Purdue custom farming rates 2024. 2% in 2025, a bit slower than in 2024.
Purdue custom farming rates 2024. May 23, 2023 · Farm Business Farm Management (FBFM).
Purdue custom farming rates 2024 Variable cost per acre in 2024 is expected to be $58 lower than it was in the 2023 budget, which represents an 8. 13/bu. 03/bu. 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. Bechman became the Midwest Crops editor at Farm Progress in 2024 after serving as editor of Indiana Prairie Farmer for 23 years. The average rate for baling medium large round bales is $12. 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. 70 per bale, with large round bales coming in at $13. 78 23 35. Of course, many states no longer do custom rate surveys. 18 $3. Consequently, a key Jan 24, 2025 · Property taxes on farmland went up a lot in 2023 and 2024. 65 per acre (Range = $70 - $275 per acre) Purdue Farmland Value & Cash Rent Survey 1. 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. For more, visit farmprogress. 2% in 2025, a bit slower than in 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. 99 per acre, or about $22 per acre. 50 14 29 14. Often, having someone else with specialized tools perform tasks is more cost effective and saves time. The quality of data is dependent on the cooperation received by producers and commercial custom operators. Break-even prices to cover all costs, including cash rent for farmland, range from $4. large round bales. June 9, 2021. Now, the net farm income forecast is expected to be 116. 19 per acre. values, which held relatively steady from 2023 to 2024. economy, the Federal Reserve’s policy choices in 2023 and what it means for interest rates and the farm economy. 70 27 33. Another survey will be out sometime this year to update these findings. Apr 30, 2023 · Expect strict enforcement in 2024. The Aug 9, 2024 · Amid much policy uncertainty, output will likely grow about 2. 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. 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. 8 percent higher than the 2022 breakeven price. 01 to $11. Custom May 3, 2023 · Custom rates for baling hay are somewhat higher today — OK, a lot higher. In 2024, the projected breakeven price is expected to decline to $5. 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. 29. 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. “There are also more people taking training. Purdue Educators distributed the questionnaires at meetings and events 1 Gerry is a professor and Extension Specialist, Dept. 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. Unlike history suggests, the movement has generally been a strengthening in basis for both corn and soybeans. 30 42. Watch the recording now! Read More The annual 2024 farmland values & cash rents survey report from Purdue University hit the news wire today. 70 Purdue University is an Affirmative Action institution. Hart, a professor and crop marketing specialist at Iowa State University, explores the shift to “normalcy” for crop prices and farm incomes in 2024. 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. 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. These are the March 2023 crop budget estimations for 2023; prepared by Purdue faculty members Michael R. READ MORE Pathology, Purdue University. In addition, rental rates per bushel of corn held relatively stable as well. As for haying on shares, a common transaction here is baling on halves for lesser value stands of grass hay — not alfalfa. Dr. Check the column for average rates from the same Purdue custom rates survey for 2017. 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. Moreover, current expectations are that prices will continue to remain at or below the cost of production for at least a couple more years. Government payments are expected to zero in 2024. 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. Sep 21, 2022 · • Grain hauling: farm to market (25 miles) 21 cents per bushel. I know Iowa and Purdue university have rates of planting and harvesting. 2024 Purdue Crop Cost & Return Guide December 2023 Estimates Feb 10, 2025 · February 2025 Estimates . May 1, 2023 · Tom J. 77 with May 23, 2023 · Farm Business Farm Management (FBFM). Compare your actual costs to custom rates. 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. Gross revenue for rotation corn in 2024 is expected to be $931 per acre or 3. Respondents were asked to report custom rates in their farm business or perform custom work for others. Change in rate. 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 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. The largest component of custom rate charges is typically depreciation and interest. 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. 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. For For example, the costs for harvesting dryland wheat may be known as “23 -23-23” or “3 23s” -- $23 per acre plus $0. , and labor for the Aug 24, 2023 · Michael Langemeier, a Purdue Extension Indiana custom farming rates by operation Harvesting Unit 2023 avg. 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. Jan 17, 2024 · Host Brady Brewer provides a recap of Dr. 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. The rates reported in this publication were compiled from questionnaires received from farmers, farm owners, farm custom operators, and professional farm managers in Indiana. 