Estimate of 2020 Relative Row Crop Costs and Net Returns

By A.R. Smith, A.N. Rabinowitz and Yangxuan Liu, UGA Extension Economists, Department of Agricultural & Applied Economics
December 2019
Conventional Tillage IRRIGATED NON-IRRIGATED
Grain Grain Int Mgmt
Cotton Peanuts Corn Soybeans Sorghum Cotton Peanuts Corn Soybeans Sorghum Wheat Wheat
EXPECTED YIELD per ACRE 1,200 lbs 4,700 lbs 200 bu 60 bu 100 bu 750 lbs 3,400 lbs 85 bu 30 bu 65 bu 75 bu 55 bu
EXPECTED SEASON AVG PRICE $0.66 /lb $400 /ton $4.48 /bu $8.83 /bu $4.17 /bu $0.66 /lb $400 /ton $4.48 /bu $8.83 /bu $4.17 /bu $4.82 /bu $4.82 /bu
GROSS RETURN per ACRE $792 $940 $896 $530 $417 $495 $680 $381 $265 $271 $362 $265
VARIABLE COSTS per ACRE
Seed 99 126 117 59 23 99 126 73 59 14 38 25
BWEP 2 1
Fertilizer & Lime* 118 65 253 67 141 88 65 98 67 88 112 81
Chicken Litter
Chemicals 98 188 41 54 29 97 158 41 25 29 34 20
Custom Application
Hand Weeding 15 15 15 15
Scouting 10 10 10 10
Fuel and Lube** 28 43 19 17 19 28 43 19 17 19 28 17
Repairs and Maintenance 39 51 21 19 21 39 51 21 19 21 23 14
Irrigation*** 69 52 69 43 35
Labor 27 34 14 13 15 27 34 14 13 15 18 10
Insurance 8 17 14 9 18 16 23 22 15 16 11 12
Land Rent
Other
Interest on Operating Capital 15 18 16 8 9 13 16 9 6 6 8 5
Gin & Warehouse (net after cottonseed) 47 30
Drying and Cleaning 63 61 31 45 26 20 7 5
Marketing and Fees 15 11
TOTAL VARIABLE COSTS per ACRE $575 $696 $625 $289 $339 $462 $596 $323 $221 $228 $279 $190
RETURN ABOVE VARIABLE COST per ACRE $217 $244 $271 $241 $78 $33 $84 $57 $44 $43 $83 $75
BREAKEVEN PRICE (Variable Cost) $0.48 /lb $296 /ton $3.13 /bu $4.81 /bu $3.39 /bu $0.62 /lb $351 /ton $3.81 /bu $7.36 /bu $3.51 /bu $3.71 /bu $3.45 /bu
BREAKEVEN YIELD per ACRE (Variable Cost) 871 lbs 3,478 lbs 140 bu 33 bu 81 bu 701 lbs 2,981 lbs 72 bu 25 bu 55 bu 58 bu 39 bu
FIXED COSTS per ACRE
Machinery and Equipment 153 148 76 69 74 153 148 76 69 74 75 49
Irrigation 130 130 130 130 130
Buildings
Miscellaneous Overhead 29 35 31 14 17 23 30 16 11 11 14 9
TOTAL SPECIFIED FIXED COSTS per ACRE $312 $313 $238 $214 $221 $176 $178 $93 $80 $86 $89 $59

TOTAL COST EXCL. LAND & MGT per ACRE $887 $1,009 $863 $502 $560 $639 $774 $416 $301 $314 $367 $249
RETURN TO LAND AND MGT per ACRE -$95 -$69 $33 $28 -$143 -$144 -$94 -$35 -$36 -$43 -$6 $16

BREAKEVEN PRICE (Total Costs) $0.74 /lb $429 /ton $4.31 /bu $8.37 /bu $5.60 /bu $0.85 /lb $456 /ton $4.89 /bu $10.04 /bu $4.83 /bu $4.90 /bu $4.52 /bu
BREAKEVEN YIELD per ACRE 1,344 lbs 5,044 lbs 193 bu 57 bu 134 bu 968 lbs 3,872 lbs 93 bu 34 bu 75 bu 76 bu 52 bu
* Expected fertilizer $/lb. of nutrient: N= $0.50 P= $0.40 K= $0.35
** Season Average Diesel fuel price: $2.50 per Gallon
*** Weighted average of diesel and electric irrigation application costs. Electric is estimated at $7/appl and diesel is estimated at $12.00/appl when diesel cost $2.50/gal.
Estimate of 2020 Relative Row Crop Costs and Net Returns
By A.R. Smith, A.N. Rabinowitz and Yangxuan Liu, UGA Extension Economists, Department of Agricultural & Applied Economics
December 2019
Strip-Tillage IRRIGATED NON-IRRIGATED
Grain Grain
Cotton Peanuts Corn Soybeans Sorghum Cotton Peanuts Corn Soybeans Sorghum
EXPECTED YIELD per ACRE 1,200 lbs 4,700 lbs 200 bu 60 bu 100 bu 750 lbs 3,400 lbs 85 bu 30 bu 65 bu
EXPECTED SEASON AVG PRICE $0.66 /lb $400 /ton $4.48 /bu $8.83 /bu $4.17 /bu $0.66 /lb $400 /ton $4.48 /bu $8.83 /bu $4.17 /bu
GROSS RETURN per ACRE $792 $940 $896 $530 $417 $495 $680 $381 $265 $271
VARIABLE COSTS per ACRE
Seed 109 126 117 59 23 109 126 73 59 14
Cover Crop Seed*
BWEP 2 1
Fertilizer & Lime** 118 65 253 67 141 88 65 98 67 88
Chicken Litter
Chemicals 109 200 49 65 29 109 170 45 36 29
Custom Application
Handweeding 15 15 15 15
Scouting 10 10 10 10
Fuel and Lube*** 27 33 15 14 16 27 33 15 14 16
Repairs and Maintenance 37 41 18 15 17 37 41 18 15 17
Irrigation**** 61 43 61 35 26
Labor 23 28 12 10 12 23 28 12 10 12
Insurance 8 17 14 9 18 16 23 22 15 16
Land Rent
Other
Interest on Operating Capital 16 17 16 8 8 13 15 8 6 6
Gin & Warehouse (net after cottonseed) 47 30
Drying and Cleaning 63 61 31 45 26 20
Marketing and Fees 15 11
TOTAL VARIABLE COSTS per ACRE $582 $673 $615 $281 $321 $479 $582 $317 $223 $218
RETURN ABOVE VARIABLE COST per ACRE $210 $267 $281 $248 $96 $16 $98 $63 $42 $53
BREAKEVEN PRICE (Variable Cost) $0.48 /lb $286 /ton $3.08 /bu $4.69 /bu $3.21 /bu $0.64 /lb $343 /ton $3.74 /bu $7.42 /bu $3.36 /bu
BREAKEVEN YIELD per ACRE (Variable Cost 882 lbs 3,365 lbs 137 bu 32 bu 77 bu 726 lbs 2,912 lbs 71 bu 25 bu 52 bu
FIXED COSTS per ACRE
Machinery and Equipment 151 120 67 59 64 151 120 67 59 64
Irrigation 130 130 130 130 130
Buildings
Miscellaneous Overhead 29 34 31 14 16 24 29 16 11 11
TOTAL SPECIFIED FIXED COSTS per ACRE $310 $283 $227 $204 $210 $175 $149 $82 $71 $75

