Corn Replant Decisions

Consistent rain throughout Knox County has resulted in planting delays.  According to the National Agricultural Statistics Service (NASS) 34% of the corn and 40% of the soybeans have been planted in Ohio, through May 18th .  In  Knox County our corn numbers are higher than that.  For the month of May (through 5/20) we have recorded 7.71 inches of rain at our weather station near Centerburg.  As usual, some parts of the county have received more rain and other areas, not as much.

Some of the corn that has been planted may not survive the cool, wet conditions and therefore may need to be replanted.  Replant decisions in corn should be based on strong evidence that the returns to replanting will not only cover replant costs but also net enough to make it worth the effort.  The following information may help to determine if replanting is justified:

Original target plant population/intended plant stand.  What was your intended plant stand, what is the stand count in the “good” areas of the field.

Plant stand after damage.  To estimate after‑damage plant population per acre, count the number of viable plants in a length of row that equals 1/1000 of an acre and multiply by 1000, for 30 inch rows that would be 17’4″.  Make several counts in different rows in different parts of the field to get a true representation of the field.

Uniformity of plant stand after damage.  If uneven emergence is row to row, that is, most rows are emerged but some are not, replanting will likely not increase yield.  If the delay in emergence is less than two weeks between the early and late emerging plants, replanting may increase yields, but by only 5% or less. Replanting would likely not be economical.  Yet if one-half or more of the plants in the stand emerge three weeks later than the initial plant emergence, replanting may increase yields by about 10%.

Economics – Calculate expected yield from the existing stand and estimated yield from replant.  The table below shows the effect of planting date and plant population on final grain yield. Grain yields for varying dates and populations are expressed as a percentage of the yield obtained at the optimum planting date and population.

For example:   Let’s assume that a field planted on April 20 at a seeding rate sufficient to attain a harvest population of 30,000 plants per acre. On May 28 you determined the stand was reduced to 15,000 plants per acre as a result of saturated soil conditions and ponding. According to the table above, the expected yield for the existing stand (15,000 plants/ac.) would be 81 percent of the optimum. If the corn crop was planted the next day on May 29, and produced a full stand of 30,000 plants per acre, the expected yield would also be 81 percent of the optimum. The difference expected from re-planting is 0 (81 – 81) , which would  not justify replanting costs.  The cost of replanting a field is often the deciding factor. Costs include tillage, seed, fuel (for tillage and planting), additional pesticides, labor, etc. .

Can you get by with replanting certain areas of the field?  This adds several more considerations in addition to those above.  Replanting into existing stands (interseeding) usually creates competition problems with larger plants competing with smaller planes for all needed inputs throughout the rest of the growing season.  Often the smaller plants will turn into weeds.  The best option is usually to destroy the existing stand and start over.

With the continued rains this week it may also be time to consider a Prevented Plant conversation with your crop insurance agent and FSA.

2025 Second Quarter Fertilizer Prices Across Ohio

The second quarter results from a survey of Ohio fertilizer retailers showed prices in Ohio were generally lower compared to the national averages reported by Progressive Farmer – DTN (Quinn, April 2025). The survey was completed by nine retailers, representing nine counties, who do business in the state of Ohio. Respondents were asked to quote spot prices as of the first day of the quarter (April 1st) based on sale type.

The survey found the average prices of fertilizer were lower in Ohio compared to the national prices for all major fertilizers except DAP. However, only two were significantly lower (more than 5%): 28% UAN was 10% lower and 10-34-0 APP was 6% lower than the national average. The national average price for DAP was the same as in Ohio.

When compared to prices from the last quarter’s Ohio survey, three fertilizers were up significantly (more than 5%): 28% UAN, up to $341/ton from $292/ton; urea, up to $561/ton from $491/ton; and potash, up to $449/ton from $415/ton.

When compared to the April 2024 average Ohio prices, the April 2025 average Ohio prices were slightly lower for anhydrous, 28% UAN, MAP, DAP, and potash. Ammonium sulfate is the only product that saw a significant price increase (+20.2%) in the last year.  Urea, ammonium thiosulfate, and poultry litter remained relatively unchanged (+/-1%) from one year ago.