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. 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. 66 per bushel for corn and $11. These are the March 2024 crop budget estimations for 2024; prepared by Purdue faculty members Michael R. 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. , and labor for the use published custom rate surveys. Therefore, the statewide averages reported here might be quite different from the going rate in any given area. 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. 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. 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. 5% increase. Cash rental rates are expected to hold . Purdue updates haying and baling custom rates Mar 24, 2023 · March 2023 Estimates . Here is just a sampling of Michigan’s custom rates, total cost per hour of use. 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. 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. 47 33. Crop Share Leasing and Lease Forms (EC-210-W) Indiana Cash Farm Lease(EC-257-W) Flex Rent Calculator Tool User Guidelines. ag/paer. Jul 9, 2024 · MSU has a 2023 summary, while OSU, Purdue and Illinois have updated 2024 custom rates. The average price of top-quality farmland reached $14,392 per acre, a 4. 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. They’ll be going up a lot in 2025 too. Based on the table, the average rate for planting no-till corn is $21. View All Articles. 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. 91 38 27. 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. 23 for each bushel. 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. 81 per bale. Purdue Extension Educators distributed the questionnaires at meetings and events statewide during the last month of 2022 and the first three months of 2023. 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. 73% Source: Purdue Land Value and Cash Rent Survey Purdue Commercial AgCast podcast, September 2024 Purdue Extension-Spencer County will1179@purdue. Given lower expected capital purchases in 2024 and 2025, we expect crop machinery investment per acre to remain at current levels or decline slightly. Jul 26, 2024 · values, which held relatively steady from 2023 to 2024. & 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. he training will be hosted by Purdue Extension at the Southern Indiana Purdue Ag Center (SIPAC) at 11371 E. 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. 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. purdue. 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. 82 30. 4% increase from 2023) to $14,392 per acre for top quality land (a 4. 85 711 $3. 4%, the unemployment rate should remain unchanged, and the Fed will cut interest rates more slowly than previously expected. Date: 12/5/23 Prepared by: Michael R. Variable cost per bushel in 2024 is estimated to be $3. using rates where only 1-2 states were included in the calculation. 28 per bale. 6 24. 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. 8% increase from 2023). The survey results include tillage, planting, harvesting, and custom farming rates for corn, soybeans, and other crops. 88 21. West Lafayette, IN. 95 29. of Ag Econ, Purdue Univ. Compare your costs for baling small squares vs. in the first week of June but was $0. 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. Date: 3/22/24 Prepared by: Michael R. Labor has also become both a limiting and higher cost expense. 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. 14-18, 2024, on this Purdue Commercial AgCast episode. 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. Menu. 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). Expense items typically incorporated into custom rate charges include fuel, lubrication, repairs, insurance, labor, depreciation and interest. Legal Aspects of Indiana Farmland Leases and Federal Tax Considerations. Current average rate. 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. View our latest email. The custom rates for operations shown below should be considered only as a good starting point for setting a final rate, Langemeier urges. 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. 6 percent lower than gross revenue in 2023. 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. The rate for conventional corn is $19. If your machinery cost per acre is relatively high, then a farm should consider using a custom operator rather than replacing their own machine. 2024 from 6:30-9:00 PM. $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. Machinery Costs; Finance; Illinois Crop Budgets and Historic Returns; Farmland Leasing; Whole Farm and Other Reports; ARC / PLC Decision; ARC/PLC Calculators. The average value of bare Indiana cropland ranged from $9,071 per acre for poor quality land (a 4. 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. Jan 10, 2023 · Amid much policy uncertainty, output will likely grow about 2. 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. 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. Postal Service and 633 people via email in February 2025. 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. 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. 82 per bushel or 3. 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. 