TOTAL COST EXCL. LAND & MGT per ACRE $892 $956 $842 $485 $531 $654 $731 $400 $293 $293
RETURN TO LAND AND MGT per ACRE -$100 -$16 $54 $45 -$114 -$159 -$51 -$19 -$28 -$22

BREAKEVEN PRICE (Total Costs) $0.74 /lb $407 /ton $4.21 /bu $8.08 /bu $5.31 /bu $0.87 /lb $430 /ton $4.71 /bu $9.77 /bu $4.51 /bu
BREAKEVEN YIELD per ACRE 1,352 lbs 4,781 lbs 188 bu 55 bu 127 bu 991 lbs 3,656 lbs 89 bu 33 bu 70 bu
* Value only if cover crop is not harvested, i.e. wheat for grain, etc.
** Expected fertilizer $/lb.of nutrient: N= $0.50 P= $0.40 K= $0.35
*** Weighted average of diesel and electric irrigation application costs. Electric is estimated at $7/appl and diesel is estimated at $12.00/appl when diesel cost $2.50/gal.
**** Season Average Diesel Fuel Price: $2.50 per Gallon
 Irrigated Peanut Price Calculator
Expected Pounds Irrigated Yield 4,700 1st In the blue cell to the left, put your expected irrigated yield per acre.
Contracted Pounds per Acre Contracted Price per Ton
2,000 $400 In the blue cells to the left, fill in the amount of pounds you contracted
0 and the respective contract price (you can adjust the pounds and
0
2 nd
prices)
Remaining Uncontracted Pounds per Expected Harvest Price
Acre per Ton
2,700 $400 3rd In this blue cell, put in your expectation of harvest price.
Average Irrigated Peanut Price $400

Non Irrigated Peanut Price Calculator

In the yellow cell to the left, put your expected non-irrigated yield per
Expected Pounds Non-Irrigated Yield 3,400 1st acre.
Contracted Pounds per Acre Contracted Price per Ton
2,000 $400 In the yellow cells to the left, fill in the amount of pounds you
0 contracted and the respective contract price (you can adjust the
0 2nd pounds and prices)
Remaining Uncontracted Pounds per Expected Harvest Price
Acre per Ton
In this yellow cell, put in your expectation of harvest price.
1,400
Average Dryland Peanut Price
$400
$400
3rd

Calculator created by A.R. Smith and A.N. Rabinowitz,

Ag and Applied Economics, 4/2018
UGA Extension Economists
Conventional Tillage: Equal Returns Above Variable Costs Price Comparisons
Click on the box to see a chart of the two commodities that you wish to compare.

Peanut to Cotton Cotton to Peanut Cotton to Corn Cotton to Soybean

Corn to Cotton Corn to Peanut Peanut to Corn Peanut to Soybean

Soybean to Cotton Soybean to Peanut Soybean to Corn Corn to Soybean

Strip Tillage: Equal Returns Above Variable Costs Price Comparisons

Click on the box to see a chart of the two commodities that you wish to compare.

Peanut to Cotton Cotton to Peanut Cotton to Corn Cotton to Soybean

Corn to Cotton Corn to Peanut Peanut to Corn Peanut to Soybean

Soybean to Cotton Soybean to Peanut Soybean to Corn Corn to Soybean

Conventional Tillage Chart

Peanut Price ($/ton)

Peanut Price Needed to Give Equal Returns Above Variable Costs to Cotton at Budgeted Yields *
$600

$500 $465 $478

$440 $452
$414 $427
$388 $401
$400 $363 $376
$337 $350
$312 $325
$299
$300

$200

$100
Irrigated Peanut
Non Irrigated Peanut
$-
$0.49

$0.51

$0.56

$0.64

$0.66

$0.74

$0.81
$0.54

$0.59

$0.61

$0.69

$0.71

$0.76

$0.79

$0.84
Cotton Price ($/lb)

* The above chart is based on the following assumptions:

1) Irrigated peanut is compared to irrigated cotton and non-irrigated peanut is compared to non-irrigated cotton.
2) Irrigated peanut yield is 4700 lbs. and irrigated cotton yield is 1200 lbs.
3) Non-irrigated peanut yield is 3400 lbs. and non-irrigated cotton yield is 750 lbs.
4) Prices shown are those needed to cover budgeted operating costs for conventional till production listed in the crop comparison tool.

Charts by A.R. Smith, A.N. Rabinowitz and Yangxuan Liu Ag and Applied Economics, 12/2018
Conventional Tillage Chart

Corn Price ($/bu)

Corn Price Needed to Give Equal Returns Above Variable Costs to Cotton at Budgeted Yields *
$7.00

$6.00 $5 $5
$4 . .2
$4 .9 11 6
$4 $4 .8 6 $5.73
$4 .5 .6 1 $5.51
$5.00 $4 .3 1 6 $5.29
$3 $4 .2 6 $5.07
$3 .9 .0 1 $4.85
$3 .7 1 6
$3 .6 6 $4.63
$4.00$3 $3 .4 1 $4.41
.1 .3 6 $4.19
6 1 $3.97
$3.75
$3.53
$3.00 $3.31
$3.09
$2.86
$2.64
$2.00

$1.00
Non Irrigated Corn
Irrigated Corn
$-
$0.49

$0.54

$0.56

$0.61

$0.64

$0.71

$0.74

$0.79

$0.81
$0.51

$0.59

$0.66

$0.69

$0.76

$0.84
Cotton Price ($/lb)
* The above chart is based on the following assumptions:
1) Irrigated corn is compared to irrigated cotton and non-irrigated corn is compared to non-irrigated cotton.
2) Irrigated corn yield is 200 bu. and irrigated cotton yield is 1200 lbs.
3) Non-irrigated corn yield is 85 bu. and non-irrigated cotton yield is 750 lbs.
4) Prices shown are those needed to cover budgeted operating costs for conventional till production listed in the crop comparison tool.

Charts by A.R. Smith, A.N. Rabinowitz and Yangxuan Liu Ag and Applied Economics, 12/2018
Conventional Tillage Chart

Soybean Price ($/bu)

Soybean Price Needed to Give Equal Returns Above Variable Costs to Cotton at Budgeted Yields *

$14.00
$12.82
$12.20
$12.00 $11.57
$10.95
$10.32
$9.70
$10.00
$9.07
$8.45
$7.82
$8.00 $7.20
$6.57
$5.95
$6.00 $5.32
$4.70
$4.07
$4.00

$2.00 Non Irrigated Soybean

Irrigated Soybean
$-
$0.49

$0.54

$0.56

$0.61

$0.64

$0.71

$0.74

$0.79

$0.81
$0.51

$0.59

$0.66

$0.69

$0.76

$0.84
Cotton Price ($/lb)

* The above chart is based on the following assumptions:

1) Irrigated soybean is compared to irrigated cotton and non-irrigated soybean is compared to non-irrigated cotton.
2) Irrigated soybean yield is 60 bu. and irrigated cotton yield is 1200 lbs.
3) Non-irrigated soybean yield is 30 bu. and non-irrigated cotton yield is 750 lbs.
4) Prices shown are those needed to cover budgeted operating costs for conventional till production listed in the crop comparison tool.

