Cow-Calf Production Budgets

Report
Cow-Calf
Production Budgets
Dr. Walt Prevatt
Agricultural Economist
Auburn University
Florida Cattlemen’s Institute and Allied Trade Show
January 26, 2012
Thank You For Inviting Me!
My goal today is to speak
the “economic truth” about
cow-calf production budgets.
Dr. Walt Prevatt
Agricultural Economist
Auburn University
Florida Cattlemen’s Institute and Allied Trade Show
January 26, 2012
Cow-Calf
Production
Budgets
Cow-Calf
Production Budgets
What are they?
What are they good for?
Cow-Calf
Production Budgets
Pointers on Measuring Cow-Calf Costs & Returns
Measuring Cow-Calf
Costs & Returns Budgets
Returns Over Cash Expenses (ROCE) =
(Gross Revenue – Cash Expenses)
Measuring Cow-Calf
Costs & Returns Budgets
Returns Over Cash Expenses (ROCE) =
(Gross Revenue – Cash Expenses)
Net Farm Income (NFI) =
(ROCE – Depreciation +/- Inventory Adj.)
Measuring Cow-Calf
Costs & Returns Budgets
Returns Over Cash Expenses (ROCE) =
(Gross Revenue – Cash Expenses)
Net Farm Income (NFI) =
(ROCE – Depreciation +/- Inventory Adj.)
Net Income (NI) =
(NFI – Opport. Costs of Labor/Mgt. & Owned Assets)
Cow-Calf
Production Budgets
“Net Farm Income” From The Cow-Calf Enterprise (AFBAA)
Cow-Calf Costs & Returns Budgets
A Closer Look At “Net Farm Income” For
21 Alabama Cow-Calf Operations
Paper:
http://www.aces.edu/timelyinfo/Ag&NatResEcon/20
04/November/TI_A_Closer_Look_At_Net_Farm_Inco
mce_10_29_04.pdf
[Alabama Farm Business Analysis Association]
Cow-Calf Costs & Returns Budgets
Cow-Calf
Production Budgets
IRS Form 1040, Schedule F (Costs & Returns Budget?)
Cow-Calf Costs & Returns Budgets
IRS Form 1040 - Schedule F
is an example of a costs and
returns budget.
Cow-Calf Costs & Returns Budgets
IRS Form 1040 - Schedule F
is an example of a costs and
returns budget.
How many of you will have a positive number at
the bottom of your 2011 Schedule F (line 36)?
Cow-Calf Costs & Returns Budgets
IRS Form 1040 - Schedule F is
an example of a costs and
returns budget.
How many of you will have a positive number at
the bottom of your 2011 Schedule F (line 36)?
What does this mean?
Cow-Calf Costs & Returns Budgets
IRS Form 1040 - Schedule F
is an example of a
costs and returns budget.
How many years out of the last ten years have you had
a positive number at the bottom of your Schedule F ?
What does this mean?
Cow-Calf
Production Budgets
Computer Spreadsheet Generated Cow-Calf Costs & Returns Budget
Cow-Calf Costs & Returns Budgets
Beef Cow-Calf Enterprise Budget
DAERS 11-1, February 2011
Paper:
http://www.aces.edu/timelyinfo/Ag&NatResEcon/2011/Febru
ary/feb_22_2011.pdf
Spreadsheet:
http://www.ag.auburn.edu/agec/pubs/budgets/
Cow-Calf Costs & Returns Budgets
Beef Cow-Calf Enterprise Budget
DAERS 11-1, February 2011
1)
2)
3)
4)
5)
6)
7)
8)
9)
Breeding information
Performance information
Market price information
Pasture information
Purchased feed information
Machinery & equipment information
Animal health information
Farm buildings/improvements information
Miscellaneous farm information
Beef Cow Enterprise Budget
Grass Valley Cattle Farm
Cow-Calf Enterprise Sensitivity Budget,
A Returns Per Cow Per Year
A 1 Weaning percent
A 2 Average calf weight, lbs./calf
A 3 Total calf weight, lbs
A 4 Average calf weight, lbs./cow-unit
A 5 Averge calf price, $/lb.
A 6 Total cull cow weight, lbs.
A 7 Average cull cow weight, lbs./cow
A 8 Average cull cow weight, lbs./cow-unit
A 9 Average cull cow price, $/lb.