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. Inflation should fall gradually to 2. It is not intended for establishing rates for individuals or companies that rent equipment or contract custom farming operations as a business. 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. From 2018 to 2022, these farms had average corn yields of 223 bushels per acre and average soybean yields of 69 bushels per acre. 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. Responses 2017 avg. 00 15 28 12 16 33. 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. OSU’s farmer survey for the average cost to plant corn, in 30-inch rows, is $23. 44216 or directly 765-494-4216. 2017 Indiana Farm Custom Rates. 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. This spreadsheet can be used along with the Purdue Crop Cost & Return Guide to examine gross revenue, costs, and earnings for crop enterprises. Nov 21, 2023 · The Iowa Custom Rate Survey, which also includes many miscellaneous farming practices and a formula for calculating rental rates. 85 28. 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. 2021 avg. Which is a decrease of 39. 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. Ohio will release its biannual custom rate report in May or June. Mar 4, 2025 · The index rose to 115, marking a 27-point increase from September. The user can evaluate up to three full-season crops, and the wheat double-crop soybean system. Farmland Values corn on average productivity soil is illustrated in figure 2. 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. The reason that’s been rising is the pandemic. 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. May 2, 2023 · Custom rates summarized in the recent 2023 Purdue custom rates survey indicate rising prices for harvesting and hauling grain. steady or increase in 2023. , 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. 15 39. 1 billion in the calendar year 2024. These rents represent the average cash rents paid by central Illinois farmers with high-productivity farmland. Respondents are: rural appraisers, ag lenders, farm managers, and farmers 3. 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. Background Survey conducted annually in June since 1974 2. 54 18 37 19. 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. 39 35. ” Purdue University, Center for Commercial Agriculture, May 2017. , Inc. The growth rate of Indiana farmland prices is expected to moderate in 2024. 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. 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. 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. ag/agcast173 Jan 16, 2024 · In 2023, the breakeven price was $5. 87 $1. These are the March 2022 crop budget estimations for 2022; prepared by Purdue faculty members Michael Langemeier and Craig Dobbins, Department of Agricultural Economics; Bob Nielsen, Tony Vyn and Shaun Casteel, Department of Agronomy; and Bill Johnson Aug 7, 2023 · Purdue ag economists Todd Kuethe, James Mintert and Michael Langemeier discuss cash rental rates for Indiana farmland in this, the second of two AgCast episodes discussing the 2023 Purdue Farmland Values and Cash Rents Survey results. Custom Rates for Wheat Harvest, 2024, by District District Base Rate with Extra Charge for High Yield (if any) Flat Rate Charge Base Rate ($/Acre) Extra Charge for High Yield Dollar Per Acre No. 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. Our custom farm rates are in line with the Purdue Custom Farming Rates. Sep 11, 2024 · Interested in the latest trends and insights on U. Others rent machinery or perform other services. S. edu or by phone toll free to the West Lafayette Purdue Campus, 1-888-398-4636), Ext. Todd Kuethe, Professor and Schrader Endowed Chair in Farmland Economics. 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. 21 to April 15, 2025. 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. com. At Merrell Bros. 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. Custom farm operation inputs and associated costs have trended higher over the past five years, so we see rates doing much the same. 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. 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. The reason is the rise in the base rate of farmland. Jun 9, 2021 · A new survey of custom rates is available from Purdue. 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. 36$ 0. 32, which is above projected fall 2024 corn prices. 6 13 7 6 30 30 37. More operations are highlighted in other articles. Jan 30, 2024 · This implies that if farm incomes decline and cash flow becomes a concern, there is less debt that might pose issues. 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. 8 27. 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. Langemeier says the rates should only be used as a guide. 2024 Farmland and Cash Rent Outlook. Tax bills on farmland increased 11 percent in 2023, 27 percent in 2024, and will probably increase about 20 percent in 2025. 8% increase from June 2023. Has the rate changed over time? Yes. You may reach Gerry by E-mail: harrisog@purdue. 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. 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. He relies on Purdue Extension educators to help distribute surveys, and then he compiles the data. 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. 