Charts by A.R. Smith, A.N. Rabinowitz and Yangxuan Liu Ag and Applied Economics, 12/2018
Conventional Tillage Chart

Cotton Price ($/lb)

Cotton Price Needed to Give Equal Returns Above Variable Costs to Peanuts at Budgeted Yields *

$1.00
$0.89
$0.90 $0.86
$0.84
$0.82
$0.80
$0.80 $0.77
$0.75 $0
$0.73 $0
$0.71 $0 .8
$0.68 $0 .7 .8 2
$0.70 $0.66 $0 .7 8 0
$0.64 $0 .7 6
$0.61 $0 $0 .7 4
$0.59 $0 .7 2
$0.57
$0.60 $0 .6 0
$0 .6 .6 8
$0 .6 4 6
$0 $0 .6 2
$0.50$0 .5 .5 0
.5 7 8
5
$0.40

$0.30

$0.20
Non Irrigated Cotton
$0.10
Irrigated Cotton
$-
$330

$340

$350

$360

$370

$380

$390

$400

$410

$420

$430

$440

$450

$460

$470
Peanut Price ($/ton)

* The above chart is based on the following assumptions:

1) Irrigated cotton is compared to irrigated peanut and non-irrigated cotton is compared to non-irrigated peanut.
2) Irrigated cotton yield is 1200 lbs. and irrigated peanut yield is 4700 lbs.
3) Non-irrigated cotton yield is 750 lbs. and non-irrigated peanut yield is 3400 lbs.
4) Prices shown are those needed to cover budgeted operating costs for conventional till production listed in the crop comparison tool.

Charts by A.R. Smith, A.N. Rabinowitz and Yangxuan Liu Ag and Applied Economics, 12/2018
Conventional Tillage Chart

Corn Price ($/bu)

Corn Price Needed to Give Equal Returns Above Variable Costs to Peanuts at Budgeted Yields *
$7.00
$6.19
$5.99
$6.00 $5.79
$5.59
$5.39
$5.19
$4.99
$5.00 $4.79
$4.59 $5 $5
$4.39 $4 .1
$4.19 $4 $4 .9 .0 7
$3.99 $4 .8 4 5
$3.79 $4 $4 .5 .7 2
$4.00 $3.59 $4 .4 8 0
$3.39 $4 $4 .2 .3 7
$3 .1 3 5
$ $3 .8 .0 1
$ 3. .7 8 0
$3.003.5 64 6
3

$2.00

$1.00
Non Irrigated Corn
Irrigated Corn
$-
$330

$340

$350

$360

$370

$380

$390

$400

$410

$420

$430

$440

$450

$460

$470
Peanut Price ($/ton)

* The above chart is based on the following assumptions:

1) Irrigated corn is compared to irrigated peanut and non-irrigated corn is compared to non-irrigated peanut.
2) Irrigated corn yield is 200 bu. and irrigated peanut yield is 4700 lbs.
3) Non-irrigated corn yield is 85 bu. and non-irrigated peanut yield is 3400 lbs.
4) Prices shown are those needed to cover budgeted operating costs for conventional till production listed in the crop comparison tool.

Charts by A.R. Smith, A.N. Rabinowitz and Yangxuan Liu Ag and Applied Economics, 12/2018
Conventional Tillage Chart

Soybean Price ($/bu)

Soybean Price Needed to Give Equal Returns Above Variable Costs to Peanuts at Budgeted Yields *
$16.00
$14.12
$14.00 $13.55
$12.99
$12.42
$11.85
$12.00 $11.29
$10.72
$10.15
$10.00 $9.59
$9.02
$8.45
$7.89
$8.00 $7.32
$6.75
$6.19
$6.00

$4.00

$2.00 Non Irrigated Soybean

Irrigated Soybean
$-
$330

$340

$350

$360

$370

$380

$390

$400

$410

$420

$430

$440

$450

$460

$470
Peanut Price ($/ton)

* The above chart is based on the following assumptions:

1) Irrigated soybean is compared to irrigated peanut and non-irrigated soybean is compared to non-irrigated peanut.
2) Irrigated soybean yield is 60 bu. and irrigated peanut yield is 4700 lbs.
3) Non-irrigated soybean yield is 30 bu. and non-irrigated peanut yield is 3400 lbs.
4) Prices shown are those needed to cover budgeted operating costs for conventional till production listed in the crop comparison tool.

Charts by A.R. Smith, A.N. Rabinowitz and Yangxuan Liu Ag and Applied Economics, 12/2018
Conventional Tillage Chart

Cotton Price ($/lb)

Cotton Price Needed to Give Equal Returns Above Variable Costs to Corn at Budgeted Yields *
$1.00

$0 $0
$0.90 $0 $0 . .8
$0 .7 80 1
$0 $0 .7 .7 8 $0.88
$0 .7 4 6 $0.85
$0.80 $0 .6 .7 3 $0.83
$0 $0 .6 9 1 $0.80
$0 $0 .6 .6 8 $0.78
$0 .6 4 6 $0.75
$0.70$ .6 3 $0.73
0. .5 1 $0.70
57 9 $0.68
$0.60 $0.65
$0.63
$0.60
$0.58
$0.50 $0.55
$0.53
$0.40

$0.30

$0.20
Irrigated Cotton
$0.10 Non Irrigated Cotton

$-
$3.43

$3.73

$3.88

$4.18

$4.33

$4.78

$4.93

$5.23

$5.38
$3.58

$4.03

$4.48

$4.63

$5.08

$5.53
Corn Price ($/bu)

* The above chart is based on the following assumptions:

1) Irrigated cotton is compared to irrigated corn and non-irrigated cotton is compared to non-irrigated corn.
2) Irrigated cotton yield is 1200 lbs. and irrigated corn yield is 200 bu.
3) Non-irrigated cotton yield is 750 lbs. and non-irrigated corn yield is 85 bu.
4) Prices shown are those needed to cover budgeted operating costs for conventional till production listed in the crop comparison tool.

Charts by A.R. Smith, A.N. Rabinowitz and Yangxuan Liu Ag and Applied Economics, 12/2018
Conventional Tillage Chart

Peanut Price ($/ton)

Peanut Price Needed to Give Equal Returns Above Variable Costs Corn at Budgeted Yields *
$600

$488 $501
$500 $462 $475
$437 $450
$411 $424
$386 $398
$400 $360 $373
$335 $347
$322
$300

$200

$100
Irrigated Peanut
Non Irrigated Peanut
$-
$3.43

$3.58

$3.73

$4.33

$4.48

$4.63

$4.78
$3.88

$4.03

$4.18

$4.93

$5.08

$5.23

$5.38

$5.53
Corn Price ($/bu)

* The above chart is based on the following assumptions:

1) Irrigated peanut is compared to irrigated corn and non-irrigated peanut is compared to non-irrigated corn.
2) Irrigated peanut yield is 4700 lbs. and irrigated corn yield is 200 bu.
3) Non-irrigated peanut yield is 3400 lbs. and non-irrigated corn yield is 85 bu.
4) Prices shown are those needed to cover budgeted operating costs for conventional till production listed in the crop comparison tool.