The chart below (Table 1.) is the summary of the survey responses. The responses (n) are the number of survey responses for each product. The minimum and maximum values reflect the minimum and maximum values reported in the survey. The average is the simple average of all survey responses for each product rounded to the nearest dollar. We recognize that many factors influence a company’s spot price for fertilizer including but not limited to availability, geography, volume, cost of freight, competition, regulation, etc.

Due to low responses, diesel fuel prices were not included in Quarter 2 survey results. If you are a retailer interested in participating in this study, please contact Amanda Bennett at bennett.709@osu.edu.

Click here to read PDF version of this article

Weekly Commodity Market Update for April 29, 2025

Brownfield’s Weekly Commodity update featuring former OSU Extension Ag Economist Ben Brown.  In this final episode of Weekly Commodity Market Update, Will and Ben talk about the EPA approving E-15 summer sales, and planting continuing slowly.

Topics:

  • Market recap
  • EPA approves E15 for summer season
  • Planting continues slowly
  • Consumer sentiment drops in April
  • Reports to watch

Market recap (changes on week as of Friday’s close):

  • May 2025 corn down $.04 at $4.78
  • December 2025 corn down $.11 at $4.55
  • May 2025 soybeans up $.14 at $10.49
  • November 2025 soybeans up $.04 at $10.35
  • May soybean oil up 1.42 cents at 49.28 cents/lb
  • May soybean meal down $5.80 at $290.00/short ton
  • May wheat down $.18 at $5.30
  • July 2025 wheat down $.16 at $5.45
  • May 2025 cotton up 0.53 cents at 66.85 cents/lb
  • December 2025 cotton up 1.53 cents at 69.97 cents/lb
  • May 2025 rough rice down $0.55 at $12.935/cwt
  • September 2025 rough rice down $0.07 at $13.475/cwt
  • May WTI Crude Oil up $0.85 at $62.53/barrel

Weekly highlights:

U.S. consumer sentiment plunged 8% in April. The 52.5 reading is the fourth lowest monthly reading since records began in 1952.

For the third consecutive week crude oil stocks were higher (+10.3 million gallons) while U.S gasoline and distillate fuels were down 188 and 98.8 million gallons respectively. Implied gasoline consumption increased sharply on the week and to a calendar year high.

U.S. ethanol production increased to 304 million gallons after matching a calendar year low the week prior. Ethanol stocks decreased 56 million gallons and fell below the same level this time last year.

Weekly export sales of grains and oilseeds were as expected but down week over week. Sales in million bushels reported for corn (45.4) and soybeans (10.2) were neutral. There were net cancelations of 5.3 million bushels of wheat across classes. Rice sales of 1.1 million hundredweight were a four-week high.

Open interest in futures and options positions of grains and oilseeds fell 0.5% week over week. Producers and merchants were net buyers, shrinking their short positions 44,084 contracts. Money managers were net buyers of 1,743 contracts- decreasing their short position.

Grain and oilseed export inspections were bullish for wheat at 23.8 million bushels while neutral for corn (65.1), soybeans (16.1) and grain sorghum (0.855).

U.S. corn planting was 24% this week- a little behind the 28% average for this time of year and a little slower than trade expectations of 25%. U.S. soybean planting is at 18% ahead the 12% on average and the 17% expected in pre-report expectations.

U.S. winter wheat conditions were 49% good to excellent- up 4 points from the week prior and up 2 percentage points from pre-report trade exceptions.

Weekly Commodity Market Update for April 22, 2025

Brownfield’s Weekly Commodity update featuring former OSU Extension Ag Economist Ben Brown.  This week Will and Ben discuss how tightening corn ending stocks sets the futures market up for gains if adverse weather lowers yield potential this summer.

