Newsletter | Past Issues

November, 2008

In This Issue:

Policy & Outlook Meetings to be held across Ohio

Agricultural Tax Schools to be held across Ohio

Thirty OSUE Agriculture Educators and Specialists trained to use FINPACK ® Farm Financial Management Software

Farm Management Decision Aides Available at OSU Farm Management Website
Fuel and Fertilizer Prices Remain Volatile
Land Rent Spiral to Slow

Financial Crisis: Why?

Why Prices Drop and Where from Here?

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Policy & Outlook Meetings to be held across Ohio

Stan Ernst, Extension Program Leader & Marketing Instructor, AED Economics

Eight regional Policy & Outlook meetings are scheduled across Ohio during December and January to examine the state of the farm and food economy. Specialists from Ohio State University 's Department of Agricultural, Environmental, and Development Economics provide analysis and discussion at meetings hosted by local OSU Extension Educators and industry sponsors. Meetings all include a meal and require registration. Get in touch with local contacts for specific locations, program start times, registration, and costs. This season's lineup of location contacts, speakers, and topics is as follows:

Dec-2, lunch – Dutch Valley Restaurant, 1343 Old Rt. 39, Sugar Creek 44681; Contact: Marissa Mullett, OSU Extension- Coshocton Co. (740) 622-2265 or Chris Zoller, OSU Extension- Tuscarawas Co. (888) 398-7175

Grains & Biofuels Outlook – Matt Roberts

Farm Policy – Carl Zulauf

Farmland Values/Rents & Input Costs – Barry Ward

Dairy Outlook – Cameron Thraen

Food Prices – Stan Ernst

Dec-4, dinner – Fairfield County Extension Office, 831 College Ave., Lancaster 43130-1081; Contact Jim Skeeles, OSU Extension-Fairfield Co. (740) 653-5419 or Mike Estadt, OSU Extension-Pickaway Co. (740) 474-7534.

Grains & Biofuels Outlook – Matt Roberts

Farm Policy – Carl Zulauf

Farmland Values/Rents & Input Costs – Barry Ward

General Economy/Financial Situation – Ian Sheldon

Food Prices – Stan Ernst

Dec-9, 5:30 pm dinner – St. Paul Lutheran Church, 318 West Wyandot Ave., Upper Sandusky 43351; Cost $20 prior to Dec-5. Contact Chris Bruynis, OSU Extension-Wyandot Co. (419) 294-4931.

Grains & Biofuels Outlook – Matt Roberts

Farm Policy – Carl Zulauf

Farmland Values/Rents & Input Costs – Barry Ward

Food Prices & Markets – Stan Ernst

Dec-10, 9:30-2 – The Fraternal Order of Eagles, 400 Eastlake Dr , Ashland 44805-1386 , Contact Chris Willman, John Augenstein or Valerie Bumb at Sutton Bank (800) 422-3641. OSU Extension host: Ashland Co. Office (419) 281-8242. Cost: $18 or free if you RSVP to Sutton Bank by Dec. 4 and attend as their guest.

Grains & Biofuels Outlook – Matt Roberts

Farm Policy – Carl Zulauf

Farmland Values/Rents & Input Costs – Barry Ward

Dairy Outlook – Cameron Thraen

Food Prices – Stan Ernst

Dec-10, 4-8:30pm – Attica Fairgrounds Social Hall, 15131 E. Twp. Rd. 12, Attica 44807. Contact Chris Willman, John Augenstein or Valerie Bumb at Sutton Bank (800) 422-3641. OSU Extension host: Ed Lentz, OSU Extension-Seneca Co. (419) 447-9722. Cost: $18 or free if you RSVP to Sutton Bank by Dec. 4 and attend as their guest.

Grains & Biofuels Outlook – Matt Roberts

Farm Policy – Carl Zulauf

Farmland Values/Rents & Input Costs – Barry Ward

Food Prices & Markets – Stan Ernst

Dec- 11,lunch; – Shelby Co. OSU Extension Office, Sidney; Contact Roger Bender, OSU Extension-Shelby Co. (937) 498-7239.

Grains & Biofuels Outlook – Matt Roberts

Farm Policy – Carl Zulauf

Farmland Values/Rents & Input Costs – Barry Ward

General Economy/Financial Situation – Ian Sheldon

Food Prices – Stan Ernst

Dec-11, dinner – Apollo Career Center, 3325 Shawnee Rd., Lima 45806-1497; Contact Curtis Young, OSU Extension-Allen Co. (419) 222-9946.