Charts by A.R. Smith, A.N. Rabinowitz and Yangxuan Liu Ag and Applied Economics, 12/2018
Conventional Tillage Chart

Soybean Price ($/bu)

Soybean Price Needed to Give Equal Returns Above Variable Costs to Corn at Budgeted Yields *

$12.25
$14.00

$11.82
$11.40
$10.97
$10.55
$12.00

$10.12
$9.70
$9.27
$8.85
$10.00

$8.42
$8.00
$7.57
$7.15
$6.72

$8.00
$6.30

$6.00

$4.00

$2.00
Irrigated Soybean
Non Irrigated Soybean
$-
$3.43

$3.73

$3.88

$4.18

$4.33

$4.78

$4.93

$5.23

$5.38
$3.58

$4.03

$4.48

$4.63

$5.08

$5.53
Corn Price ($/bu)

* The above chart is based on the following assumptions:

1) Irrigated soybean is compared to irrigated corn and non-irrigated soybean is compared to non-irrigated corn.
2) Irrigated soybean yield is 60 bu. and irrigated corn yield is 200 bu.
3) Non-irrigated soybean yield is 30 bu. and non-irrigated corn yield is 85 bu.
4) Prices shown are those needed to cover budgeted operating costs for conventional till production listed in the crop comparison tool.

Charts by A.R. Smith, A.N. Rabinowitz and Yangxuan Liu Ag and Applied Economics, 12/2018
Conventional Tillage Chart

Cotton Price ($/lb) Cotton Price Needed to Give Equal Returns Above Variable Costs to Soybean at Budgeted Yields*

$0.90

$0.77 $0.79 $0.80

$0.80
$0.72 $0.73 $0.75
$0.66 $0.68 $0.70 $ $0 $0
.7
$0.70 $0.65 $ 0 .76 7
$0.63 $ $0 0. .7
$0.61 $0 $0. 0 .7 73 5
$0.59 $0 .7 2
$0.56 $0.58
$0.60 $0 $0.
$0
.6 .6
.6
8
69 0
$0 $0 .6 63 5 6
$0 . .6 2
$0.50 .58 59 1

$0.40

$0.30

$0.20

$0.10 Irrigated Cotton

Non Irrigated Cotton
$-
$6.38

$6.73

$7.08

$7.43

$7.78

$8.13

$8.48

$8.83

$9.18

$9.53

$9.88

$10.23

$10.58

$10.93

$11.28
Soybean Price ($/bu)
* The above chart is based on the following assumptions:
1) Irrigated cotton is compared to irrigated soybean and non-irrigated cotton is compared to non-irrigated soybean.
2) Irrigated cotton yield is 1200 lbs. and irrigated soybean yield is 60 bu.
3) Non-irrigated cotton yield is 750 lbs. and non-irrigated soybean yield is 30 bu.
4) Prices shown are those needed to cover budgeted operating costs for conventional till production listed in the crop comparison tool.

Charts by A.R. Smith, A.N. Rabinowitz and Yangxuan Liu Ag and Applied Economics, 12/2018
Conventional Tillage Chart

Peanut Price ($/ton)

Peanut Price Needed to Give Equal Returns Above Variable Costs to Soybean at Budgeted Yields *

$500
$452 $461
$434 $443
$450 $417 $426
$399 $408
$381 $390
$400 $372
$354 $363
$336 $345
$350

$300

$250

$200

$150

$100

$50 Irrigated Peanut

Non Irrigated Peanut
$-
$6.38

$6.73

$7.08

$8.48

$8.83

$9.18

$9.53

$10.23

$10.58

$10.93

$11.28
$7.43

$7.78

$8.13

$9.88
Soybean Price ($/bu)
* The above chart is based on the following assumptions:
1) Irrigated peanut is compared to irrigated soybean and non-irrigated peanut is compared to non-irrigated soybean.
2) Irrigated peanut yield is 4700 lbs. and irrigated soybean yield is 60 bu.
3) Non-irrigated peanut yield is 3400 lbs. and non-irrigated soybean yield is 30 bu.
4) Prices shown are those needed to cover budgeted operating costs for conventional till production listed in the crop comparison tool.

Charts by A.R. Smith, A.N. Rabinowitz and Yangxuan Liu Ag and Applied Economics, 12/2018
Conventional Tillage Chart

Corn Price ($/bu) Corn Price Needed to Give Equal Returns Above Variable Costs to Soybean at Budgeted Yields *

$6.00

$4.86 $4.96 $5.07

$5.00 $4.75 $5
$4.44 $4.54 $4.65 $ $5 .1
$4.23 $4.33 $4 4. .0 9
$4.12 $ . 94 6
$4 4 82
$3.81 $3.91 $4.02 $ $4 .5 .6
9
$4.00 4. . 7
$3.60 $3.70 $4 $4
. 32 45
$3. .0 20
$ $3 95 8
$3 3.7 .8
$3 .5 1 3
.
$3.00 46 8

$2.00

$1.00
Irrigated Corn
Non Irrigated Corn
$-
$6.38

$7.08

$7.43

$8.13

$8.48

$9.53

$9.88

$10.58

$10.93

$11.28
$6.73

$7.78

$8.83

$9.18

$10.23
Soybean Price ($/bu)
* The above chart is based on the following assumptions:
1) Irrigated corn is compared to irrigated soybean and non-irrigated corn is compared to non-irrigated soybean.
2) Irrigated corn yield is 200 bu. and irrigated soybean yield is 60 bu.
3) Non-irrigated corn yield is 85 bu. and non-irrigated soybean yield is 30 bu.
4) Prices shown are those needed to cover budgeted operating costs for conventional till production listed in the crop comparison tool.

Charts by A.R. Smith, A.N. Rabinowitz and Yangxuan Liu Ag and Applied Economics, 12/2018
Strip Tillage Chart

Peanut Price ($/ton)

Peanut Price Needed to Give Equal Returns Above Variable Costs to Cotton at Budgeted Yields *
$500
$465
$452
$440
$450 $427
$414
$401
$389
$400 $376
$363
$350
$350 $337
$325
$312
$299
$286
$300

$250

$200

$150

$100

$50 Irrigated Peanut

Non Irrigated Peanut
$-
$0.49

$0.51

$0.56

$0.64

$0.66

$0.74

$0.81
$0.54

$0.59

$0.61

$0.69

$0.71

$0.76

$0.79

$0.84
Cotton Price ($/lb)

* The above chart is based on the following assumptions:

1) Irrigated peanut is compared to irrigated cotton and non-irrigated peanut is compared to non-irrigated cotton.
2) Irrigated peanut yield is 4700 lbs. and irrigated cotton yield is 1200 lbs.
3) Non-irrigated peanut yield is 3400 lbs. and non-irrigated cotton yield is 750 lbs.
4) Prices shown are those needed to cover budgeted operating expenses for strip tillage production listed in the crop comparison tool.