A 10 Gross returns, total $
A 11 Average calf return, $/cow-unit
A 12 Average cull cow return, $/cow-unit
A 13 Gross returns, $ per cow-unit
70%
460
22,540
322
$1.40
10,780
1,100
154
$0.65
$38,563
$450.80
$100.10
$550.90
70%
575
28,175
403
$1.28
10,780
1,100
154
$0.65
$42,930
$513.19
$100.10
$613.29
Fall Calving, Alabama,
70%
690
33,810
483
$1.19
10,780
1,100
154
$0.65
$47,072
$572.36
$100.10
$672.46
80%
460
25,760
368
$1.40
10,780
1,100
154
$0.65
$43,071
$515.20
$100.10
$615.30
80%
575
32,200
460
$1.28
10,780
1,100
154
$0.65
$48,062
$586.50
$100.10
$686.60
80%
690
38,640
552
$1.19
10,780
1,100
154
$0.65
$52,795
$654.12
$100.10
$754.22
2011
90%
460
28,980
414
$1.40
10,780
1,100
154
$0.65
$47,579
$579.60
$100.10
$679.70
90%
575
36,225
518
$1.28
10,780
1,100
154
$0.65
$53,194
$659.81
$100.10
$759.91
90%
690
43,470
621
$1.19
10,780
1,100
154
$0.65
$58,519
$735.89
$100.10
$835.99
Beef Cow Enterprise Budget
A Returns Per Cow Per Year
A 1 Weaning percent
A 2 Average calf weight, lbs./calf
A 3 Total calf weight, lbs
A 4 Average calf weight, lbs./cow-unit
A 5 Averge calf price, $/lb.
A 6 Total cull cow weight, lbs.
A 7 Average cull cow weight, lbs./cow
A 8 Average cull cow weight, lbs./cow-unit
A 9 Average cull cow price, $/lb.
A 10 Gross returns, total $
A 11 Average calf return, $/cow-unit
A 12 Average cull cow return, $/cow-unit
A 13 Gross returns, $ per cow-unit
90%
460
28,980
414
$1.40
10,780
1,100
154
$0.65
$47,579
$579.60
$100.10
$679.70
90%
575
36,225
518
$1.28
10,780
1,100
154
$0.65
$53,194
$659.81
$100.10
$759.91
90%
690
43,470
621
$1.19
10,780
1,100
154
$0.65
$58,519
$735.89
$100.10
$835.99
Beef Cow Enterprise Budget
B Costs Per Cow Per Year
B 1 Pasture
B 2 Purchased feed
B 3 Machinery & equipment
B 4 Animal health
B 5 Buildings/Improvements/Facilities-DIRT
B 6 Buildings/Improvements/Facilities-Interest
B 7 Management
B 8 Labor
B 9 Custom hire
B 10 Farm records
B 11 Professional fees
B 12 Utilities
B 13 Marketing fees
B 14 Supplies
B 15 Replacement heifer capital cost
B 16 Annual bull cost depreciation
B 17 Interest on breeding stock capital
B 18 Insurance & Tax on breeding stock
B 19 Interest on operating cost1
B 20 Cost per cow per year
$77.14
$146.15
$71.93
$40.47
$18.75
$10.71
$8.57
$21.43
$5.14
$3.86
$5.71
$5.21
$27.19
$0.00
$210.00
$15.00
$37.95
$3.16
$77.14
$146.15
$71.93
$40.47
$18.75
$10.71
$8.57
$21.43
$5.14
$3.86
$5.71
$5.21
$30.40
$0.00
$210.00
$15.00
$37.95
$3.16
$77.14
$146.15
$71.93
$40.47
$18.75
$10.71
$8.57
$21.43
$5.14
$3.86
$5.71
$5.21
$33.44
$0.00
$210.00
$15.00
$37.95
$3.16
$19.48
$727.87
$19.57
$731.16
$19.65
$734.29
Beef Cow Enterprise Budget
C Returns Over Total Costs Per Cow Per Year
-$48.17
$28.75
$101.70
D Average Feeder Calf Price Needed Per Cwt.
D 1 To Cover Feed Costs, $/cwt.
D 2 To Cover Total Costs, $/cwt.