Grains & Biofuels Outlook – Matt Roberts

Farm Policy – Carl Zulauf

Farmland Values/Rents & Input Costs – Barry Ward

General Economy/Financial Situation – Ian Sheldon

Food Prices – Stan Ernst

Jan-29, 2009, dinner – Der Dutchman Restaurant, 445 S Jefferson Ave., Plain City 43064; Contact Eric Imerman, OSU Extension-Madison Co. 740-852-0975

Grains & Biofuels Outlook – Matt Roberts

Farm Policy – Carl Zulauf

Farmland Values/Rents & Input Costs – Barry Ward

Food Prices & Markets – Stan Ernst

More information on OSU's Policy & Outlook program is online at http://aede.osu.edu/programs/outlook .

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Agricultural Tax Schools to be held across Ohio

David Marrison, OSU Extension, Ashtabula County

Tax practitioners with an interest in farm income taxes will have an opportunity to attend a one day farm tax workshop scheduled for December 15 from 9:30 a.m. to 4:00 p.m. in nine locations across Ohio. The workshop will be held on Monday, December 15 th at the following locations in Ohio: Caldwell, Chillicothe, Columbus, Greenville, Jefferson, Ottawa, Urbana, Upper Sandusky and Wooster.

These workshops will be taught by Dr. Phil Harris, Professor of Agricultural Economics from the University of Wisconsin. Participants will hear a lecture on current agricultural tax issues given by Dr. Harris supplemented with a slide presentation. Dr. Harris will be available for questions during two scheduled conference calls and OSU faculty will also be available to answer questions on-site. Participants will also receive a 300 page book, Agricultural Tax Issues and Form Preparation, authored by Dr. Harris as part of their registration.

Topics to be covered during the workshop include tax provisions of the 2008 Farm Bill, sale of carbon credits, conservation easements & the farmer provisions, prepaid expenses, fertilizer containment structures, soil & water conservation payments, tax issues for farmland owners who rent their land, depreciation & IRC 179 expensing and other related topics.

The Agricultural Tax Issues program has been accepted for continuing education credits by the Accountancy Board of Ohio, IRS Director of Practice and the Ohio Supreme Court Commission on Continuing Legal Education. Workshop information, a downloadable registration form as well as on-line registration are available at the following website: http://incometaxschools.osu.edu . Or contact Dr. Warren Lee, Ohio Income Tax Schools, at 614-292-6308 for additional information concerning the workshop. The Agricultural Tax Issues Workshop is sponsored by the Ohio State University Department of Agricultural, Environmental and Development Economics and Ohio State University Extension.

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Thirty OSUE Agriculture Educators and Specialists trained to use FINPACK ® Farm Financial Management Software

Dianne Shoemaker, Extension Dairy Specialist, the Ohio State University Extension shoemaker.3@osu.edu

Where are we, where do we want to go, how can we get there? Critical questions for farm businesses in all stages of growth; new, expanding, consolidating, exiting, or transferring to the next generation. Important questions are not always easily or quickly answered. From a farm business perspective, the FINPACK ® financial planning and analysis software is a top-notch tool to help farm businesses of all types analyze and answer these questions.

Thirty Agriculture Educators and Specialists gathered for training on the newest release of the FINPACK program at the Ohio State University in Columbus in October. Designed and supported by the Center for Farm Financial Management at the University of Minnesota, FINPACK has been used by OSU Extension to help Ohio farms for 25 years.

Training focused on the FINAN financial analysis program, and FINLRB, a financial long-range budgeting program. Using FINAN with enterprise analysis, a farm business can analyze their business year and determine which crop (agronomic or horticultural) and/or livestock enterprises were profitable and which were not. It also analyzes the profitability of the total farm business. Profitability measures for the farm are graphically compared to Farm Financial Standards Council guidelines.

FINLRB allows a farm business to look at the “what ifs?” On paper, the farm can look at multiple ways of changing the business such as an expansion, changing enterprises. bringing in a family member, buying out a partner, making a major capital investment, etc. FINLRB allows you to look at any changes, evaluate profitability and compare them to the way things currently are before money is invested or ground is broken.

When an alternative is developed that meets the objectives of the farm business, two additional FINPACK programs can help complete the planning process. FINFLO generates annual, quarterly or monthly cash flow projections. Then, FINLRB and FINFLO results can be imported into the BUSINESS PLAN software. This user-friendly package then guides the farm through the additional non-financial sections needed in a complete business plan.

