U.S. Value: Production Costs & Returns

Source: USDA, ERS

U.S. Soybean Production Costs & Returns 2024

Category $/Planted Acre $/Planted Hectare
Gross value of production
Soybeans 535.71 1,323.74
Total gross value of production 535.71 1,323.74
Operating Costs
Seed 74.85 184.95
Fertilizer* 44.95 111.07
Chemicals 45.89 113.39
Custom operations 16.08 39.73
Fuel, lube and electricity 19.66 48.58
Repairs 36.55 90.32
Purchased irrigation water 0.02 0.05
Interest on operating capital 5.72 14.13
Total Operating Costs 243.72 602.23
Allocated Overhead
Hired labor 6.37 15.74
Opportunity cost of unpaid labor 22.00 54.36
Capital recovery of machinery and equipment 141.75 350.26
 Opportunity cost of and (rental rate) 178.50 441.07
Taxes and Insurance 16.44 40.62
General farm overhead 23.33 57.65
Total Allocated Overhead 388.39 959.71
Total Cost Listed 632.11 1,561.94
Value of production less total costs listed -96.4 -238.20
Value of production less operating costs 291.99 721.51
Supporting Information
Yield (bushels per planted acre)(mt/ha) 54.0 3.63
Price ($ per bushel at harvest) ($/mt) 9.95 365.60
Enterprise size (planted acres)(ha)** 314.00 127.07
Production Practices:**
Irrigated (%) 10 10
Dryland (%) 90  90

* Commercial fertilizer, soil conditioners and manure

** Developed from survey base year, 2018