Topics:

  • Market recap
  • Corn carryout tightens
  • Wet planting conditions
  • March NOPA report
  • Reports to watch

Market recap (changes on week as of Friday’s close):

  • May 2025 corn down $.08 at $4.82
  • December 2025 corn up $.03 at $4.66
  • May 2025 soybeans down $.07 at $10.35
  • November 2025 soybeans up $.06 at $10.31
  • May soybean oil up 0.51 cents at 47.86 cents/lb
  • May soybean meal down $3.80 at $295.80/short ton
  • May wheat down $.07 at $5.48
  • July 2025 wheat down $.09 at $5.61
  • May 2025 cotton up 0.43 cents at 66.32 cents/lb
  • December 2025 cotton down 0.07 cents at 68.44 cents/lb
  • May 2025 rough rice down $0.02 at $13.485/cwt
  • September 2025 rough rice down $0.12 at $13.545/cwt
  • May WTI Crude Oil up $3.07 at $64.57/barrel

Weekly highlights:

U.S. retail sales in March surged to a 26-month high. Consumer product chains warn that it was a lot of panic buying ahead of anticipated U.S. tariffs on imports.

The National Oilseed Processors Association reported their members crushed 194.6 million bushels in March- down 3 million from expectations, but up 16.7 million bushels from the disappointing February value.

Again, this week crude oil stocks were higher (+21.6 million gallons) while U.S gasoline and distillate fuels were down 82.2 and 77.7 million gallons respectively. U.S. gasoline demand was flat week over week.

U.S. ethanol production fell to 298 million gallons matching a calendar year low. Ethanol stocks decreased 9.24 million gallons, but remain seasonally high.

Weekly export sales of grains and oilseeds were mixed. Corn sales of 61.5 million bushels are 2.5 months high, soybean sales of 20.4 million bushels are a six-week high. Grain sorghum and cotton export sales were average. Wheat and rice sales were somewhat disappointing.

U.S. cattle on feed as of April 1, 2025 was down 1.6% year over year- nearly matching expectations. Placements and marketings in March at +5.1% and +1.1%, respectively were both slightly higher than expected.

Open interest in futures and options positions of grains and oilseeds fell 4% week over week. Producers and merchants were net sellers expanding their short position while money mangers were net buyers of 208,757 contracts- decreasing their short position.

U.S. export inspections were bullish for grains and neutral to bullish for oilseeds for the second straight week. Corn and wheat inspections came in above all expectations at 67.0 and 18.7 million bushels, respectively. Soybean inspections were as expected at 20.2 million bushels.

U.S. corn planting was 4% this week- a little behind the 5% average for this time of year and behind the 6% trade expectation. U.S. soybean planting is at 2% matching the 2% on average but also behind the 3% expected in pre-report expectations.

U.S. winter wheat conditions were 47% good to excellent- down 1 point from the week prior but matching trade expectations. The value compares to 55% good to excellent this time last year.

Weekly Commodity Market Update

Brownfield’s Weekly Commodity update featuring former OSU Extension Ag Economist Ben Brown.  This week Will and Ben review the latest USDA acreage and stocks numbers and take a look at what Trump’s reciprocal tariffs mean for agriculture.

Topics:

  • Market recap
  • USDA acreage numbers
  • USDA stocks report
  • Trump administration tariff actions
  • Reports to watch

Market recap (changes on week as of Friday’s close):

  •  May 2025 corn down $.11 at $4.53
  • December 2025 corn down $.09 at $4.42
  • May 2025 soybeans up $.14 at $10.23
  • November 2025 soybeans up $.22 at $10.29
  • May soybean oil up 3.15 cents at 45.16 cents/lb
  • May soybean meal down $6.80 at $293.50/short ton
  • May wheat down $.30 at $5.28
  • July 2025 wheat down $.32 at $5.42
  • May 2025 cotton up 1.63 cents at 66.90 cents/lb
  • December 2025 cotton up 1.43 cents at 70.09 cents/lb
  • May 2025 rough rice up $0.095 at $13.515/cwt
  • September 2025 rough rice up $0.10 at $13.755/cwt
  • May WTI Crude Oil up $0.91 at $69.28/barrel

Weekly highlights:

Consumer confidence dropped in March to 92.9, down 7.2 points from 100.1 in February. This is the fourth consecutive monthly decline.

Personal incomes were higher than expected in February while spending was slightly less. The PCE index at 0.3% matched expectations and the prior months increase signaling prices remain stubborn.

Energy stocks were largely down week over week. Crude oil minus the strategic petroleum reserve was down 140.3 million gallons, gasoline down 60.7 million gallons, and distillate fuel down 17.7 million gallons.