These OSU Educators and Specialists are available to work with farm businesses interested in learning more about and using these financial management tools. Look for your County Extension Educator or one in a county near you in the contact list that follows. Cost to a farm business for a FINLRB or FINAN is $100. Additional information about FINPACK can be reviewed at the Center for Farm Financial Management's website: http://www.cffm.umn.edu

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Farm Management Decision Aides Available at OSU Farm Management Website
By Brian Freytag, OSU Extension Intern, Undergraduate Student
Barry Ward, Leader, Production Business Management

Custom Rate Calculator

The Custom Rate Calculator calculates potential alternative current Custom Rates based on the increase or decrease in fuel prices.  By inputting the current cost of farmgate diesel, users can calculate a current custom rate that they may consider as an alternative to custom rates published in the OSU Extension Factsheet, “Ohio Farm Custom Rates -2008” available at: http://ohioline.osu.edu/ae-fact/pdf/Custom_Rates_08.pdf

Machinery Rental Rates Calculator

This decision aid enables you to calculate the rental value of machinery based on a current custom rate charge (including labor, fuel, and tractor). Users input the current custom rate for the implement (and tractor if needed) and the percent of custom charge (default values are given). These inputs will yield a machinery rental rate which can be used for farmer to farmer rental negotiations or to evaluate a rental from a dealer. Users can also calculate implement rental rates without tractor. This decision aid as well as other farm management decision aids are available to download at:

http://aede.osu.edu/Programs/FarmManagement/Budgets/download.htm

Crop Share Calculator

Do you have a crop share lease and are interested in the best way to organize the lease so that it is fair for both the landowner and the tenant? The OSU Extension Crop Share Calculator will help you do this. This decision aide will help you to organize lease shares and will assist in calculating the total receipts and expenses that the landowner and tenant will share. This calculator is separated into three different sections by spreadsheet page. The first is the “Shares” page which allows the user to input the percentage of various receipts and costs that the landowner will be responsible for. The decision aid will then automatically calculate the percentage the tenant is responsible for. The second page is the “Costs” page, where the user will input receipt and expense raw data. These receipts include Yield, Price, and Government payments. Costs include land, machinery, labor, management, and direct cash costs. The “Calculation” page displays the total receipts and costs to both the tenant and the landowner.

Value of Manure Worksheet

This worksheet displays default values for amounts of nitrogen, phosphorus and potassium in various livestock manures and assists the user in calculating a value per ton or per acre applied. Users input current fertilizer prices to calculate the value of the livestock manure per ton or per acre applied. Users can also adjust N,P and K levels for the livestock manures included in the worksheet to calculate a more representative value for the manures they plan to use.

The Value of Manure Worksheet was created by John Rausch, Extension Program Director, Animal Manure Management and Amanda Meddles, Program Coordinator, Environmental Management in coordination with Brian Freytag and Barry Ward.

Flexible Cash Lease Calculator

The Flexible Cash Lease Calculator determines the rental rate of land using several price flexing methods. This tool will be described in more detail in a separate article.

These decision aides are now available at the OSU Farm Management website at:

http://aede.osu.edu/Programs/FarmManagement/Budgets/download.htm

These decision aides require Microsoft Excel to use. Alternatively, if you do not have Microsoft Excel, you can download and use OpenOffice.org for free. This is an Open Source alternative to Microsoft Excel. OpenOffice.org can be downloaded at http://www.openoffice.org.

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Fuel and Fertilizer Prices Remain Volatile
by Brian Freytag, Extension Intern, Undergraduate Student
Barry Ward, Leader, Production Business Management

The last time we reported on the cost of fertilizer and diesel, we reported that even while diesel prices were decreasing, the cost of fertilizer continued its upward trend. As diesel prices continue to fall following oil price declines, fertilizer prices have leveled off and in some cases begun to decrease.

The US average price of On-Highway diesel, as reported by the Energy Information Administration, was $3.288 per gallon on October 27, 2008 http://tonto.eia.doe.gov/oog/info/wohdp/diesel.asp . This is a decrease of 10% from two weeks ago and a 21% decrease from 6 months ago.

Fertilizer prices, in general, have leveled off. As of 10/21/2008, NH3 was $1170 per ton, which is down 3.44% from two weeks ago ($1212 per ton), but up 23% from three months ago ($1053 per ton). UAN is down 2% from two weeks ago, from $492 to $482.75 per ton. Urea decreased the most among nitrogen fertilizer, falling from $827.75 to $572.5 per ton in a two week period. This is a decrease of nearly 31%. This new price of Urea is 22.19% lower than it was 3 months ago.