Charts by A.R. Smith, A.N. Rabinowitz and Yangxuan Liu Ag and Applied Economics,12/2018
Strip Tillage Chart

Corn Price ($/bu)

Corn Price Needed to Give Equal Returns Above Variable Costs to Cotton at Budgeted Yields *
$6.00 $5
$5 .1
$4 .0 8
$4 .8 3
$4 .7 8 $5.47
$4 .5 3
$5.00 $4 .4 8 $5.25
$4 .2 3 $5.03
$3 .1 8
$3 .98 3 $4.81
$3 .8 $4.59
$3 .6 3
$4.00 $3. .5 8 $4.36
$3 38 3 $4.14
$3 .2 $3.92
.0 3
8 $3.70
$3.48
$3.00 $3.26
$3.04
$2.82
$2.60
$2.38
$2.00

$1.00
Non Irrigated Corn
Irrigated Corn
$-
$0.49

$0.54

$0.56

$0.61

$0.64

$0.71

$0.74

$0.79

$0.81
$0.51

$0.59

$0.66

$0.69

$0.76

$0.84
Cotton Price ($/lb)
* The above chart is based on the following assumptions:
1) Irrigated corn is compared to irrigated cotton and non-irrigated corn is compared to non-irrigated cotton.
2) Irrigated corn yield is 200 bu. and irrigated cotton yield is 1200 lbs.
3) Non-irrigated corn yield is 85 bu. and non-irrigated cotton yield is 750 lbs.
4) Prices shown are those needed to cover budgeted operating expenses for strip tillage production listed in the crop comparison tool.

Charts by A.R. Smith, A.N. Rabinowitz and Yangxuan Liu Ag and Applied Economics,12/2018
Strip Tillage Chart

Soybean Price ($/bu)

Soybean Price Needed to Give Equal Returns Above Variable Costs to Cotton at Budgeted Yields *

$14.00
$12.33
$11.71
$12.00
$11.08
$10.46
$9.83
$10.00 $9.21
$8.58
$7.96
$8.00 $7.33
$6.71
$6.08
$6.00 $5.46
$4.83
$4.21
$3.58
$4.00

$2.00 Non Irrigated Soybean

Irrigated Soybean
$-
$0.49

$0.54

$0.56

$0.61

$0.64

$0.71

$0.74

$0.79

$0.81
$0.51

$0.59

$0.66

$0.69

$0.76

$0.84
Cotton Price ($/lb)

* The above chart is based on the following assumptions:

1) Irrigated soybean is compared to irrigated cotton and non-irrigated soybean is compared to non-irrigated cotton.
2) Irrigated soybean yield is 60 bu. and irrigated cotton yield is 1200 lbs.
3) Non-irrigated soybean yield is 30 bu. and non-irrigated cotton yield is 750 lbs.
4) Prices shown are those needed to cover budgeted operating expenses for strip tillage production listed in the crop comparison tool.

Charts by A.R. Smith, A.N. Rabinowitz and Yangxuan Liu Ag and Applied Economics,12/2018
Strip Tillage Chart

Cotton Price ($/lb) Cotton Price Needed to Give Equal Returns Above Variable Costs to Peanuts at Budgeted Yields *

$1.00
$0.93
$0.90
$0.88
$0.90 $0.86
$0.84
$0.81
$0.79
$0.80 $0.77 $0
$0.75 $0 .8
$0.72 $0 .8 4
$0.70 $0 $0 .8 2
$0.70 $0.68 $0 .7 1
$0.66 $0 .7 9
$0.63 $0 .7 7
$0.61 $0 .7 .7 5
$0 .6 1 3
$0.60 $ $0 .6 9
$0 0. .65 7
$0 $0. .6 63
$0.50 .5 59 1
7
$0.40

$0.30

$0.20

$0.10 Non Irrigated Cotton

Irrigated Cotton
$-
$330

$340

$350

$360

$370

$380

$390

$400

$410

$420

$430

$440

$450

$460

$470
Peanut Price ($/ton)

* The above chart is based on the following assumptions:

1) Irrigated cotton is compared to irrigated peanut and non-irrigated cotton is compared to non-irrigated peanut.
2) Irrigated cotton yield is 1200 lbs. and irrigated peanut yield is 4700 lbs.
3) Non-irrigated cotton yield is 750 lbs. and non-irrigated peanut yield is 3400 lbs.
4) Prices shown are those needed to cover budgeted operating expenses for strip tillage production listed in the crop comparison tool.

Charts by A.R. Smith, A.N. Rabinowitz and Yangxuan Liu Ag and Applied Economics,12/2018
Strip Tillage Chart

Corn Price ($/bu)

Corn Price Needed to Give Equal Returns Above Variable Costs to Peanuts at Budgeted Yields *
$7.00
$6.28
$6.08
$5.88
$6.00 $5.68
$5.48
$5.28
$5.08
$4.88
$5.00 $4.68 $5
$4.48 $5 $5 .2
$4.28 $4 $4 .0 .1 3
$4.08 $4 .8 0 2
$3.88 $4 $4 .6 .7 8
$4.00 $3.68 $4 .5 5 6
$3.48 $4 $4 .2 .4 3
$3 .1 9 1
$3 $3 .9 .0 8
$3 .8 4 6
.71 2
$3.00 .59

$2.00

$1.00 Non Irrigated Corn

Irrigated Corn
$-
$330

$340

$350

$360

$370

$380

$390

$400

$410

$420

$430

$440

$450

$460

$470
Peanut Price ($/ton)

* The above chart is based on the following assumptions:

1) Irrigated corn is compared to irrigated peanut and non-irrigated corn is compared to non-irrigated peanut.
2) Irrigated corn yield is 200 bu. and irrigated peanut yield is 4700 lbs.
3) Non-irrigated corn yield is 85 bu. and non-irrigated peanut yield is 3400 lbs.
4) Prices shown are those needed to cover budgeted operating expenses for strip tillage production listed in the crop comparison tool.

Charts by A.R. Smith, A.N. Rabinowitz and Yangxuan Liu Ag and Applied Economics,12/2018
Strip Tillage Chart

Soybean Price ($/bu)

Soybean Price Needed to Give Equal Returns Above Variable Costs to Peanuts at Budgeted Yields *
$16.00
$14.64
$14.07
$14.00 $13.51
$12.94
$12.37
$11.81
$12.00 $11.24
$10.67
$10.11
$10.00 $9.54
$8.97
$8.41
$7.84
$8.00 $7.27
$6.71
$6.00

$4.00

$2.00 Non Irrigated Soybean

Irrigated Soybean
$-
$330

$340

$350

$360

$370

$380

$390

$400

$410

$420

$430

$440

$450

$460

$470
Peanut Price ($/ton)

* The above chart is based on the following assumptions:

1) Irrigated soybean is compared to irrigated peanut and non-irrigated soybean is compared to non-irrigated peanut.
2) Irrigated soybean yield is 60 bu. and irrigated peanut yield is 4700 lbs.
3) Non-irrigated soybean yield is 30 bu. and non-irrigated peanut yield is 3400 lbs.
4) Prices shown are those needed to cover budgeted operating expenses for strip tillage production listed in the crop comparison tool.

