With increasing input costs and fluctuating returns in 2023, farmers need to focus on proper planning and decision-making for the year ahead. Updated enterprise planning budgets from University of Missouri Extension can help manage costs and project revenue for all sizes of farm operations.

MU Extension offers more than 30 interactive budgets and calculators for livestock, row crop and forage enterprises. Customized to Missouri growing conditions and economic factors, these tools can equip producers with tools to evaluate their operation’s scale and profitability, MU Extension agricultural business specialist Jennifer Lutes says.

“Our planning budgets give producers the opportunity to plan for economic sustainability of their operations and really articulate what their farm will look like going into the next growing or marketing year,” Lutes says. “As we look ahead to another year of increased expenses and volatility, we see our budgets as a critical piece of the farm management toolkit.”

Digging into details

Producers can tailor each budget to fit their farm and understand the cost structure for each enterprise. Equipped with this information, they can then determine how to best control input costs, set price targets for the year or adjust enterprise sizing for maximum profitability.

Unique growing conditions, economic factors and crop types across the Show-Me State require more than a blanket approach to farm management, MU Extension ag business specialist David Reinbott says.

In addition to statewide budgets, customized crop budgets and irrigation investment tools are available for producers.

Budgets by location

Missouri is a unique state with a variety of agriculture from all corners of the state. MU Extension offers planning budgets to help.

Reinbott points out that budgets specifically for southeastern Missouri that include tools to assist in planning for input costs of cotton, rice, peanuts, grain sorghum and other regional crops.

“Our tailored budgets for the Bootheel give these producers invaluable tools as they evaluate and make management decisions for operations that we just don’t see elsewhere in the state,” Reinbott says. “These resources are one of a kind.”

Missouri’s enterprise budgets are prepared each year by University of Missouri Extension and can be downloaded for free. Find budgets at muext.us.

Download crop budgets for southeastern Missouri at muext.us.

Source: University of Missouri Extension