MAP and DAP as of 10/21/2008 were both decreasing, but have not dropped below the $1000 per ton mark. MAP went from $1225 to $1120 per ton in the last two weeks, while DAP decreased from $1218 to $1172 per ton. These are decreases of 8.75% and 3.80% respectively.

As of 10/21/2008 Potash and 10-34-0 have not followed this trend. According to our survey, the average price of Potash is $934 per ton. This is up 6.59% from two weeks ago. Likewise, 10-34-0 has increased from $1037.5 to $1110 per ton, an increase of 6.99%.

As of 10/27/2008:

On-Highway Diesel - $3.288 per gallon

As of 10/21/2008:

NH3 - $1170/ton or $0.713/lb
UAN - $482/ton or $0.861/lb
UAN-Direct to farm - $449/ton or $0.802/lb
Urea - $572.5/ton or $0.622/lb
MAP - $1120/ton or $1.0769/lb
DAP - $1172/ton or $1.2739/lb
Potash - $934/ton or $0.778/lb
10-34-0 - $1110/ton or $1.632/lb

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Land Rent Spiral to Slow

Jim Skeeles, OSU Extension Educator, Fairfield and Hocking Counties

Summarized from “2009 Rental Decisions Given Volatile Commodity Prices and Higher Input Costs” by Gary Schnitkey and Dale Lattz, University of Illinois at Urbana-Champaign in “Illinois Farm Economics Update” http://www.farmdoc.uiuc.edu/IFEU/IFEU_08_05/IFEU_08_05.html

Many farmers and landlords are now setting crop land rental rates for 2009. With the current lower crop prices cash rent prices will certainly level and in some instances may even decrease. The authors referenced say, “……..If the cash rent must be set now, realize that the fundamentals of prices and costs suggest lower cash rent bids then what would have been established just a few months ago and what would have been justified by 2007 and 2008 returns…….”

The authors also had the following to say about crop price projection on October 15 th : “Besides declining, there is a great deal of price uncertainty. Bid prices on options contracts can be used to gauge price uncertainty. On October 8th, options contracts implied that there was a 33 percent chance that the December 2009 futures contract would be below $3.53 per bushel in December 2009. There also was a 33 percent probability of a price above $5.06 per bushel. Much of the focus currently is on the possibility of low prices. There is, however, a significant chance of relatively high prices.

Not only have crop prices gyrated wildly recently, the costs of producing a crop have dramatically increased. These put together have resulted in a dramatic increase in farmer risk. The authors had the following to say about Illinois risk, which has the same relationship for Ohio farmers: “Between 2000 and 2006, the farmer margin (i.e., operator and farmland return – cash rent) averaged about $50 per acre in Illinois. Since 2006, risks have increased greatly. For farmers to have the same risk post-2006 as existed at a $50 cash rent pre-2006, it was estimated that the farmer margin needs to increase to $135 per acre.”

At a $135 farmer margin theoretically there is no money left over to pay crop land rent with $4.20 corn price and a $9.50 soybean price. Subtracting $135 farmer margin from operator and farmland returns for the southern region of Illinois with 146 bushel per acre corn yield leaves no money left over for rent payment. For Ohio ground expected to yield less than 146 bushel per acre there is a loss even without paying cash rent.

The above dilemma inherently means that farmers are and will be assuming more risk than previously. Only those farmers willing to carry the most risk will be the aggressive bidders for crop ground. Therefore, the authors of the referenced article “argue(s) for flexibility in leasing arrangements offered by variable cash or share rent arrangements.” and continue their article discussing how to flex leases. They conclude their article as follows: “Currently, there is a great deal of price uncertainty. This is causing difficulties is setting cash rents. We suggest using share rent or variable cash rent arrangements. If a fixed cash rent arrangement must be used, we suggest waiting in setting the cash rent level. Cash rent agreements set at relatively high levels may need to be re-negotiated.”

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Financial Crisis: Why?

Jim Skeeles, OSU Educator, Fairfield and Hocking Counties

Quotes and Summary of Illinois Farm Economics Update, Nick Peterson, U. of Illinois http://www.farmdoc.uiuc.edu/IFEU/IFEU_08_01/IFEU_08_01.html

“The simplest and most direct answer to how we got here is that, over the past few years, too many “bad” mortgage loans were made in the U.S………From 1995 to 2007, total mortgage debt in the U.S. increased from $3.5 trillion to more than $11 trillion ( Hamilton , 2008).”