US ethanol production decreased to 310 million gallons- down from 325 million gallons the week prior and matching the same volume last year. US ethanol stocks increased 32.6 million gallons.

Weekly grain and oilseed export sales were largely as expected, but mostly down week over week and recent volumes. Corn sales- 49.9 million bushels, soybean sales-12.4 million bushels, wheat- 3.7 million bushels, rice- 2.2 million hundredweight, and cotton- 89,000 bales.

Open interest in futures and options of grains and oilseeds was up 0.3% week over week. Producer and merchants decreased their net short 109,703 futures and options contracts. Money managers increased their net short 108,996 contracts.

USDA released grain stocks as of March 1- grain stocks were nearly as estimated across the board. Corn and rough rice stocks were down year over year, while soybean and sorghum stocks were up year over year.

USDA reported farmers intend to plant 95.3 million corn acres, 83.5 million soybean acres, 6.09 million soft red winter wheat acres, 9.87 million cotton acres, and 2.9 million rice acres.

Weekly grain and oilseed export inspections were relatively strong this week. Corn exports of 63.6 million bushels were bullish coming in above all pre-report expectations. Soybeans, grain sorghum, and wheat exports at 29.1, 0.9, and 16.0 million bushels were at the top end of expectations.

Weekly Commodity Market Update

Brownfield’s Weekly Commodity update featuring former OSU Extension Ag Economist Ben Brown. This week Will and Ben look at the growing competition in South American soybean production and emerging export opportunities.

Topics:

  • Market recap
  • Black Sea wheat outlook
  • Chinese soybean demand
  • South American soybean production
  • Corn export opportunity in Japan
  • Reports to watch

Market recap (changes on week as of Friday’s close):

  • May 2025 corn up $.06 at $4.64
  • December 2025 corn flat at $4.51
  • May 2025 soybeans down $.07 at $10.09
  • November 2025 soybeans down $.11 at $10.07
  • May soybean oil up 0.42 cents at 42.01 cents/lb
  • May soybean meal down $5.60 at $300.30/short ton
  • May wheat up $.01 at $5.58
  • July 2025 wheat up $.01 at $5.74
  • May 2025 cotton down 2.1 cents at 65.27 cents/lb
  • December 2025 cotton down 1.32 cents at 68.66 cents/lb
  • May WTI Crude Oil up $1.41 at $68.37/barrel

Weekly highlights:

US housing starts at 1.50 million exceeded expectations of 1.38 million and the 1.35 million in January.

The Federal Reserve decided to keep interest rates unchanged this week at a range of 4.25% to 4.5%, citing increased economic uncertainty and lowering its growth forecast for the year.

US crude oil stocks were up 73.3 million gallons, while gasoline and distillate stocks were down 22.1 and 118.1 million gallons. Implied gasoline demand was down 4% week over week, but still up 1% from the prior four-week average.

US ethanol production increased to an impressive 325 million gallons- up from 312 million gallons last week and 308 million gallons this time last year. Ethanol stocks were down 33.6 million gallons week over week but still 7% higher than the five-year average.

Weekly grain and oilseed export sales were mixed- corn sales were again strong at 58.9 million bushels. However, soybean export sales of 13.0 million bushels fell below all expectations Wheat sales were especially disappointing at net cancelations of -9.1 million bushels- 20 million bushels below the most bearish estimate.

Open interest in futures and options of grains and oilseeds was up 1.3% week over week. Producer and merchants decreased their net short 8,793 futures and options contracts. Money managers increased their net short 43,637 contracts to -205,435 contracts.

Weekly grain and oilseed export inspections were neutral to bullish on the week. Corn and soybean shipments of 57.6 and 30.2 million bushels, respectively were toward the top end of expectations, while wheat shipments of 17.8 million bushels topped all pre-report expectations. There were no grain sorghum inspections.

USDA Expediting $10 Billion in Direct Economic Assistance to Agricultural Producers

WASHINGTON, March 18, 2025 – U.S. Secretary of Agriculture Brooke Rollins, on National Agriculture Day, announced that the U.S. Department of Agriculture (USDA) is issuing up to $10 billion directly to agricultural producers through the Emergency Commodity Assistance Program (ECAP) for the 2024 crop year. Administered by USDA’s Farm Service Agency (FSA), ECAP will help agricultural producers mitigate the impacts of increased input costs and falling commodity prices.