Charts by A.R. Smith, A.N. Rabinowitz and Yangxuan Liu Ag and Applied Economics,12/2018
Strip Tillage Chart

Cotton Price ($/lb)

Cotton Price Needed to Give Equal Returns Above Variable Costs to Corn at Budgeted Yields *
$1.00
$0 $0
$0 $0. .8 .8
$0.90 $ 8 3 4
$0 $0 0. .7 1
$0 .7 77 9 $0.89
$ $0 . .7 6 $0.87
$0.80 $0 0. .7 72 4 $0.84
$ $0 . 69 1 $0.82
$0 0. .6 67 $0.79
$0.77
$0.70$0.6 .6
2
64 6 $0.74
0 $0.72
$0.69
$0.67
$0.60 $0.64
$0.62
$0.59
$0.57
$0.50
$0.54

$0.40

$0.30

$0.20

$0.10 Irrigated Cotton

Non Irrigated Cotton
$-
$3.43

$3.73

$3.88

$4.18

$4.33

$4.78

$4.93

$5.23

$5.38
$3.58

$4.03

$4.48

$4.63

$5.08

$5.53
Corn Price ($/bu)
* The above chart is based on the following assumptions:
1) Irrigated cotton is compared to irrigated corn and non-irrigated cotton is compared to non-irrigated corn.
2) Irrigated cotton yield is 1200 lbs. and irrigated corn yield is 200 bu.
3) Non-irrigated cotton yield is 750 lbs. and non-irrigated corn yield is 85 bu.
4) Prices shown are those needed to cover budgeted operating expenses for strip tillage production listed in the crop comparison tool.

Charts by A.R. Smith, A.N. Rabinowitz and Yangxuan Liu Ag and Applied Economics,12/2018
Strip Tillage Chart

Peanut Price ($/ton)

Peanut Price Needed to Give Equal Returns Above Variable Costs to Corn at Budgeted Yields *
$600

$483 $495
$500 $470
$444 $457
$419 $431
$393 $406
$400 $368 $380
$342 $355
$317 $329

$300

$200

$100
Irrigated Peanut
Non Irrigated Peanut
$-
$3.43

$3.58

$3.73

$4.33

$4.48

$4.63

$4.78
$3.88

$4.03

$4.18

$4.93

$5.08

$5.23

$5.38

$5.53
Corn Price ($/bu)

* The above chart is based on the following assumptions:

1) Irrigated peanut is compared to irrigated corn and non-irrigated peanut is compared to non-irrigated corn.
2) Irrigated peanut yield is 4700 lbs. and irrigated corn yield is 200 bu.
3) Non-irrigated peanut yield is 3400 lbs. and non-irrigated corn yield is 85 bu.
4) Prices shown are those needed to cover budgeted operating expenses for strip tillage production listed in the crop comparison tool.

Charts by A.R. Smith, A.N. Rabinowitz and Yangxuan Liu Ag and Applied Economics,12/2018
Strip Tillage Chart

Soybean Price ($/bu)

Soybean Price Needed to Give Equal Returns Above Variable Costs to Corn at Budgeted Yields *
$14.00
$12.51
$12.08
$12.00 $11.66
$11.23
$10.81
$10.38
$9.96
$10.00 $9.53
$9.11
$8.68
$8.26
$7.83
$8.00 $7.41
$6.98
$6.56
$6.00

$4.00

$2.00
Irrigated Soybean
Non Irrigated Soybean
$-
$3.43

$3.73

$3.88

$4.18

$4.33

$4.78

$4.93

$5.23

$5.38
$3.58

$4.03

$4.48

$4.63

$5.08

$5.53
Corn Price ($/bu)

* The above chart is based on the following assumptions:

1) Irrigated soybean is compared to irrigated corn and non-irrigated soybean is compared to non-irrigated corn.
2) Irrigated soybean yield is 60 bu. and irrigated corn yield is 200 bu.
3) Non-irrigated soybean yield is 30 bu. and non-irrigated corn yield is 85 bu.
4) Prices shown are those needed to cover budgeted operating expenses for strip tillage production listed in the crop comparison tool.

Charts by A.R. Smith, A.N. Rabinowitz and Yangxuan Liu Ag and Applied Economics,12/2018
Strip Tillage Chart

Cotton Price ($/lb) Cotton Price Needed to Give Equal Returns Above Variable Costs to Soybean at Budgeted Yields *

$0.90
$0.78 $0.80 $0.81
$0.80
$0.73 $0.74 $0.76
$0
$0.67 $0.69 $0.71 $ $0 .7
$0.70 $0.66 $0 $0 0. .7 9
$0.64 $ $ .7 76 8
$0.62 $0 0. 0.7 .74 5
$0.59 $0.60 $ $0 . 71 2
$0.57 $0 $0. 0 .68 69
$0.60 $0 .6
$ .6 65 7
$0 0. .6 4
.6 61 2
$0.50 0

$0.40

$0.30

$0.20

$0.10 Irrigated Cotton

Non Irrigated Cotton
$-
$6.38

$6.73

$7.08

$7.43

$7.78

$8.13

$8.48

$8.83

$9.18

$9.53

$9.88

$10.23

$10.58

$10.93

$11.28
Soybean Price ($/bu)
* The above chart is based on the following assumptions:
1) Irrigated cotton is compared to irrigated soybean and non-irrigated cotton is compared to non-irrigated soybean.
2) Irrigated cotton yield is 1200 lbs. and irrigated soybean yield is 60 bu.
3) Non-irrigated cotton yield is 750 lbs. and non-irrigated soybean yield is 30 bu.
4) Prices shown are those needed to cover budgeted operating expenses for strip tillage production listed in the crop comparison tool.

Charts by A.R. Smith, A.N. Rabinowitz and Yangxuan Liu Ag and Applied Economics,12/2018
Strip Tillage Chart

Peanut Price ($/ton)

Peanut Price Needed to Give Equal Returns Above Variable Costs to Soybean at Budgeted Yields *

$500
$446 $455
$450 $428 $437
$410 $419
$392 $401
$400 $374 $383
$356 $365
$338 $347
$330
$350

$300

$250

$200

$150

$100

$50 Irrigated Peanut

Non Irrigated Peanut
$-
$6.38

$6.73

$7.08

$8.48

$8.83

$9.18

$9.53

$10.23

$10.58

$10.93

$11.28
$7.43

$7.78

$8.13

$9.88
Soybean Price ($/bu)
* The above chart is based on the following assumptions:
1) Irrigated peanut is compared to irrigated soybean and non-irrigated peanut is compared to non-irrigated soybean.
2) Irrigated peanut yield is 4700 lbs. and irrigated soybean yield is 60 bu.
3) Non-irrigated peanut yield is 3400 lbs. and non-irrigated soybean yield is 30 bu.
4) Prices shown are those needed to cover budgeted operating expenses for strip tillage production listed in the crop comparison tool.

