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Soybean profit per acre: write yours before you plant

The figure you find online carries another farm's costs, yield and price, and it moves with the date. Yours, written before planting, is the only one that shows at harvest whether the gap came from price, yield or cost.

Published Updated 14 min read
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Looking up soybean profit per acre to see whether the season will pay? The published figure is another farm’s average, and it changes with the date. For a rented acre of central Illinois soybeans, farmdoc’s 2025 budget, written in September 2024, showed a loss of $50. The 2025 actual, published in September 2026, showed $15 left over. So before you plant, write your own profit per acre for each crop, with the sum, the lines you take out and the date. At harvest, set the actual beside it: that comparison shows where the gap came from and what to change next season.

Why isn’t the published profit per acre yours?

Because it is the sum for a typical farm, with another farm’s yield, price and costs, and it changes with the date. Profit per acre here means what is left from an acre after you pay for growing it and rent the land: sales, plus government payments, less non-land costs and cash rent. Farmdoc calls it farmer return.

Non-land costs are what you spend to grow an acre: seed, fertilizer, chemicals, machinery, hired labor, insurance, interest and depreciation, among others. When costs pass sales, the profit becomes a loss.

The published figure changes within months, too. Between the May and September revisions of farmdoc’s 2026 budgets, projected returns on rented corn acres in northern and central Illinois went from a loss of about $50 to a return of $50 or $60. Soybeans went from $40 to $60 up to $90 to $116. The cause was mostly prices in the futures market and harvest cash bids.

Figure: Profit per rented acre for 2025 in central Illinois, as budgeted in September 2024 and as reported in September 2026. Source: farmdoc, 2025 and 2027 Illinois Crop Budgets, Table 2
The published 2025 profit per acre changed between the budget and the actualSoybeans: budgeted in September 2024 at a loss of $50 an acre, reported for 2025 at $15. Corn: budgeted at a loss of $73, reported at a loss of $52. Rented land, after rent.Per rented acre, after rent$0loss of $50$15loss of $73loss of $52SoybeansCornBudget, September 2024Actual 2025, September 2026

To follow the reasoning, take a central Illinois farm on cash-rented, high-productivity land, half corn and half soybeans. In September 2024 it writes its 2025 sheets with farmdoc’s budget figures as its own; that choice belongs to the example. Use the published figure as a line to compare with, never as your target.

Why write it before you plant, and not at harvest?

Because once the result is in, your memory of what you expected moves toward it. Cassar and Craig, in 2009, followed 198 people who had stated how likely their new business was to start operating and who later quit. Asked afterwards, they recalled a figure well below the one they had given.

Those were people starting businesses, not farmers recalling a margin. The explanation narrows too: in Roese and Vohs’s 2012 review of hindsight bias, people who know the outcome settle on a single cause and grow overconfident in their own judgment. On a farm, a good year becomes skill and a bad one becomes weather.

Figure: When the sheet is written and when the actual goes beside it, in the example
Timeline: the sheet is written before planting, the actual goes beside it after harvestSeptember 2024, write the sheet for each crop. Spring 2025, plant. Fall 2025, harvest and sell. After the sales, set the actual beside the sheet. With the sheet, you compare line by line against a figure written while the result was still open. Without it, your memory of the forecast moves toward the result.September 2024Write the sheet for each cropSpring 2025PlantFall 2025Harvest and sellAfter the salesSet the actual beside the sheetWith the sheetyou compare lineby line against afigure written whilethe result wasstill openWithout ityour memory ofwhat you expectedmoves towardthe result

Write the sheet and date it before you buy the inputs.

What goes on the sheet?

One crop per sheet, with five things: the sum, the lines you take out, what you expect per acre, the date, and one line on what the figure leaves out. A farm management manual from Buenos Aires province works its gross margin one crop at a time, before the season to plan and after it to check the result. The sheet does the same with profit per acre.

Name the lines, not the category: two people with the same books and two different lists get two different figures. Keep government payments on a line of their own, apart from crop sales.

Write what the figure leaves out on the same sheet. Here, what is left still has to pay your own labor and management, family living and debt principal.

Figure: The five things on one crop's sheet, with the example farm's soybean figures
One crop's sheet: the sum, the lines, the figure, the date and what it leaves outSoybeans, 2025. The sum: bushels times price, plus payments, less non-land costs and rent. The lines: seed, fertilizer, chemicals, machinery, hired labor, insurance, interest. What you expect: 75 bushels at $10.25 plus $10, less $490 and $339, a loss of $50 an acre. The date: written September 2024, checked after the 2025 harvest. What it leaves out: your own labor and management, family living, debt principal.Soybeans, 20251. The sumbushels × price, plus payments,less non-land costs and rent2. The lines you take outseed, fertilizer, chemicals, machinery,hired labor, insurance, interest3. What you expect75 bu × $10.25 + $10 less $829a loss of $50 an acre4. The dateWritten September 2024,checked after the 2025 harvest5. What it leaves outyour own labor and management,family living, debt principal

Write next season’s sheet now, one per crop.