 “Producers are facing higher costs and market uncertainty, and the Trump Administration is ensuring they get the support they need without delay,” said Secretary Rollins. “With clear direction from Congress, USDA has prioritized streamlining the process and accelerating these payments ahead of schedule, ensuring farmers have the resources necessary to manage rising expenses and secure financing for next season.”

 

Authorized by the American Relief Act, 2025, these economic relief payments are based on planted and prevented planted crop acres for eligible commodities for the 2024 crop year. To streamline and simplify the delivery of ECAP, FSA will begin sending pre-filled applications to producers who submitted acreage reports to FSA for 2024 eligible ECAP commodities soon after the signup period opens on March 19, 2025. Producers do not have to wait for their pre-filled ECAP application to apply. They can visit fsa.usda.gov/ecap to apply using a login.gov account or contact their local FSA office to request an application once the signup period opens.

Eligible Commodities and Payment Rates

The commodities below are eligible for these per-acre payment rates:

  • Wheat – $30.69
Eligible oilseeds:
  • Corn – $42.91
  • Canola – $31.83
  • Sorghum – $42.52
  • Crambe – $19.08
  • Barley – $21.67
  • Flax – $20.97
  • Oats – $77.66
  • Mustard – $11.36
  • Upland cotton &

Extra-long staple cotton – $84.74

  • Rapeseed – $23.63
  • Long & medium grain rice – $76.94
  • Safflower – $26.32
  • Peanuts – $75.51
  • Sesame – $16.83
  • Soybeans – $29.76
  • Sunflower – $27.23
  • Dry peas – $16.02
  • Lentils – $19.30
  • Small Chickpeas – $31.45
  • Large Chickpeas – $24.02

Producer Eligibility

Eligible producers must report 2024 crop year planted and prevented planted acres to FSA on an FSA-578, Report of Acreage form. Producers who have not previously reported 2024 crop year acreage or filed a notice of loss for prevented planted crops must submit an acreage report by the Aug. 15, 2025, deadline. Eligible producers can visit fsa.usda.gov/ecap for eligibility and payment details.

Applying for ECAP

Producers must submit ECAP applications to their local FSA county office by Aug. 15, 2025. Only one application is required for all ECAP eligible commodities nationwide. ECAP applications can be submitted to FSA in-person, electronically using Box and One-Span, by fax or by applying online at fsa.usda.gov/ecap utilizing a secure login.gov account.

If not already on file for the 2024 crop year, producers must have the following forms on file with FSA:

  • Form AD-2047, Customer Data Worksheet.
  • Form CCC-901, Member Information for Legal Entities (if applicable).
  • Form CCC-902, Farm Operating Plan for an individual or legal entity.
  • Form CCC 943, 75 percent of Average Gross Income from Farming, Ranching, or Forestry Certification (if applicable).
  • AD-1026, Highly Erodible Land Conservation (HELC) and Wetland Conservation (WC) Certification.
  • SF-3881, Direct Deposit.

Except for the new CCC-943, most producers, especially those who have previously participated in FSA programs, likely have these forms on file. However, those who are uncertain and want to confirm the status of their forms or need to submit the new Form-943, can contact their local FSA county office.

If a producer does not receive a pre-filled ECAP application, and they planted or were prevented from planting ECAP eligible commodities in 2024, they should contact their local FSA office.

ECAP Payments and Calculator

ECAP payments will be issued as applications are approved. Initial ECAP payments will be factored by 85% to ensure that total program payments do not exceed available funding. If additional funds remain, FSA may issue a second payment.

ECAP assistance will be calculated using a flat payment rate for the eligible commodity multiplied by the eligible reported acres. Payments are based on acreage and not production. For acres reported as prevented plant, ECAP assistance will be calculated at 50%.

For ECAP payment estimates, producers are encouraged to visit fsa.usda.gov/ecap to use the ECAP online calculator.

