, custom operators, and Mar 25, 2024 · Find out the average and median custom rates for various farm operations in 2024, based on the Iowa Farm Custom Rate Survey. 2023 Michigan State University Custom Work Rates Acres/Hr Acres/Yr Fuel Other Tillage 0 $0 - - $ - Chisel Plow 23 Ft 200 HP MFWD $53,500 11. explore how agricultural loan interest rates Extension Home Meet the Team Beefenomics by Will Secor Budgets Farm Gate Report USDA Ag. Has the rate changed over time? Yes. He relies on Purdue Extension educators to help distribute surveys, and then he compiles the data. Respondents are: rural appraisers, ag lenders, farm managers, and farmers 3. The survey results include tillage, planting, harvesting, and custom farming rates for corn, soybeans, and other crops. May 2, 2023 · Custom rates summarized in the recent 2023 Purdue custom rates survey indicate rising prices for harvesting and hauling grain. 29% Average 196 $257 $260 0. 83 38 26. 8% increase from 2023). 2024-25 Farm Machinery Custom and Rental Rate Guide This guide has been established to provide approximate costs for renting equipment or obtaining custom farming operations from another farmer. 14 41. Sep 21, 2022 · • Grain hauling: farm to market (25 miles) 21 cents per bushel. 78 23 35. Compare your costs for baling small squares vs. 85 711 $3. In addition, rental rates per bushel of corn held relatively stable as well. May 1, 2023 · Tom J. 39 35. View All Articles. Gross revenue for rotation corn in 2024 is expected to be $931 per acre or 3. You may reach Gerry by E-mail: harrisog@purdue. 60 per acre (Range = $75 - $275 per acre) Soybeans: $139. Jul 26, 2024 · values, which held relatively steady from 2023 to 2024. Why did updating custom spraying rates set off warning bells? Sep 10, 2024 · I ndiana farmland prices have continued the trend of record highs in 2024, according to the latest Purdue Farmland Value and Cash Rents Survey results. Change in rate. OSU’s farmer survey for the average cost to plant corn, in 30-inch rows, is $23. 98 per acre in 2022. 27 15 26. 5 percent decline. 8 percent higher than the 2022 breakeven price. Producers needing estimates for farm rates for practices from planting and harvest to tiling, hay baling and grain hauling can find averages at the following sites: Purdue University “2023 Indiana Farm Custom Rates”: Mar 28, 2023 · Custom Farming Rates (includes tillage, planting and harvesting costs): Corn: $152. Purdue Educators distributed the questionnaires at meetings and events statewide during the last Dec 20, 2024 · In addition to upward pressure on costs for repairs, fuel and oil, insurance, and custom rates; capital purchases were relatively strong during this time period. Our custom farm rates are in line with the Purdue Custom Farming Rates. 18 $3. Variable cost per acre in 2024 is expected to be $58 lower than it was in the 2023 budget, which represents an 8. Responses 2017 avg. Michael Langemeier, Associate Director of the Purdue Center for Commercial Agriculture, periodically conducts state-wide surveys to determine average Indiana farm custom rates, reported at the Purdue Center for Commercial Agriculture website under the “Publications” tab. Purdue Educators distributed the questionnaires at meetings and events statewide during the last Jan 26, 2024 · “Custom rates in a given area may vary significantly according to timeliness, operator skill, field size and shape, crop conditions, the performance characteristics of the machine being used, the relationship between the custom operator and the person needing custom work done, competitive pressures, and economic circumstances of the custom Managing Farm Risk; Purdue Agricultural Economics Report; View All >> Series. The cost for new and used machinery increased rapidly in the past 12 months Apr 19, 2024 · Gerald Mashange: The economic research service published its February 2024, Farm Income Forecast and farm profits are expected to fall in 2024. Information collected in the survey includes: •Estimated land values as of December 2023, June 2024 & a projection for December 2024 •Top, average, and poor A comparison of cropland flex leases to cash rental agreements is provided with insights from the 2024 Purdue Farmland and Cash Rental Rate Survey. Check the column for average rates from the same Purdue custom rates survey for 2017. 2021 avg. 91% Poor 167 $212 $204 −3. rates in 2023 rates rates 34. 6 24. Tom J Bechman 1, Editor, Indiana Prairie Farmer. Though this information is useful for establishing custom rates, it is prudent to compare your farm machinery costs per acre to custom rates. 30 42. 8 billion from last year. 19 per acre. To see the full report for all operations, complete with all qualifying comments, visit 2021 May 2, 2024 · Custom rate charges should also cover noncash costs, including unpaid operator labor and machinery depreciation. 