Just like I get tired of hearing “maverick” and “fundamental difference” from our politicians, I get tired of hearing “toxic loans” from the media. How did all these bad or toxic loans all of a sudden occur? Our present dilemma is due to our success. We created Freddie and Fannie to increase the flow of money into mortgages to improve the economy and encourage especially first time, low income and those customers considered high risk to purchase a home. Freddie, Fannie and the mortgage market of today have allowed mortgages to be packaged and sold on a competitive market. Those applying for a mortgage could deal with their local bank, but increasingly have dealt with a broker who shopped the market for a loan with lower monthly payments and lower down payment, at least initially.

Freddie and Fannie allow for pooling a large number of uniformly written mortgages and selling them on the open market. The investor buys this pool of mortgages in return for the future stream of payments and the right to acquire the home or property if the payment isn't made. The previous backing of equity required of savings and loans and banks is no longer guaranteed, at least not at previous levels.

Further, as mortgages have been packaged and sold, commissions granted to mortgage brokers have become substantial. Brokers whose income is driven by the number of mortgages written and packaged have sold more and more mortgages, without any risk if the mortgage cannot be repaid. Increased investment in the packaged and pooled mortgage market has been driven by the rising market, fueled just as Wall Street is fueled by expectation of a continued rising market.

“Additionally, the rapid increase in real-estate values provided justification for lending amounts in excess of market values without down payment requirements and/or documented proof of repayment ability. Originating lenders were more than willing to approve loans to even the riskiest borrowers because they never intended to personally finance and take on the risk of the mortgages.” They intended to sell the mortgage and future risk to the buyer of the mortgage-backed security.

New types of mortgages have allowed lower initial payments with lower down payments. ARM means adjustable rate mortgage. ARM's usually have a lower interest rate than fixed rate, where the interest rate stays the same for the duration of the mortgage. With an ARM if the interest rate goes up either the payment goes up or the equity in the home builds slower if the home value goes up or drops faster when home values drop, which has happened for many homes now. Another “bad boy” in especially the sup-prime (toxic) mortgages is the balloon payment. A balloon payment means one has lower payments initially (often not even covering interest that accrues), but at the end or sometime during the mortgage a lump sum substantial payment is demanded to keep the mortgage current.

Along with the leveling or decline in home values and increased default rate ”the value of mortgage based securities has plummeted.” Thus, investors quit buying mortgages and won't even invest in other debt-based instruments. Investment institutions with assets of future income streams such as mortgages and loans have become insolvent and even solvent lenders can't get the financing needed to make new loans or mortgages.

References

Barnes, R. 2008. “The Fuel that Fed the Subprime Meltdown.”
[ http://www.investopedia.com/articles/07/subprime-overview.asp?Page=1 ]

Hamilton, J.D. 2008 “How We Got Here.”
[ http://www.econbrowser.com/archives/2008/10/Hamilton_Rady.ppt ]

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Why Prices Drop and Where from Here?

Jim Skeeles, OSU Extension Educator, Fairfield and Hocking Counties

Summarized from “ Implications of Credit Market Problems for Crop Prices” in “Illinois Farm Economics Update” by Darrel Good and Scott Irwin , University of Illinois at Urbana-Champaign http://www.farmdoc.uiuc.edu/IFEU/IFEU_08_03/IFEU_08_03.html

The usual indicators for crop prices such as a projected larger than expected crop, record harvests outside the U.S. and larger than expected inventories. For livestock factors include continuing record production and weakening of export demand. “Price declines since early September, however, have coincided with the severe problems in U.S. and global credit markets. Is the timing of the price declines and credit problems a matter of coincidence or is there a cause and effect relationship in these markets?”

The answer is that with all these gloomy projections in the U.S., the projected demand for agricultural products in down, including food, biofuels, livestock products and livestock feed. All else equal, lower demand equals lower prices.

So if in a recession, how long, how bad and how much inpact on our prices? Good and Irwin point out that “Beginning with the “Great Depression” of 1929 to 1933, there have been 13 recessionary periods in the U.S. economy. Typically, a decline in the Gross Domestic Product (GDP) is associated with a recessionary period, although revised GDP data for 2001 indicate that there was actually small growth in the GDP that year. The 10 Post-World War II recessions have varied in length from 6 months (1980) to 16 months (1973-75 and 1981-82). The average length of the 10 periods of contraction was 10 months. The peak-to-trough changes in the domestic GDP ranged from +0.3 percent to -3.2 percent and averaged -1.6 percent.

