University of Kentucky College of Agriculture
 
 

Farm Management Agricultural Economics

Greg With Heifers

Publications, Decision Tools and Budgets

Decision Tools and Budgets

Corn and Soybean Budgets (Central KY 2014)  (MS Excel)
This decision tool has been created to help producers budget for corn and soybean production.
Corn and Soybean Budgets (Western KY 2014)  (MS Excel)
This decision tool has been created to help producers budget for corn and soybean production.
Wheat and Double-Crop Soybeans (2013-2014) (MS Excel)
This decision tool has been created to help producers budget for wheat production.
Switchgrass vs. Hay Comparative Budgets (2010). (MS Excel) April 2010.
This decision tool has been created to help budget for switchgrass biofuel/bioenergy production and to compare the profitability to hay production (both with either large round or large square bales). This evaluation is analyzed over multiple years (10-30 years specified by the user) and includes establishment costs for the switchgrass stand.

Publications

Kentucky ANR Agent Land Value and Cash Rent Survey (AEC 2013-16) (July 2013) (Adobe Acrobat)
In the first half of 2013, Agriculture and Natural Resource (ANR) agents were surveyed to estimate land values and rental rates for various types of farmland. A total of 63 ANR agents completed this survey out of 120 counties, representing 53% of the state total.
Custom Machinery Rates Applicable for Kentucky (2014) (March 2014)

Kentucky ANR Agent Land Value and Cash Rent Survey (AEC 2012-10) (July 2012)
In January 2012, Agriculture and Natural Resource (ANR) agents were surveyed to estimate land values and rental rates for various types of farmland. This document summarizes the results from the agent survey.
Custom Machinery Rates Applicable for Kentucky (2012) (AEC 2012-03) (March 2012)
These rates are published to provide a baseline for estimating reasonable custom machinery rates in Kentucky (as well as estimating production costs). Actual custom rates will be determined through the supply and demand for services within localized markets and can vary substantially. This is the main reason that a range of rates are presented here rather than a single dollar estimate. Users of this publication should be careful that these estimates, particularly the averages, are not used to set rates in an area
Custom Machinery Rates Applicable for Kentucky (2011) (AEC 2011-03) (March 2011)
These rates are published to provide a baseline for estimating reasonable custom machinery rates in Kentucky (as well as estimating production costs). Actual custom rates will be determined through the supply and demand for services within localized markets and can vary substantially. This is the main reason that a range of rates are presented here rather than a single dollar estimate. Users of this publication should be careful that these estimates, particularly the averages, are not used to set rates in an area
Profitability of Spring Hayfield Nitrogen Applications 2012 Guide (AEC 2012-04) (March 2012)
The purpose of this publication is to evaluate the potential profitability of applying nitrogen to hayfields this spring given the present market conditions. While the price of nitrogen is known with a relatively high degree of certainty at this point, the price that hay will sell for later this year is not. Consequently, a wide range of hay prices will be evaluated in this analysis. The primary objective of this publication is to help identify specific situations where applying nitrogen to spring hayfields in 2011 will prove profitable.
Profitability of Spring Hayfield Nitrogen Applications 2011 Guide (AEC 2011-04) (March 2011)
The purpose of this publication is to evaluate the potential profitability of applying nitrogen to hayfields this spring given the present market conditions. While the price of nitrogen is known with a relatively high degree of certainty at this point, the price that hay will sell for later this year is not. Consequently, a wide range of hay prices will be evaluated in this analysis. The primary objective of this publication is to help identify specific situations where applying nitrogen to spring hayfields in 2011 will prove profitable.
Profitability of Nitrogen Applications for Stockpiling Tall Fescue Pastures (AEC 2010-07) (July 2010).
One of the most significant challenges producers face are high input costs related to hay production. An opportunity that Kentucky cattle farmers have in reducing their hay requirements is to apply nitrogen on select pastures to stockpile for fall and winter grazing.
Kentucky ANR Agent Land Value and Cash Rent Survey (AEC 2011-01) (January 2011).
In late 2010, Agriculture and Natural Resource (ANR) agents in Kentucky were surveyed to estimate land value and rental rates for various types of farmland. This publication summarizes the results of that survey. 
Kentucky ANR Agent Land Value and Cash Rent Survey (AEC 2010-06) (July 2010).
In late 2009, Agriculture and Natural Resource (ANR) agents were surveyed to estimate land value and rental rates for various types of farmland. Land values varied considerably more than cash rents. This is because the development value far exceeds the farm value in some counties while cash rents will typically reflect the value for agricultural purposes.
Profitability of Spring Hayfield Nitrogen Applications 2010 Guide (AEC 2010-02) (March 2010)
The purpose of this publication is to evaluate the potential profitability of applying nitrogen to hayfields this spring given the present market conditions. While the price of nitrogen is known with a relatively high degree of certainty at this point, the price that hay will sell for later this year is not. Consequently, a wide range of hay prices will be evaluated in this analysis. The primary objective of this publication is to help identify specific situations where applying nitrogen to spring hayfields in 2010 will prove profitable.
Custom Machinery Rates Applicable for Kentucky (2010) (AEC 2010-03) (March 2010)
These rates are published to provide a baseline for estimating reasonable custom machinery rates in Kentucky (as well as estimating production costs). Actual custom rates will be determined through the supply and demand for services within localized markets and can vary substantially. This is the main reason that a range of rates are presented here rather than a single dollar estimate. Users of this publication should be careful that these estimates, particularly the averages, are not used to set rates in an area.
Optimal Nitrogen Application Rates for Stockpiling - 2009 Guide. 
There are two main sections in this publication: 1) “Agronomic Basics for Stockpiling Fescue”, and 2) “Potential Savings”. The first section provides the basics for applying nitrogen to late summer pastures and how to stockpile this forage for fall and winter grazing. The second section describes the methods used to determine the optimal nitrogen application rate, discusses assumptions used in this determination, and provides a summary of the optimal nitrogen rates and cost-savings given current prices and conditions.
Profitabilty of Spring Nitrogen Applications.  February 2009.
There are two main sections in this publication: 1) “Agronomic Basics of Spring Nitrogen Fertilization”, and 2) “Potential Profitability of Spring Nitrogen Applications”. The first section provides basic guidance and information for applying nitrogen to hayfields in the spring. The second section describes the methods used to determine the profitability of applying nitrogen to spring hayfields, discusses assumptions used in this determination, and provides a summary of the potential profitability given various price scenarios. Three prices for nitrogen and five prices for hay are evaluated as well as multiple nitrogen response rates for tall fescue and orchardgrass hayfields.
Custom Machinery Rates Applicable for Kentucky (2009)
These rates are published to provide a baseline for estimating reasonable custom machinery rates in Kentucky (as well as estimating production costs). Actual custom rates will be determined through the supply and demand for services within localized markets and can vary substantially.