$53.93
$151.63
$43.15
$121.94
$35.96
$102.12
E Asset Turnover Ratio (A/Investment)2
44%
49%
54%
F Net Return on Investment
1.3%
6.3%
11.0%
((C + B17 + B28+ B30)/Investment)3
Cow-Calf
Production Budgets
Computer Spreadsheet Breakeven Price and Profit Calculator
Cow-Calf Costs & Returns Budgets
How Not To Go Broke In The Cow-Calf Business:
Lower Your Unit Cost of Production (UCOP)
DAERS 12-1, January 2012
Paper:
http://www.aces.edu/timelyinfo/#AgEcon
Unit Cost of Production - UCOP
(Cost Per Pound of Calf Production)
Total Production Expenses – Cull Cow/Bull Revenue
UCOP ($/Lb.) = ----------------------------------------------------Total Pounds of Calf Production
Table 1. Breakeven feeder calf prices for various weaning weights, weaning percentages, and production costs.*
Weaning Weaning Calf Prod. -------------------------- Production Costs Per Brood Cow* ----------------------------- 2012 Projected
Weight Percent /Brd. Cow $400
$500
$600
$700
$800
$900
$1,000 Average Price
Lbs.
%
Lbs./Cow
--------------------------- Breakeven Feeder Calf Price, $/Lb. --------------------------
$/Lb.
450
500
550
600
75%
75%
75%
75%
338
375
413
450
$1.19
$1.07
$0.97
$0.89
$1.48
$1.33
$1.21
$1.11
$1.78
$1.60
$1.45
$1.33
$2.07
$1.87
$1.70
$1.56
$2.37
$2.13
$1.94
$1.78
$2.67
$2.40
$2.18
$2.00
$2.96
$2.67
$2.42
$2.22
$1.55
$1.46
$1.40
$1.35
450
500
550
600
80%
80%
80%
80%
360
400
440
480
$1.11
$1.00
$0.91
$0.83
$1.39
$1.25
$1.14
$1.04
$1.67
$1.50
$1.36
$1.25
$1.94
$1.75
$1.59
$1.46
$2.22
$2.00
$1.82
$1.67
$2.50
$2.25
$2.05
$1.88
$2.78
$2.50
$2.27
$2.08
$1.55
$1.46
$1.40
$1.35
450
500
550
600
85%
85%
85%
85%
383
425
468
510
$1.05
$0.94
$0.86
$0.78
$1.31
$1.18
$1.07
$0.98
$1.57
$1.41
$1.28
$1.18
$1.83
$1.65
$1.50
$1.37
$2.09
$1.88
$1.71
$1.57
$2.35
$2.12
$1.93
$1.76
$2.61
$2.35
$2.14
$1.96
$1.55
$1.46
$1.40
$1.35
450
500
550
600
90%
90%
90%
90%
405
450
495
540
$0.99
$0.89
$0.81
$0.74
$1.23
$1.11
$1.01
$0.93
$1.48
$1.33
$1.21
$1.11
$1.73
$1.56
$1.41
$1.30
$1.98
$1.78
$1.62
$1.48
$2.22
$2.00
$1.82
$1.67
$2.47
$2.22
$2.02
$1.85
$1.55
$1.46
$1.40
$1.35
Table 1. Breakeven feeder calf prices for various weaning weights, weaning percentages, and production costs.*
Weaning Weaning Calf Prod. -------------------------- Production Costs Per Brood Cow* ----------------------------- 2012 Projected
Weight Percent /Brd. Cow $400
$500
$600
$700
$800
$900
$1,000 Average Price
Lbs.
%
Lbs./Cow
--------------------------- Breakeven Feeder Calf Price, $/Lb. --------------------------
$/Lb.