54 18 37 19. These rates, except where noted, include the implement and tractor if required, all variable machinery costs such as fuel, oil, lube, twine, etc. 8 27. After listening to the podcast Jan 31, 2025 · Purdue ag economists Todd Kuethe, James Mintert, and Michael Langemeier discussed the results from the 2022 Purdue Farmland Values and Cash Rents Survey and USDA’s Land Values report during a webinar on August 24th. 13 $6. View our latest email. The reason is the rise in the base rate of farmland. Mar 24, 2023 · The rates reported in this publication were compiled from questionnaires received from farmers, farm owners, farm custom operators, and professional farm managers in Indiana. These are the March 2023 crop budget estimations for 2023; prepared by Purdue faculty members Michael R. Custom Rates for Wheat Harvest, 2024, by District District Base Rate with Extra Charge for High Yield (if any) Flat Rate Charge Base Rate ($/Acre) Extra Charge for High Yield Dollar Per Acre No. The Sep 22, 2017 · If you hire a custom operater or provide custom-farming services, there’s a good chance you’re looking at published custom rate surveys. The largest component of custom rate charges is typically depreciation and interest. The user can evaluate up to three full-season crops, and the wheat double-crop soybean system. These rents represent the average cash rents paid by central Illinois farmers with high-productivity farmland. We have an opportunity to custom farm about 600 acres of corn and soybeans doing the planting and harvesting. For each type of work, the average rate from the Mar 28, 2024 · The 2024 custom farming rates for corn and soybean production are also expected to remain steady compared to a year earlier, following an increase of nearly 20% in the previous five years. November 12, 2024 1Rotations are as follows: c-c = all of the farm acres in continuous corn; c-b = one-half of the farm acres in rotation corn and one-half in rotation soybeans. Feb 6, 2024 · Each year in early January, Purdue University hosts the Purdue Top Farmer Conference, where academic speakers, agribusiness affiliates, and farmers convene to discuss current issues and trends in agricultural markets. 29. Mar 27, 2023 · The average custom rates for farm operations in most other areas of the Upper Midwest tend to be very close to the average Iowa custom rates. 01 to $11. Jan 10, 2023 · Amid much policy uncertainty, output will likely grow about 2. Highly regarded as a valuable resource for all farmers, agriculture professionals, lenders and farmland owners, the 2024 PAER report reveals that land values in Indiana have reached record highs. From 2018 to 2022, these farms had average corn yields of 223 bushels per acre and average soybean yields of 69 bushels per acre. 2024 Purdue Crop Cost & Return Guide March 2024 Estimates Mar 4, 2025 · Resources Recent Additions Subscribe Commercial AgNews Receive our monthly newsletter with farm management program and resource updates. Thirteen percent reported a custom rate less than $5 per acre, 52 percent reported a custom rate between $5 and $7 per acre, 21 percent reported a custom rate between $7 and $9 per acre, 11 percent reported a custom rate between $9 and $11 per acre, and 4 percent of the respondents reported a custom rate of $11 or more per acre. Jul 12, 2024 · Depending on where you are located, Indiana corn and soybean basis have seen large swings in the last six weeks. May 12, 2021 · Purdue Extension educators surveyed Indiana farmers, farm owners, farm custom operators and professional farm managers regarding custom rates they had either paid or received during the past year. The average rate for baling medium large round bales is $12. 2025 Farm Bill What-If Tool (Sheet) ARC/PLC Calculator (Online) Publications. ly/Indiana-custom-rates-23. Jan 13, 2025 · Indiana Farm Custom Rates Survey 2025 Attention all growers and landowners! The Indiana Farm Custom Rates Survey is live, and we need your input! Please contact May 25, 2019 · The custom rates reported in the table below were published in 2017. Actual custom rates will be determined through the supply and demand for services within localized markets Feb 29, 2024 · Brad Lubben, policy specialist and extension associate professor from the University of Nebraska-Lincoln, joins Purdue ag economists James Mintert and Michael Langemeier for a discussion on key 2024 farm program details. Jul 1, 2024 · The “Ohio Farm Custom Rates 2024” publication reports custom rates based on a statewide survey of 333 farmers, custom operators, farm managers, and landowners conducted in 2024. 