Tracking Your Cost of Production Amid Rising Input Prices
The Nebraska crop budgets are prepared in the fall ahead of the new production year. There are some years where costs decrease after projections are made, then at other times, similar to 2022, we see fuel and material input costs increase after the annual budgets are published. Individual producers are encouraged to examine the university budgets carefully and use them as a guide when they prepare their own enterprise budgets. Producers can create their own or modify the budgets as their own prior to using them for decision-making purposes on their own operations. The Center for Ag Profitability’s new Agricultural Budget Calculator (ABC) makes the modification process much simpler since the Nebraska crop budgets can be downloaded into users’ accounts and changed using in the ABC program.
In this article, Nebraska Extension Educator Glennis McClure reviews the updated cost of production budgets, which now reflect 2022 fuel prices increases and input cost adjustments.