450
500
550
600
75%
75%
75%
75%
338
375
413
450
$1.19
$1.07
$0.97
$0.89
$1.48
$1.33
$1.21
$1.11
$1.78
$1.60
$1.45
$1.33
$2.07
$1.87
$1.70
$1.56
$2.37
$2.13
$1.94
$1.78
$2.67
$2.40
$2.18
$2.00
$2.96
$2.67
$2.42
$2.22
$1.55
$1.46
$1.40
$1.35
450
500
550
600
80%
80%
80%
80%
360
400
440
480
$1.11
$1.00
$0.91
$0.83
$1.39
$1.25
$1.14
$1.04
$1.67
$1.50
$1.36
$1.25
$1.94
$1.75
$1.59
$1.46
$2.22
$2.00
$1.82
$1.67
$2.50
$2.25
$2.05
$1.88
$2.78
$2.50
$2.27
$2.08
$1.55
$1.46
$1.40
$1.35
450
500
550
600
85%
85%
85%
85%
383
425
468
510
$1.05
$0.94
$0.86
$0.78
$1.31
$1.18
$1.07
$0.98
$1.57
$1.41
$1.28
$1.18
$1.83
$1.65
$1.50
$1.37
$2.09
$1.88
$1.71
$1.57
$2.35
$2.12
$1.93
$1.76
$2.61
$2.35
$2.14
$1.96
$1.55
$1.46
$1.40
$1.35
450
500
550
600
90%
90%
90%
90%
405
450
495
540
$0.99
$0.89
$0.81
$0.74
$1.23
$1.11
$1.01
$0.93
$1.48
$1.33
$1.21
$1.11
$1.73
$1.56
$1.41
$1.30
$1.98
$1.78
$1.62
$1.48
$2.22
$2.00
$1.82
$1.67
$2.47
$2.22
$2.02
$1.85
$1.55
$1.46
$1.40
$1.35
Table 1. Breakeven feeder calf prices for various weaning weights, weaning percentages, and production costs.*
Weaning Weaning Calf Prod. -------------------------- Production Costs Per Brood Cow* ----------------------------- 2012 Projected
Weight Percent /Brd. Cow $400
$500
$600
$700
$800
$900
$1,000 Average Price
Lbs.
%
Lbs./Cow
--------------------------- Breakeven Feeder Calf Price, $/Lb. --------------------------
$/Lb.
450
500
550
600
75%
75%
75%
75%
338
375
413
450
$1.19
$1.07
$0.97
$0.89
$1.48
$1.33
$1.21
$1.11
$1.78
$1.60
$1.45
$1.33
$2.07
$1.87
$1.70
$1.56
$2.37
$2.13
$1.94
$1.78
$2.67
$2.40
$2.18
$2.00
$2.96
$2.67
$2.42
$2.22
$1.55
$1.46
$1.40
$1.35
450
500
550
600
80%
80%
80%
80%
360
400
440
480
$1.11
$1.00
$0.91
$0.83
$1.39
$1.25
$1.14
$1.04
$1.67
$1.50
$1.36
$1.25
$1.94
$1.75
$1.59
$1.46
$2.22
$2.00
$1.82
$1.67
$2.50
$2.25
$2.05
$1.88
$2.78
$2.50
$2.27
$2.08
$1.55
$1.46
$1.40
$1.35
450
500
550
600
85%
85%
85%
85%
383
425
468
510
$1.05
$0.94
$0.86
$0.78
$1.31
$1.18
$1.07
$0.98
$1.57
$1.41
$1.28
$1.18
$1.83
$1.65
$1.50
$1.37
$2.09
$1.88
$1.71
$1.57
$2.35
$2.12
$1.93
$1.76
$2.61
$2.35
$2.14
$1.96
$1.55
$1.46
$1.40
$1.35
450
500
550
600
90%
90%
90%
90%
405
450
495
540
$0.99
$0.89
$0.81
$0.74
$1.23
$1.11
$1.01
$0.93
$1.48
$1.33
$1.21
$1.11
$1.73
$1.56
$1.41
$1.30
$1.98
$1.78
$1.62
$1.48
$2.22
$2.00
$1.82
$1.67
$2.47
$2.22
$2.02
$1.85
$1.55
$1.46
$1.40
$1.35
Table 1. Breakeven feeder calf prices for various weaning weights, weaning percentages, and production costs.*
Weaning Weaning Calf Prod. -------------------------- Production Costs Per Brood Cow* ----------------------------- 2012 Projected
Weight Percent /Brd. Cow $400
$500
$600
$700
$800
$900
$1,000 Average Price
Lbs.
%
Lbs./Cow
--------------------------- Breakeven Feeder Calf Price, $/Lb. --------------------------
$/Lb.