Charts by A.R. Smith, A.N. Rabinowitz and Yangxuan Liu Ag and Applied Economics,12/2018
Strip Tillage Chart

Corn Price ($/bu)

Corn Price Needed to Give Equal Returns Above Variable Costs to Soybean at Budgeted Yields *
$6.00

$4.84 $4.95 $5.05

$5.00 $4.74
$4.42 $4.53 $4.63 $4 $5
$ .1
$4.11 $4.21 $4.32 $ $4 4.
8
.9
7 0
$4.00 $4 4 .73 5
$4.00 $3.69 $3.79 $3.90 $ $4 .4 .6
0
$3.58 $4 4. .36 8
$3 .1 23
$3 $3. .9 1
$ . 86 8
$3 3.6 74
$3.00$3.3 .4
9 1
7

$2.00

$1.00
Irrigated Corn
Non Irrigated Corn
$-
$6.38

$7.08

$7.43

$8.13

$8.48

$9.53

$9.88

$10.58

$10.93

$11.28
$6.73

$7.78

$8.83

$9.18

$10.23
Soybean Price ($/bu)
* The above chart is based on the following assumptions:
1) Irrigated corn is compared to irrigated soybean and non-irrigated corn is compared to non-irrigated soybean.
2) Irrigated corn yield is 200 bu. and irrigated soybean yield is 60 bu.
3) Non-irrigated corn yield is 85 bu. and non-irrigated soybean yield is 30 bu.
4) Prices shown are those needed to cover budgeted operating expenses for strip tillage production listed in the crop comparison tool.

Charts by A.R. Smith, A.N. Rabinowitz and Yangxuan Liu Ag and Applied Economics,12/2018
Sensitivity Analysis of Yields and Prices of Conventional-Tillage, Irrigated Crops, South Georgia
By A.R. Smith, N.B. Smith and W.D. Shurley, UGA Extension Economists, Department of Agricultural & Applied Economics
April 2012
Irrigated Corn Irrigated Cotton
NET RETURNS ABOVE VARIABLE COSTS PER ACRE NET RETURNS ABOVE VARIABLE COSTS PER ACRE
Yield -25% -10% Average +10% +25% Yield -25% -10% Average +10% +25%
Price 150 180 200 220 250 Price 900 1,080 1,200 1,320 1,500
$3.14 $ (155) $ (61) $ 2 $ 65 $ 159 $0.46 $ (159) $ (76) $ (20) $ 35 $ 118
$3.81 $ (54) $ 60 $ 136 $ 212 $ 327 $0.56 $ (70) $ 31 $ 98 $ 166 $ 267
$4.48 $ 47 $ 181 $ 271 $ 360 $ 495 $0.66 $ 19 $ 138 $ 217 $ 296 $ 415
$5.15 $ 147 $ 302 $ 405 $ 508 $ 663 $0.76 $ 108 $ 245 $ 336 $ 427 $ 564
$5.82 $ 248 $ 423 $ 539 $ 656 $ 831 $0.86 $ 197 $ 352 $ 455 $ 558 $ 712

Irrigated Grain Sorghum Irrigated Peanuts

NET RETURNS ABOVE VARIABLE COSTS PER ACRE NET RETURNS ABOVE VARIABLE COSTS PER ACRE
Yield -25% -10% Average +10% +25% Yield -25% -10% Average +10% +25%
Price 75 90 100 110 125 Price 3,525 4,230 4,700 5,170 5,875
$2.92 $ (120) $ (77) $ (47) $ (18) $ 26 $280 $ (202) $ (103) $ (38) $ 28 $ 127
$3.54 $ (73) $ (20) $ 15 $ 51 $ 104 $340 $ (96) $ 23 $ 103 $ 183 $ 303
$4.17 $ (26) $ 36 $ 78 $ 119 $ 182 $400 $ 9 $ 150 $ 244 $ 338 $ 479
$4.80 $ 20 $ 92 $ 140 $ 188 $ 260 $460 $ 115 $ 277 $ 385 $ 493 $ 656
$5.42 $ 67 $ 149 $ 203 $ 257 $ 338 $520 $ 221 $ 404 $ 526 $ 649 $ 832

Irrigated Soybeans Intensively Managed Wheat

NET RETURNS ABOVE VARIABLE COSTS PER ACRE NET RETURNS ABOVE VARIABLE COSTS PER ACRE
Yield -25% -10% Average +10% +25% Yield -25% -10% Average +10% +25%
Price 45 54 60 66 75 Price 56 68 75 83 94
$6.18 $ (10) $ 45 $ 82 $ 119 $ 175 $3.37 $ (89) $ (51) $ (25) $ (0) $ 38
$7.51 $ 49 $ 117 $ 162 $ 207 $ 274 $4.10 $ (48) $ (2) $ 29 $ 59 $ 106
$8.83 $ 109 $ 188 $ 241 $ 294 $ 374 $4.82 $ (7) $ 47 $ 83 $ 119 $ 173
$10.15 $ 168 $ 260 $ 321 $ 382 $ 473 $5.54 $ 33 $ 96 $ 137 $ 179 $ 241
$11.48 $ 228 $ 331 $ 400 $ 469 $ 572 $6.27 $ 74 $ 144 $ 191 $ 238 $ 309
Sensitivity Analysis of Yields and Prices of Conventional-Tillage, Dryland Crops, South Georgia
By A.R. Smith, N.B. Smith and W.D. Shurley, UGA Extension Economists, Department of Agricultural & Applied Economics
April 2012
Dryland Corn Dryland Cotton
NET RETURNS ABOVE VARIABLE COSTS PER ACRE NET RETURNS ABOVE VARIABLE COSTS PER ACRE
Yield -25% -10% Average +10% +25% Yield -25% -10% Average +10% +25%
Price 64 77 85 94 106 Price 563 675 750 825 938
$3.14 $ (124) $ (84) $ (57) $ (30) $ 10 $0.46 $ (203) $ (151) $ (116) $ (81) $ (29)
$3.81 $ (81) $ (32) $ 0 $ 33 $ 81 $0.56 $ (147) $ (84) $ (42) $ 0 $ 63
$4.48 $ (38) $ 19 $ 57 $ 95 $ 153 $0.66 $ (91) $ (17) $ 33 $ 82 $ 156
$5.15 $ 5 $ 71 $ 114 $ 158 $ 224 $0.76 $ (36) $ 50 $ 107 $ 164 $ 249
$5.82 $ 48 $ 122 $ 172 $ 221 $ 295 $0.86 $ 20 $ 117 $ 181 $ 245 $ 342

Dryland Grain Sorghum Dryland Peanuts

NET RETURNS ABOVE VARIABLE COSTS PER ACRE NET RETURNS ABOVE VARIABLE COSTS PER ACRE
Yield -25% -10% Average +10% +25% Yield -25% -10% Average +10% +25%
Price 49 59 65 72 81 Price 2,550 3,060 3,400 3,740 4,250
$2.92 $ (86) $ (57) $ (38) $ (19) $ 9 $280 $ (239) $ (168) $ (120) $ (73) $ (1)
$3.54 $ (55) $ (21) $ 2 $ 25 $ 60 $340 $ (163) $ (76) $ (18) $ 40 $ 126
$4.17 $ (25) $ 16 $ 43 $ 70 $ 111 $400 $ (86) $ 16 $ 84 $ 152 $ 254
$4.80 $ 6 $ 52 $ 84 $ 115 $ 162 $460 $ (10) $ 108 $ 186 $ 264 $ 381
$5.42 $ 36 $ 89 $ 124 $ 159 $ 212 $520 $ 67 $ 199 $ 288 $ 376 $ 509