5% compared to last year. large round bales. ag/paer. These are the March 2024 crop budget estimations for 2024; prepared by Purdue faculty members Michael R. For those who still bale small rectangular bales, the rate in the 2023 Purdue custom rate survey is $1. Purdue Farm Road, Dubois, IN. 15 39. Legal Aspects of Indiana Farmland Leases and Federal Tax Considerations. Custom May 3, 2023 · Custom rates for baling hay are somewhat higher today — OK, a lot higher. Based on the table, the average rate for planting no-till corn is $21. Aug 26, 2024 · The 2024 Purdue Farmland Value Survey found the average value of bare Indiana cropland increased. Here is just a sampling of Michigan’s custom rates, total cost per hour of use. ag/agcast173 Jan 16, 2024 · In 2023, the breakeven price was $5. 2% in 2025, a bit slower than in 2024. Sep 26, 2024 · Negotiating cash rental rates? This AgCast episode explores 2024 farmland cash rent trends in the Purdue Farmland Value and Cash Rental Rates survey and long-term trends in Indiana cash rental rates, including an examination of regional variation in rates within Indiana. READ MORE Pathology, Purdue University. Current average rate. He is an Indiana Bar Member with 41 years of service at Purdue. 03/bu. 86 $1. edu extension. Date: 9/11/23 Prepared by: Michael R. The rates reported in this publication were compiled from questionnaires received from farmers, farm owners, farm custom operators, and professional farm managers in Indiana. is probably the most widely used custom rate information that is Aug 15, 2019 · A comparison of cropland flex leases to cash rental agreements is provided with insights from the 2024 Purdue Farmland and Cash Rental Rate Survey. The survey respondents at the Top Farmer Conference, though not a random sample, offer unique insights into how some of Indiana’s leading farmers compare to respondents of Purdue University is an Affirmative Action institution. Moreover, current expectations are that prices will continue to remain at or below the cost of production for at least a couple more years. Date: 12/5/23 Prepared by: Michael R. They highlight differences between the PLC and ARC programs for the 2024 crop year and how benefits from the two programs are likely to differ. Tax bills on farmland increased 11 percent in 2023, 27 percent in 2024, and will probably increase about 20 percent in 2025. 56 per bushel for Sep 20, 2023 · Illinois Farm Management Handbook. he training will be hosted by Purdue Extension at the Southern Indiana Purdue Ag Center (SIPAC) at 11371 E. As in past years, there are states that have updated their rate guides since a year ago. & Indiana farmland values? This AgCast episode shares insights from the Farm Sector Balance Sheet, USDA data collection methods, regional variations in land values, and the influences of factors such as interest rates and development pressures on farmland prices. 44216 or directly 765-494-4216. Mar 14, 2025 · Purdue ag economists James Mintert, Michael Langemeier, and Chad Fiechter examined how technology affects long-term farm growth and profitability, and share insights from farm financial records and farmer surveys during their 2025 Commodity Classic Learning Center Session on March 4, 2025. 23 $4. At Merrell Bros. Purdue Educators distributed the questionnaires at meetings and events statewide during the last month of 2022 and the first three months of 2023. Therefore, the statewide averages reported here might be quite different from the going rate in any given area. The main revision in the budgets is a reduction in the corn and soybean prices assumed for both 2023 and 2024, resulting in lower return and profitability projections. Langemeier, Department of Agricultural Economics; Shaun Castell, Dan Quinn, and Tony Vyn, Department of Agronomy; and Bill Johnson, Department of Botany farm owners, farm custom operators, and professional farm managers in Indiana. “The OISC has seen a sharp increase in new permits issued this year,” he says. The property tax is a tax on the value of property, and the value of Grain Harvesting In some locales there is both a fixed rate per acre and a variable rate per bushel charged for combining. The average price of top-quality farmland reached $14,392 per acre, a 4. Expense items typically incorporated into custom rate charges include fuel, lubrication, repairs, insurance, labor, depreciation and interest. 