450
500
550
600
75%
75%
75%
75%
338
375
413
450
$1.19
$1.07
$0.97
$0.89
$1.48
$1.33
$1.21
$1.11
$1.78
$1.60
$1.45
$1.33
$2.07
$1.87
$1.70
$1.56
$2.37
$2.13
$1.94
$1.78
$2.67
$2.40
$2.18
$2.00
$2.96
$2.67
$2.42
$2.22
$1.55
$1.46
$1.40
$1.35
450
500
550
600
80%
80%
80%
80%
360
400
440
480
$1.11
$1.00
$0.91
$0.83
$1.39
$1.25
$1.14
$1.04
$1.67
$1.50
$1.36
$1.25
$1.94
$1.75
$1.59
$1.46
$2.22
$2.00
$1.82
$1.67
$2.50
$2.25
$2.05
$1.88
$2.78
$2.50
$2.27
$2.08
$1.55
$1.46
$1.40
$1.35
450
500
550
600
85%
85%
85%
85%
383
425
468
510
$1.05
$0.94
$0.86
$0.78
$1.31
$1.18
$1.07
$0.98
$1.57
$1.41
$1.28
$1.18
$1.83
$1.65
$1.50
$1.37
$2.09
$1.88
$1.71
$1.57
$2.35
$2.12
$1.93
$1.76
$2.61
$2.35
$2.14
$1.96
$1.55
$1.46
$1.40
$1.35
450
500
550
600
90%
90%
90%
90%
405
450
495
540
$0.99
$0.89
$0.81
$0.74
$1.23
$1.11
$1.01
$0.93
$1.48
$1.33
$1.21
$1.11
$1.73
$1.56
$1.41
$1.30
$1.98
$1.78
$1.62
$1.48
$2.22
$2.00
$1.82
$1.67
$2.47
$2.22
$2.02
$1.85
$1.55
$1.46
$1.40
$1.35
Table 2. Estimated profit per cow for various weaning weights, weaning percentages, and production costs.*
Weaning Weaning Calf Prod. -------------------------- Production Costs Per Brood Cow* ----------------------------- 2012 Projected
Weight Percent /Brd. Cow $400
$500
$600
$700
$800
$900
$1,000 Average Price
Lbs.
%
Lbs./Cow
--------------------------- Estimated Profit Per Cow, $/Hd. --------------------------
$/Lb.
450
500
550
600
75%
75%
75%
75%
338
375
413
450
$123
$148
$178
$208
$23
$48
$78
$108
($77)
($53)
($23)
$8
($177)
($153)
($123)
($93)
($277)
($253)
($223)
($193)
($377)
($353)
($323)
($293)
($477)
($453)
($423)
($393)
$1.55
$1.46
$1.40
$1.35
450
500
550
600
80%
80%
80%
80%
360
400
440
480
$158
$184
$216
$248
$58
$84
$116
$148
($42)
($16)
$16
$48
($142)
($116)
($84)
($52)
($242)
($216)
($184)
($152)
($342)
($316)
($284)
($252)
($442)
($416)
($384)
($352)
$1.55
$1.46
$1.40
$1.35
450
500
550
600
85%
85%
85%
85%
383
425
468
510
$193
$221
$255
$289
$93
$121
$155
$189
($7)
$21
$55
$89
($107)
($79)
($45)
($11)
($207)
($180)
($146)
($112)
($307)
($280)
($246)
($212)
($407)
($380)
($346)
($312)
$1.55
$1.46
$1.40
$1.35
450
500
550
600
90%
90%
90%
90%
405
450
495
540
$228
$257
$293
$329
$128
$157
$193
$229
$28
$57
$93
$129
($72)
($43)
($7)
$29
($172)
($143)
($107)
($71)
($272)
($243)
($207)
($171)
($372)
($343)
($307)
($271)
$1.55
$1.46
$1.40
$1.35
Figure 3. Expected Cash Price for August 2012,
725# Steers, Med. & Lg., #1 & #2, Alabama,
Based on August 2012 Feeder Cattle Futures Prices1
Breakeven Price²
$150
$145
Dollars Per Cwt.
$140
$135
$130
$125
$120
Price Objective³
Expected Cash Price⁴
Cow-Calf
Production Budgets
Seasonal Price Trends of Inputs
U. S. DAP Prices By Month, 2007 - 2011
Dollars Per Metric Ton
5-Year Avg.
2010
2011
$700
$650
$600
$550
$500
$450
$400
$350
Jan
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
Nov
Dec
Weekly Retail Diesel Prices, U.S. Gulf Coast
5-Yr. Avg.
2010
2011
$4.25
$4.00
$/Gallon
$3.75
$3.50
$3.25
$3.00
$2.75
$2.50
Jan
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
Nov
Dec
Figure 2. Weekly Soybean Hull Prices, $/Ton, FOB, Memphis
5-Yr. Avg.