“If the current economic downturn is of average duration and severity, it would be expected to extend into the spring of 2009 and result in a 1.5 to 2.0 percent decline in domestic GDP. If the downturn equals the most severe since World War II, it would be expected to extend through all of 2009 and result in a 3.0 to 3.5 percent decline in the domestic GDP. Early indications are that the current downturn might be in the latter category.

Agricultural prices do not behave consistently during recessionary periods since those prices are influenced by a wide range of factors. The years of 1973 and 1974, for example, were characterized by relatively high rates of inflation and significant shortfalls in crop production in the U.S. and around the world. In fact, 1973 marked the beginning of a structural shift to a new higher level of nominal prices for crop and livestock commodities (see Good and Irwin, 2008). In contrast, the period of 1981 and 1982 was characterized by large U.S. and world crops, relatively strong domestic and export demand and crop and livestock prices that could be characterized as average or normal.

“To some extent, the agricultural economy is a bit more “recession-proof” than the general economy because of the importance of the export market and because food expenditures are not as discretionary as most other expenditures. Still, poor performance in the U.S. and world economy will tend to reduce the demand for agricultural products………For crops, the answer likely centers around the value of corn since it is consumed in large quantities in both the fuel and feed sectors…..”

“In the current environment, the value of corn to produce ethanol is in the upper $3.00 to mid $4.00 range. Where will crude oil and unleaded gasoline prices be in 2009? A recovery from the current financial and stock market meltdown might suggest crude oil prices near $100 per barrel and unleaded gasoline near $2.38. Under that scenario, ethanol would be valued near $2.05 per gallon and corn would be valued in the range of $5.00 to $5.80. A continuation of an economic slowdown and crude oil prices near $70 per barrel puts corn values in the $3.00 to $4.00 range.”

As an example in the livestock sector, to cover only variable costs with assumptions in the article, farrow-to-finish operators in Iowa “could afford to pay $6.21 for corn to feed hogs from October 2008 through March 2009. To cover all costs, the breakeven price is only $4.42 per bushel.

“Based on current market prices for crude oil and hogs, the value of corn is likely in the low to mid $4.00 range. Assuming a value of $4.00 and a soybean to corn price ratio of 2.3 to 1, soybeans would have a value of about $9.20 per bushel. Similarly, a wheat to corn price ratio of 1.26 to 1 would point to a soft red winter wheat value near $5.00 per bushel………..”

“The apparent over-reaction of crop prices to the downturn in financial markets suggests that at least a modest recovery in prices can be expected in the post-harvest period. The timing and magnitude of such a recovery will be heavily influenced by the confidence the market shows in a stabilization of the financial markets and the depth and duration of the domestic and global economic slowdown. While ownership of corn and soybean crops is expensive, prospects for a price recovery suggests storing a substantial portion of the crop that has not yet been priced, particularly if on-farm storage is available.”

“Longer term, corn and soybean producers will have to make decisions relative to acreage allocation in 2009. Current projections of use and carryover stocks for the 2008-09 marketing year suggest that nationally there will be a need to shift 3 to 4 million acres from soybeans to corn. Relative prices will have to motivate that shift, implying a price ratio that favors corn production.”

References

Good, D., and S. Irwin. “The New Era of Corn, Soybean, and Wheat Prices.” Marketing and Outlook Brief 08-04, Department of Agricultural and Consumer Economics, University of Illinois at Urbana-Champaign, September 2008.
[ http://www.farmdoc.uiuc.edu/marketing/mobr/mobr_08-04/mobr_08-04.pdf ]

Ellis, S., W. Edwards, J. Lawrence, and A. Johanns. “Livestock Enterprise Budgets for Iowa-2008.” FM 1815, Iowa State University Extension, March 2008.
[ http://www.extension.iastate.edu/Publications/FM1815.pdf ]

Schnitkey, G. “Drying and Storage Costs in 2008: Comparing Alternatives with the Grain Delivery Model .” Farm Economics Facts and Opinions 08-15, Department of Agricultural and Consumer Economics, University of Illinois at Urbana-Champaign, September 27, 2008.
[ http://www.farmdoc.uiuc.edu/manage/newsletters/fefo08_15/fefo08_15.pdf

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