These custom rates are based on reported surveys in Ohio, Indiana, Missouri, Iowa, Wisconsin, and Kansas. The rates calculated here are averages for these states and are adjusted to account for changes in fuel price, machinery costs, and wages from the time of the reported surveys. The adjusted rates are based on a $2.00 per gallon on-farm diesel fuel price. The "Average Final Rates" presented in this report represent these adjusted averages and are rounded (generally to the nearest $.50) to avoid appearing definitive.

Custom Machinery Rates Applicable for Kentucky (2008 $4.00 fuel)
These rates are published to provide a baseline for estimating reasonable custom machinery rates in Kentucky (as well as estimating production costs). Actual custom rates will be determined through the supply and demand for services within localized markets and can vary substantially.

These custom rates are based on reported surveys in Ohio, Indiana, Missouri, Iowa, and Kansas. The rates calculated here are averages for these states and are adjusted to account for changes in fuel price, machinery costs, and wages from the time of the reported surveys. The adjusted rates are based on a $4.00 on-farm diesel fuel price. The "Average Final Rates" presented in this report represent these adjusted averages and are rounded (generally to the nearest $.50) to avoid appearing definitive.

Custom Machinery Rates Applicable for Kentucky (2008 $3.00 fuel)
These rates are published to provide a baseline for estimating reasonable custom machinery rates in Kentucky (as well as estimating production costs). Actual custom rates will be determined through the supply and demand for services within localized markets and can vary substantially.

These custom rates are based on reported surveys in Ohio, Indiana, Missouri, Iowa, and Kansas. The rates calculated here are averages for these states and are adjusted to account for changes in fuel price, machinery costs, and wages from the time of the reported surveys. The adjusted rates are based on a $3.00 on-farm diesel fuel price. The "Average Final Rates" presented in this report represent these adjusted averages and are rounded (generally to the nearest $.50) to avoid appearing definitive.

Additional Agricultural Economics Resources
Kentucky Farm Business Management
The mission of the Kentucky Farm Business Management Program (KFBM) is to provide a records-based information system to assist Kentucky farmers in best utilizing their resources to accomplish their goals and objectives. This mission is extended to KFBM clientele through direct consultation and to the general population through research, education and extension programs of the University of Kentucky.
Team Members

Greg Halich, Assistant Professor of Farm Management, Phone: (859) 257-8847

Kentucky Farm Business Management