The UGA Extension Economists April Update of the crop comparison tool has been updated and is available here. As you are all aware, prices for commodities and inputs are volatile in this current environment. Please note below the following issues with the crop comparison tool:
The prices and costs in this tool are representative but each farm varies. Producers should refer to the individual crop enterprise budgets and adjust the yields and costs according to the production practices and the prices you have paid for the inputs.
Commodity prices are harvest time futures adjusted for basis, except for peanuts. Peanut prices are expectations of contract prices. For the price of cotton, the LDP is included as well as adjustments for quality.
Fertilizer prices are 5-15% lower than last year, but in the past few weeks demand has strengthened and fertilizer prices have begun to move in an upward direction.
Farm diesel fuel prices are significantly lower than last year but there is a lot of variation in prices across the state. This past week prices ranged from $1.50 to $2.50 per gallon.
Land rent is not included in the tool, but if you are evaluating your costs on rented acres and need a good number to start with, the USDA National Ag Statistics Service survey showed the 2019 Georgia average irrigated cropland rent was $208/ac and non-irrigated cropland rent was $67/ac on average.
Again as a producer, it is important to plug in your costs and use this tool to estimate breakeven prices to ensure that you are able to cover their cost of production.
Stay well, this crop comparison was prepared by Amanda Smith, UGA Extension Economist and Agribusiness Instructor.