More Information

FSA helps America’s farmers, ranchers and forest landowners invest in, improve, protect and expand their agricultural operations through the delivery of agricultural programs for all Americans. FSA implements agricultural policy, administers credit and loan programs, and manages conservation, commodity, disaster recovery and marketing programs through a national network of state and county offices and locally elected county committees. For more information, visit fsa.usda.gov.

Weekly Commodity Market Update

Brownfield’s Weekly Commodity update featuring former OSU Extension Ag Economist Ben Brown. This week Will and Ben break down USDA’s record ag trade deficit projection and incoming US ag export tariffs.

Topics:

  • Market recap
  • USDA expects record ag trade deficit
  • Tariffs hitting US ag exports
  • Ethanol stocks swell
  • Reports to watch

Market recap (changes on week as of Friday’s close):

  • May 2025 corn down $.36 at $4.69
  • December 2025 corn down $.15 at $4.55
  • May 2025 soybeans down $.32 at $10.25
  • November 2025 soybeans down $.30 at $10.29
  • May soybean oil down 3.22 cents at 44.12 cents/lb
  • May soybean meal down $3.70 at $300.20/short ton
  • May wheat down $.49 at $5.55
  • July 2025 wheat down $.48 at $5.69
  • May 2025 cotton down 2.09 cents at 65.25 cents/lb
  • December 2025 cotton down $1.27 at 67.88 cents/lb
  • May WTI Crude Oil down $0.88 at $69.34/barrel

Weekly highlights:

Personal incomes increased 0.9% in January- partially aided by social security updates and state level minimum wage increases, but consumer spending fell 0.2% month over month- the first decline in 22 months, vs expectations of a 0.1% gain.

US energy stocks were up across the board. Crude oil stocks increased 98 million gallons on the week, gasoline stocks increased 17 million gallons, and distillate fuel stocks were up 164 million gallons.

US ethanol production pulled back just slightly to 318 million gallons produced- vs 319 million gallons, but sharply lower ethanol exports caused ethanol stocks to jump to their largest volume since April 2020.

US ethanol producers used 457.4 million bushels of corn in January according to USDA. The volume was down from the volume in December and a pretty disappointing volume for the month of January.

US soybean crushers crushed 212.6 million bushels of soybeans in January. The value exceeded all pre-report expectations and was slightly bullish to the soybean market.

At the USDA Ag Outlook Forum- USDA estimated corn and soybean acreage at 94.0 and 84.0 million acres, respectively. Yields were estimated at 181.0 and 52.5 bushels per acre, respectively.

Weekly grain and oilseed export sales were bearish on the week. Corn sales of 31.3 million bushels came in below all pre-report estimates. Wheat sales of 9.9 million bushels were also below all pre-report estimates. Soybeans sales at 15.1 million bushels were within expectations but down week over week.

Open interest in futures and options of grains and oilseeds were down 11.2% week over week. Producer and merchants reduced their net short position 6.7% and managed money holders reduced their net long position 26.1% or 57,650 contracts. Money managers are net long the complex 162,917 contracts.

Weekly export inspections for US grains and oilseeds were all as expected. Corn and sorghum shipments of 53.2 and 0.6 million bushels, respectively were up week over week, while soybean inspections of 25.5 million bushels were down week over week and wheat shipments were flat at 14.3 million bushels.

Weekly Commodity Market Update

Brownfield’s Weekly Commodity update featuring former OSU Extension Ag Economist Ben Brown. This week Will and Ben dive into the upcoming opening crop balance sheet for the 2025 season.

This Week’s Topics:

  • Market recap
  • USDA balance sheet out on Friday
  • A record oilseed crush falls below expectations
  • The impact of dropping consumer sentiment
  • Cattle on feed’s impact to feed grains
  • Reports to watch

Market recap (changes on week as of Friday’s close):

  • March 2025 corn up $.09 at $5.05
  • December 2025 corn down $.03 at $4.70
  • March 2025 soybeans up $.21 at $10.57
  • November 2025 soybeans up $.07 at $10.59
  • March soybean oil up 0.74 cents at 46.81 cents/lb
  • March soybean meal down $1.10 at $294.80/short ton
  • March wheat up $.10 at $5.90
  • July 2025 wheat down $.08 at $6.17
  • March 2025 cotton down 1.03 cents at 66.08 cents/lb
  • December 2025 cotton down $0.24 at 69.15 cents/lb
  • October WTI Crude Oil down $0.49 at $70.22/barrel

Weekly highlights:

Consumer Sentiment declined significantly in February to 64.7 vs 71.7 in January and below expectations of 68.0.

