Mississippi’s producers know it takes more than growing a crop through to harvest to have a successful business. They must calculate risk, understand state and federal regulations, manage resources wisely, and be able to analyze growing amounts of data. Agricultural economists with the MSU Extension Service provide free tools farmers can use to determine break-even costs. They also keep Extension clients informed about commodity price fluctuations and offer insight into navigating the complexities of the Farm Bill.
2020 Planning Budgets
Enterprise budgets are essential tools for farm planning. MSU Extension has developed the 2020 Planning Budgets for Mississippi which are available on the MSU Department of Agricultural Economics website. You will find enterprise budgets for corn, cotton, soybeans, rice, grain sorghum, wheat, and forages in both pdf format and spreadsheets.
Budgets are included for irrigated and non-irrigated systems, Delta and non-Delta regions, with several different production systems for each crop. The pdf versions include tables with details of resource and input use, monthly cash flow projections, and breakeven analysis. The spreadsheet versions allow the user to make adjustments to the budget to adapt to different prices, input use, and production practices.
High fertilizer prices continue to be a hot topic any time farm professionals gather, but now is not the first time costs have doubled or even tripled for some crop staples. Larry Oldham, soil specialist with the Mississippi State University Extension Service, said producers must plan around dramatically rising costs.
High commodity prices in 2021 pushed Mississippi agriculture to a sharp increase in total value -- a record estimated $8.33 billion -- despite a huge decline in government assistance aimed at coronavirus relief. Agriculture’s estimated value is up 19% from 2020.
Excellent commodity prices propelled Mississippi agriculture to its highest level: an estimated $8.33 billion value in 2021. This figure is a 19% increase over 2020. Poultry, soybeans and forestry continue to rank first, second and third, respectively, in the state’s agricultural economy.
STARKVILLE, Miss. -- An improved price environment for soybeans pushed the crop’s value of production to near record highs in Mississippi in 2021.
Soybean production grew about 25% from $1.2 billion in 2020 to $1.49 billion this year. It is Mississippi’s second largest agricultural commodity for the second straight year and by far the state’s most valuable row crop.
Will Maples, a row crops economist with the Mississippi State University Extension Service, estimated soybean prices to be up around 20% from 2020.
Most soybeans in Mississippi are having a good year to date, with 82% of the crop appearing in good or excellent shape past the midway point in the season.
Prices also look good, with averages above those of recent years.
A Reward for Hard Work
Doss Family Endows Scholarship for Future Extension Agents
In the Doss family, a strong work ethic is the hallmark of success. That is why, as a tribute to his parents, Roy and Helen, Derrell Doss arranged for their trust to fund a scholarship for Mississippi State University students who want to pursue careers related to agriculture, home economics, and the Extension Service.
Cooperation. Commitment. Grassroots leadership. These shared values unite First South Farm Credit and the Mississippi State University Extension Service in their shared mission to serve Mississippi’s agricultural community. So when the opportunity arose to support the fledgling Thad Cochran Agricultural Leadership Program (TCALP), First South CEO and MSU agricultural economics graduate John Barnard (Class of 1981) jumped at the chance.