2010
2011
$265
$250
$235
Dollars Per Ton
$220
$205
$190
$175
$160
$145
$130
$115
$100
$85
$70
Jan
Feb
Mar
Apr
May
Jun
Jul
Week
Aug
Sep
Oct
Nov
Dec
Figure 1. Southeast Hay Prices, Bermuda,
Small Roll (4x5), Good Quality
5-Yr. Avg.
2010
2011
$140
$120
Dollars Per Ton
$100
$80
$60
$40
$20
Jan
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
Nov
Dec
Cow-Calf
Production Budgets
Have you bought a ticket to be in the cow-calf business?
Walt’s Top 21
Cow-Calf Profitability Axioms
1. Determine profitability goals and objectives of your cow-calf operation.
2. Assess whether your profitability goals and objectives are realistic.
3. Be a business manager – measure costs, cattle and forage production,
profits, time, and taxes.
4. Get the grazing system right – maximize the number of grazing days.
5. Get the calving season right – make the best use of grass to produce a
quality animal for an acceptable market.
6. Get the size of cow right –
7. Get hybrid vigor from animal selection –
8. Get the nutrition program and body condition of cows right 9. Constantly seek out ways to increase your grazing days and grass quality.
10. Implement a rotational grazing program (one electric hi-tensil wire).
11. Sparingly use the 4 Fs (feed, fertilizer, fuel, & folks) unless they are free.
12. Minimize capital investments.
Walt’s Top 21
Cow-Calf Profitability Axioms
13. Implement a herd health program.
14. Add value to feeder calves (castrate, dehorn, deworm, implant, etc.).
15. Market feeder calves in economic packages, 50,000 lbs. (cooperate
with others if needed).
16. Be prepared to retain ownership after weaning the calf to benefit from
profit opportunities.
17. Market cull animals to receive price premiums.
18. Monitor market prices daily and use market price protection when
warranted.
19. Diversity cow-calf operation with other enterprises (broilers, crops,
hunting, timber, off-farm job, etc.) to reduce risk.
20. Share labor, equipment, and knowledge with your friends.
21. Have an “Exit Plan” that describes how and when to exit the cow-calf
business. (Do your family a favor!)
3 out of 4 times you will make the wrong
decision (bible?)
Production budgets - What are they???
Production budgets - schedule f (cost of
production and net farm income)
How many of you will have a positive number
on the line xx of your 2011 schedule F?
Don't raise your hands, but how many of you
have had a positive net farm income in one of
the last ten years? In two of the last ten years?
In five of the last ten years???
How do you measure cow-calf profit?
AL TI on Net Farm Income
Jwp Cow-calf Budget
What does hay really cost you
Seasonal Price trends for by-product feed
stuffs
AL State Dept of Revenue - Audits denying tax
deductions
Exchange Rate (affects fuel, fertilizer, imports
and beef exports)
Weather - major effect on production costs
3 out
of 4
times
you
will
make
the
wrong
decisio
n
(bible?
)
Produc
tion
budget
s What
are
they??
?
Produc
tion
budget
sschedu
le f
(cost of
produc
tion
and
net
farm
income
)
How
many
of you
will
have a
positiv
e
numbe
r on
the
line xx
of your
2011
schedu
le F?
Thank You For
Your Attention!
Don't
raise
your
hands,
but
how
many
of you
have
had a
positiv
e net
farm
income
in one
of the
last ten
years?
In two
of the
last ten
years?
In five
of the
last ten
years?
??
How
do you
measu
re
cowcalf
profit?
AL TI
on Net
Farm
Income
Jwp
Cowcalf
Budget
What
does
hay
really
cost
you
Season
al
Price
trends
for byproduc
t feed
stuffs
AL
State
Dept of
Revenu
eAudits
denyin
g tax
deducti
ons
Do You Have
Any Questions?
Exchan
ge
Rate
(affect
s fuel,
fertiliz
er,
import
s and
beef
exports
)
Weath
er major
effect
on
produc
tion
costs
Cow-Calf
Production Budgets
Dr. Walt Prevatt
Agricultural Economist
Auburn University
Florida Cattlemen’s Institute and Allied Trade Show
January 26, 2012
Cow-Calf
Production Budgets
Pops said, “When you are self-employed,
you get paid what you are worth!”

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