1Rotations are as follows: c-c = all of the farm acres in continuous corn; c-b = one-half of the farm acres in rotation corn and one-half in rotation soybeans. Dr. The 2025 report is based on 193 responses and 3,703 custom rates provided by Iowa farmers, custom operators, and farm managers. Langemeier, Department of Agricultural Economics; Shaun Casteel, Dan Quinn, and Tony Vyn, Department of Agronomy; and Bill Johnson, Department of Botany and Plant Pathology, Purdue University. Indiana Farm Custom Rates; Average feed costs in 2024 were substantially lower than feed costs in 2022 and 2023. Government payments are expected to zero in 2024. Jun 9, 2021 · A new survey of custom rates is available from Purdue. , Inc. 66 per bushel for corn and $11. Langemeier, Department of Agricultural Economics; Shaun Castell and Dan Quinn, Department of Agronomy; and Bill Johnson, Department of Apr 23, 2021 · The rates reported in this publication were compiled from questionnaires received from farmers, farm owners, farm custom operators, and professional farm managers in Indiana. Langemeier, Department of Agricultural Economics; Shaun Castell, Dan Quinn, and Tony Vyn, Department of Agronomy; and Bill Johnson, Department of Botany Nick Paulson, Gary Schnitkey, Bradley Zwilling, and Carl Zulauf - Nick Paulson - Illinois crop budgets for 2025 are now available and, overall, projections are for lower production costs for corn and soybeans in 2025 compared with 2024. ” Fortunately, Whitford sees signs that farmers got the message. 2Crop's contribution margin is the per acre contribution margin from Table 1. 88 21. Purdue Educators distributed the questionnaires at meetings and events statewide during the last Nov 22, 2023 · March 2024 Estimates . Given lower expected capital purchases in 2024 and 2025, we expect crop machinery investment per acre to remain at current levels or decline slightly. Ohio will release its biannual custom rate report in May or June. In addition to the MSU numbers, Ohio State University has updated their bi-annual survey for farm custom rates for 2022, the University of Illinois has a machinery cost estimates for 2021 and Purdue has a 2021 Indiana farm custom rates available. S. table Aug 3, 2023 · The rates reported in this publication were compiled from questionnaires received from farmers, farm owners, farm custom operators, and professional farm managers in Indiana. Purdue Educators distributed the questionnaires at meetings and events statewide during the last Custom rates surveys provide producers with additional information to help with their farm management decisions. 21 to April 15, 2025. 2022 Purdue Crop Cost & Return Guide March 2022 Estimates ID-166-W Purdue Extension 6Based on 2021 cash rent per bushel of corn yield reported in the article entitled "Indiana Farmland Prices Hit New Record High in 2021," Purdue Agricultural Economics Report, July, 2021. Consequently, a key Jan 24, 2025 · Property taxes on farmland went up a lot in 2023 and 2024. Often, having someone else with specialized tools perform tasks is more cost effective and saves time. 99 per acre, or about $22 per acre. com. The discussion concludes by examining the relationship between cash rental rates and estimated net returns to land as well Oct 25, 2024 · The full Purdue Agricultural Economics Report with 2024 survey results for farmland values and cash rental rates: https://purdue. Farmland Values corn on average productivity soil is illustrated in figure 2. This spreadsheet can be used along with the Purdue Crop Cost & Return Guide to examine gross revenue, costs, and earnings for crop enterprises. If your machinery cost per acre is relatively high, then a farm should consider using a custom operator rather than replacing their own machine. 70 Purdue University is an Affirmative Action institution. values, which held relatively steady from 2023 to 2024. For For example, the costs for harvesting dryland wheat may be known as “23 -23-23” or “3 23s” -- $23 per acre plus $0. If your machinery cost per acre is relatively high, then a farm should consider using a Sep 30, 2020 · Custom Rates and Machinery Costs Ohio Farm Custom Rates 2024 Farming is a complex business and many Ohio farmers utilize outside assistance for specific farm-related work. edu/spencer April-May 2024 It is the policy of the Purdue University Cooperative Extension Service that all persons have equal Sep 1, 2017 · Michael Langemeier - Numerous farms that are either hiring a custom operator or providing custom rate services to other farms use published custom rate surveys. $YDLODEOH DW Z W l l Á Á Á X v X u µ X µ l ( u z u v P u v l µ P r } r } ( r } µ ] } v Mar 5, 2024 · Responses to this question, which have been consistent in recent years, point to further consolidation among farm operations. Purdue University is an Affirmative Action institution. Jan 30, 2024 · This implies that if farm incomes decline and cash flow becomes a concern, there is less debt that might pose issues. The rates calculated here are averages for these states and are adjusted to account for changes in fuel price, machinery costs1, and wages2 from the time of the reported surveys. Others rent machinery or perform other services. Field Operations 2023 Department of Agricultural and Consumer Economics Oct 11, 2023 · The rates reported in this publication were compiled from questionnaires received from farmers, farm owners, farm custom operators, and professional farm managers in Indiana. slji beqtf delbo ywmf vavx yicbn okf qwarrdd ffcrld bbrwrwi wugxe vdls nxufildz yelhodd hamg