US crude oil stocks increased 195 million gallons on the week- the four straight week. US gasoline stocks were mostly flat on slightly lower weekly demand. Distillate stocks were down 86 million gallons.

US ethanol production increased just slightly to 319 million gallons- up from 218 million last week but matching the volume this time last year. Ethanol ending stocks were up 22 million gallons and are 3% higher than last year.

The National Oilseed Processors Association reported their members crushed 200.4 million bushels in January- a new record for January, but below expectations. The implied soybean oil demand number was bullish despite a bearish crush report.

Grain and oilseed export sales were neutral on the week with corn sales of 57.2 million bushels, soybean sales of 17.6 million bushels, grain sorghum at 870,00 bushels, and all wheat sales at 19.6 million bushels. Soybean oil sales came in above all expectations after being negative the week prior.

Cattle on Feed in as of February 1 was reported at 11.716 million head- 99.3% of last year. The report was seen as neutral to slightly bullish with both placements and marketings coming in higher than last year.

Open interest in futures and options contracts of grains and oilseeds was up 1.5% week over week with producer and merchants increasing their net short position 3.4% and money managers increasing their net long position a combined 39,366 contracts- all of which were nearly exact opposites of the week prior.

US grain and oilseed export inspections were all as expected today although down week over week for corn and up week over week for soybeans and total wheats.

Developing your 2025 corn budget

An enterprise budget is a listing of all income and expenses associated with a specific enterprise. What you produce determines the profitability of your business. Enterprises are the basic building blocks for a farm plan. By analyzing revenues and expenses associated with individual enterprises you can determine which enterprises might be expanded and those that should be cut back or eliminated.

This post will focus on developing your 2025 Corn Budget.  The following are key components for this budget.

1. Revenue Assumptions

  • Corn yield (bushels per acre): Estimated based on your field’s productivity or average local yields.
  • Price per bushel: You can base this on current market trends or contract pricing.
  • Revenue calculation: Yield per acre x Price per bushel.

2. Variable Costs

These are costs that vary depending on the acreage and input levels.

  • Seed costs: The cost of corn seed per acre, including any seed treatment.
  • Fertilizer: Nitrogen, phosphorus, potassium (NPK) and other micronutrient fertilizers required for soil health.
  • Herbicides and pesticides: Costs for controlling weeds, insects, and diseases.
  • Fuel: Fuel for planting, cultivating, irrigating, spraying, and harvesting.
  • Labor: Wages for employees working in the field, including seasonal workers.
  • Crop insurance: Premiums for insurance covering potential yield losses or damage from weather events.
  • Other inputs: Other specific inputs required to produce your crop.

3. Fixed Costs

These are costs that do not fluctuate with the level of production.

  • Equipment depreciation: The annual depreciation of tractors, planters, sprayers, harvesters, etc.
  • Land rent/lease: If you do not own the land, this would be a fixed cost.
  • Interest on land and equipment loans: If applicable, include the interest you pay on any loans.
  • Building and storage maintenance: Costs for maintaining barns, grain bins, or other structures.
  • Property taxes: Taxes associated with your land and equipment.

4. Overhead Costs

These include administrative and management costs that can be allocated to each acre.

  • Management and administration: Salaries or wages for management or administrative roles not included in variable costs.
  • Insurance (property, liability): Farm insurance policies.
  • Utilities: Electricity, water, gas, propane, and other utilities for farm operation.

5. Other Costs

  • Transporting: Cost of hauling harvested corn to your bins or elevators.
  • Storage costs: If you’re storing the corn for later sale, include costs for drying and storage.

6. Profit Margin

After calculating your revenue and all associated costs, determine the profit margin per acre. This is the difference between your total revenue and total costs.

The following link will take you to the 2025 OSU Corn Enterprise Budget developed by OSU Extension’s Barry Ward.  This can serve as a guide to help you consider all costs in your operation.