Dryland Soybeans Conventional Wheat

NET RETURNS ABOVE VARIABLE COSTS PER ACRE NET RETURNS ABOVE VARIABLE COSTS PER ACRE
Yield -25% -10% Average +10% +25% Yield -25% -10% Average +10% +25%
Price 23 27 30 33 38 Price 41 50 55 61 69
$6.18 $ (82) $ (54) $ (35) $ (17) $ 11 $3.37 $ (51) $ (23) $ (4) $ 14 $ 42
$7.51 $ (52) $ (18) $ 4 $ 27 $ 61 $4.10 $ (21) $ 13 $ 36 $ 58 $ 92
$8.83 $ (22) $ 18 $ 44 $ 71 $ 110 $4.82 $ 9 $ 49 $ 75 $ 102 $ 142
$10.15 $ 8 $ 53 $ 84 $ 114 $ 160 $5.54 $ 39 $ 85 $ 115 $ 146 $ 191
$11.48 $ 37 $ 89 $ 123 $ 158 $ 210 $6.27 $ 69 $ 120 $ 155 $ 189 $ 241
Sensitivity Analysis of Yields and Prices on Strip-Tillage, Irrigated Crops, South Georgia
By A.R. Smith, N.B. Smith and W.D. Shurley, UGA Extension Economists, Department of Agricultural & Applied Economics
April 2012
Irrigated Corn, Strip Till Irrigated Cotton, Strip Till
NET RETURNS ABOVE VARIABLE COSTS PER ACRE NET RETURNS ABOVE VARIABLE COSTS PER ACRE
Yield -25% -10% Average +10% +25% Yield -25% -10% Average +10% +25%
Price 150 180 200 220 250 Price 900 1,080 1,200 1,320 1,500
$3.14 $ (145) $ (51) $ 12 $ 75 $ 169 $0.46 $ (166) $ (83) $ (28) $ 28 $ 111
$3.81 $ (44) $ 70 $ 147 $ 223 $ 337 $0.56 $ (77) $ 24 $ 91 $ 159 $ 260
$4.48 $ 57 $ 191 $ 281 $ 371 $ 505 $0.66 $ 12 $ 131 $ 210 $ 289 $ 408
$5.15 $ 158 $ 312 $ 415 $ 518 $ 673 $0.76 $ 101 $ 238 $ 329 $ 420 $ 557
$5.82 $ 259 $ 433 $ 550 $ 666 $ 841 $0.86 $ 190 $ 345 $ 448 $ 551 $ 705

Irrigated Grain Sorghum, Strip Till Irrigated Peanuts, Strip Till

NET RETURNS ABOVE VARIABLE COSTS PER ACRE NET RETURNS ABOVE VARIABLE COSTS PER ACRE
Yield -25% -10% Average +10% +25% Yield -25% -10% Average +10% +25%
Price 75 90 100 110 125 Price 3,525 4,230 4,700 5,170 5,875
$2.92 $ (102) $ (58) $ (29) $ 1 $ 44 $280 $ (179) $ (81) $ (15) $ 51 $ 150
$3.54 $ (55) $ (2) $ 34 $ 69 $ 122 $340 $ (74) $ 46 $ 126 $ 206 $ 326
$4.17 $ (8) $ 55 $ 96 $ 138 $ 201 $400 $ 32 $ 173 $ 267 $ 361 $ 502
$4.80 $ 39 $ 111 $ 159 $ 207 $ 279 $460 $ 138 $ 300 $ 408 $ 516 $ 678
$5.42 $ 86 $ 167 $ 222 $ 276 $ 357 $520 $ 244 $ 427 $ 549 $ 671 $ 855

Irrigated Soybeans, Strip Till

NET RETURNS ABOVE VARIABLE COSTS PER ACRE
Yield -25% -10% Average +10% +25%
Price 45 54 60 66 75
$6.18 $ (3) $ 52 $ 89 $ 127 $ 182
$7.51 $ 56 $ 124 $ 169 $ 214 $ 281
$8.83 $ 116 $ 195 $ 248 $ 301 $ 381
$10.15 $ 176 $ 267 $ 328 $ 389 $ 480
$11.48 $ 235 $ 338 $ 407 $ 476 $ 580
Sensitivity Analysis of Yields and Prices on Strip-Tillage, Dryland Crops, South Georgia
By A.R. Smith, N.B. Smith and W.D. Shurley, UGA Extension Economists, Department of Agricultural & Applied Economics
April 2012
Dryland Corn, Strip Till Dryland Cotton, Strip Till
NET RETURNS ABOVE VARIABLE COSTS PER ACRE NET RETURNS ABOVE VARIABLE COSTS PER ACRE
Yield -25% -10% Average +10% +25% Yield -25% -10% Average +10% +25%
Price 64 77 85 94 106 Price 563 675 750 825 938
$3.14 $ (118) $ (78) $ (51) $ (24) $ 16 $0.46 $ (219) $ (167) $ (132) $ (98) $ (46)
$3.81 $ (75) $ (26) $ 6 $ 39 $ 87 $0.56 $ (163) $ (100) $ (58) $ (16) $ 47
$4.48 $ (32) $ 25 $ 63 $ 101 $ 159 $0.66 $ (108) $ (33) $ 16 $ 66 $ 140
$5.15 $ 11 $ 77 $ 120 $ 164 $ 230 $0.76 $ (52) $ 33 $ 90 $ 147 $ 233
$5.82 $ 54 $ 128 $ 178 $ 227 $ 301 $0.86 $ 4 $ 100 $ 165 $ 229 $ 325

Dryland Grain Sorghum, Strip Till Dryland Peanuts, Strip Till

NET RETURNS ABOVE VARIABLE COSTS PER ACRE NET RETURNS ABOVE VARIABLE COSTS PER ACRE
Yield -25% -10% Average +10% +25% Yield -25% -10% Average +10% +25%
Price 49 59 65 72 81 Price 2,550 3,060 3,400 3,740 4,250
$2.92 $ (76) $ (48) $ (29) $ (10) $ 19 $280 $ (225) $ (154) $ (106) $ (59) $ 13
$3.54 $ (46) $ (11) $ 12 $ 35 $ 70 $340 $ (149) $ (62) $ (4) $ 53 $ 140
$4.17 $ (15) $ 26 $ 53 $ 80 $ 120 $400 $ (72) $ 30 $ 98 $ 166 $ 268
$4.80 $ 15 $ 62 $ 93 $ 125 $ 171 $460 $ 4 $ 121 $ 200 $ 278 $ 395
$5.42 $ 46 $ 99 $ 134 $ 169 $ 222 $520 $ 81 $ 213 $ 302 $ 390 $ 523

Dryland Soybeans, Strip Till

NET RETURNS ABOVE VARIABLE COSTS PER ACRE
Yield -25% -10% Average +10% +25%
Price 23 27 30 33 38
$6.18 $ (84) $ (56) $ (37) $ (19) $ 9
$7.51 $ (54) $ (20) $ 2 $ 25 $ 59
$8.83 $ (24) $ 16 $ 42 $ 69 $ 108
$10.15 $ 6 $ 52 $ 82 $ 112 $ 158
$11.48 $ 36 $ 87 $ 122 $ 156 $ 208