NDSU Releases Crop Budget Projections for 2024

By Kelli Anderson

The North Dakota State University (NDSU) Extension projected crop budgets for 2024 are available for the state’s farmers, says Ron Haugen, NDSU Extension farm management specialist.

The 2024 projected profits vary by region and crop.

“The budgets are guides for large multicounty regions,” says Haugen. “Returns and costs can vary considerably between producers within a region. Also, the budgets estimate returns to labor and management with no consideration of price and yield variability or risk. A perfect comparison of crops is not achieved because different levels of labor, management and risk exist.”

“Generally, most crop budgets in all regions, project a profit for the year, but not as profitable as 2023,” says Haugen. “One reason is, in general, commodity prices are lower than 2023.”

Fertilizer, chemical and fuel expenses are down, but land costs, repairs and interest are higher.

“Specialty crops may show a positive return, but usually have limited contracts and acreages, and also may have higher risk,” says Haugen.

The NDSU Extension-developed budgets are available online at ndsu.ag/cropbudgets, or by searching online for NDSU Crop Budgets. Online, a PDF version is available as well as Excel spreadsheets for producers to fill in their own estimates.

Hard copies are available at NDSU Extension county offices.