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. Farm work completed by others services. Indiana Farm Custom Rates; Average feed costs in 2024 were substantially lower than feed costs in 2022 and 2023. Date: 9/11/23 Prepared by: Michael R. 3It is assumed that the current farm bill will not provide ARC-CO or PLC payments for base acres in 2024. 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. 2Crop's contribution margin is the per acre contribution margin from Table 1. 2023 Indiana Farm Custom Rates. As in past years, there are states that have updated their rate guides since a year ago. Though this information is very useful when establishing custom rates, it is prudent to compare your farm machinery costs per acre to custom rates. 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. visit 2021 Indiana Farm Custom Rates. on July 10th. 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. 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. 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. ly/Indiana-custom-rates-23. 2024 Canola Corn. 83 38 26. 2 IC 32-21-1-1. ” Custom spraying issue. 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. 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. 13 $6. See the complete Purdue custom rate survey results for ’23 at bit. 14 41. 26 34. Aug 29, 2017 · Langemeier, Michael. For those who still bale small rectangular bales, the rate in the 2023 Purdue custom rate survey is $1. Jan 9, 2024 · Nick Paulson and Gary Schnitkey - Gary Schnitkey - Illinois crop budgets for 2024 have been revised from their initial release in August. 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. For example, SE Indiana corn basis was -$0. 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. 29% Average 196 $257 $260 0. 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. Though this information is useful for establishing custom rates, it is prudent to compare your farm machinery costs per acre to custom rates. ” Fortunately, Whitford sees signs that farmers got the message. These rates, except where noted, include the implement and tractor if required, all variable machinery costs such as fuel, oil, lube, twine, etc. 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. rates in 2023 rates rates 34. Purdue Farm Road, Dubois, IN. 2024 Purdue Crop Cost & Return Guide September 2023 Estimates Aug 20, 2020 · Purdue Agricultural Economic Report - about cash rent and land values. These are the updated February 2025 crop budget estimations for 2025; prepared by Purdue faculty members Michael R. 27 15 26. edu extension. 95 per acre, an increase of $3. He is an Indiana Bar Member with 41 years of service at Purdue. The Purdue Crop Cost and Return Guide offers farmers a resource to project financials for the coming cropping year. 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. Purdue Educators distributed the questionnaires at meetings and events statewide during the last month of 2022 and the first three months of 2023. 98 per acre in 2022. Purdue Educators distributed the questionnaires at meetings and events statewide during the last Nov 22, 2023 · March 2024 Estimates . We have an opportunity to custom farm about 600 acres of corn and soybeans doing the planting and harvesting. 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. 2025 Farm Bill What-If Tool (Sheet) ARC/PLC Calculator (Online) Publications. Acres x Purdue; farm custom rates. 86 $1. Aug 26, 2024 · The 2024 Purdue Farmland Value Survey found the average value of bare Indiana cropland increased. 66 35. Pennsylvania released its report before the new year. 51 per acre or $24. explore how agricultural loan interest rates Extension Home Meet the Team Beefenomics by Will Secor Budgets Farm Gate Report USDA Ag. , and the labor for the operation. 5 percent decline. “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. This option is appealing for tasks requiring specialized equipment or technical expertise. 60 per acre (Range = $75 - $275 per acre) Soybeans: $139. 56 per bushel for Sep 20, 2023 · Illinois Farm Management Handbook. Purdue Extension educators and specialists developed the questionnaire. 97 from $27. 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. Tom J Bechman 1, Editor, Indiana Prairie Farmer. Purdue University is an Affirmative Action institution. edu 1101 E CR 800 N Chrisney, IN 47611 812-362-8066 spencerces@purdue. 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 12, 2024 · Depending on where you are located, Indiana corn and soybean basis have seen large swings in the last six weeks. Agricultural Economics College of Agriculture Purdue University. 8 billion from last year. 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. PAER-2024-09. 5% compared to last year. 60 to $4. 91% Poor 167 $212 $204 −3. 23 $4. “The OISC has seen a sharp increase in new permits issued this year,” he says. 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. Fixed cost (overhead cost) per acre is Mar 22, 2022 · March 2022 Estimates . ©Informa. 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. The 2025 report is based on 193 responses and 3,703 custom rates provided by Iowa farmers, custom operators, and farm managers. 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. 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. 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. 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. 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.
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