At harvest, how do you read the gap?

Set the actual beside each line of the sheet and see how much each line added to, or took from, what you expected. The total alone hides the cause.

The example farm’s sheets against farmdoc’s 2025 actual, per rented acre
Line Soybeans, sheet Soybeans, actual Corn, sheet Corn, actual
Crop sales $769 $768 $1,003 $990
Government payments and insurance payouts $10 $75 $10 $90
Non-land costs $490 $502 $747 $806
Cash rent $339 $326 $339 $326
What is left a loss of $50 $15 a loss of $73 a loss of $52
Figure: What each line added to, or took from, the soybean sheet, per acre. Same figures as the table above
Soybeans: almost the whole gap came from government paymentsAgainst the soybean sheet, government payments and insurance payouts added $65 an acre and lower rent added $13. Non-land costs took $12 and crop sales took $1. What was left changed by $65, from a loss of $50 to $15.Soybeans: sheet against actualPayments and insurance payoutsadded $65Cash rentadded $13Non-land coststook $12Crop salestook $1From a loss of $50 to $15: $65 better

On the soybean sheet, crop sales came within $1 of what was written, and the $65 came from payments. Without payments and insurance payouts, the acre lost $60, the same $60 you get from the sheet once you take out its $10 of payments. On the corn sheet, without them, the acre lost $59 more than written: the cost overrun.

Figure: What each line added to, or took from, the corn sheet, per acre. Same figures as the table above
Corn: payments covered a cost overrun led by fertilizerAgainst the corn sheet, government payments and insurance payouts added $80 an acre and lower rent added $13. Non-land costs took $59, $45 of it fertilizer, and crop sales took $13. What was left changed by $21, from a loss of $73 to a loss of $52.Corn: sheet against actualPayments and insurance payoutsadded $80Cash rentadded $13Non-land costs (fertilizer $45 of it)took $59Crop salestook $13From a loss of $73 to a loss of $52:$21 better

Under each line, write why it missed, then no more than two or three other causes that could also explain it. Roese and Vohs report that weighing other explanations works best when kept to no more than two or three.

What does the comparison decide for next season?

Change on next season’s sheet the line that missed for a reason that can come back. A price miss changes the price line, not the acres. A payment stays on its own line, because you cannot count on it coming again. A yield or cost miss that repeats on the same field calls for a change of practice or of acres.

The FAO’s farm management extension guide says that a farmer deciding whether to keep a crop or grow another can compare the gross margins of the two, once family labor is counted. Compare two crops’ sheets only when both take out the same lines.

In the example, next season’s corn sheet gets a fertilizer line with a low and a high figure, because fertilizer cost $45 more than written. The soybean sheet keeps its crop lines and shows the payments apart. Wait for two seasons on the same field before changing the acres, because one season on its own may have been only a drought. That is a recommendation.

Figure: Which line changes on next season's sheet, by the cause of the miss
What to change next season, by which line missedPrice missed: change the price line, not the acres. Government payment: keep it on its own line, apart from crop sales. Yield or cost missed once: write why, and keep the acres. Yield or cost missed two seasons on the same field: change the practice or the acres on that field.Which line missed?PriceChange the price line on nextseason's sheet, not the acresGovernment paymentKeep it on its own line,apart from crop salesYield or cost, one seasonWrite why, and two or three other causes,and keep the acresYield or cost, two seasonson the same fieldChange the practice, or theacres on that field

File the sheet where next season’s will be written, and put the date of the check on the calendar.

Where to start

Before this sheet comes the break-even price; for a rent or a loan over three seasons, see how to budget without a forecast.

The same column, the sheet beside the actual, works for any other line of farm management.

Provenance

Derives from
  1. Paulson, Schnitkey, Zwilling and Zulauf, 2025 Illinois Crop Budgets, farmdoc daily, University of Illinois, September 2024 (Table 2)
  2. Paulson, Schnitkey, Zulauf and Zwilling, Illinois Crop Budgets for 2027, farmdoc daily (16):157, University of Illinois, 1 September 2026 (Table 2 and text)
  3. Cassar, G. and Craig, J., An investigation of hindsight bias in nascent venture activity, Journal of Business Venturing 24(2), 2009, 149-164
  4. Roese, N. J. and Vohs, K. D., Hindsight Bias, Perspectives on Psychological Science 7(5), 2012, 411-426
  5. Kahan, D., Economics for Farm Management Extension, Farm Management Extension Guide 2, FAO, Rome, 2008, reprinted 2013
  6. Manual de Organización y Gestión de la Empresa Agropecuaria, Dirección de Escuelas Agrarias, Ministerio de Agroindustria de la Provincia de Buenos Aires, with content coordinated by INTA and by the ministry itself, no edition year stated
What this article covers
Writing, before planting, what you expect each crop to leave per acre, with the sum, the cost lines you take out, the date and one line on what the figure leaves out; setting the actual beside it after harvest; splitting the gap line by line into sales, government payments, non-land costs and rent; and using the line that missed to change next season's sheet.
What it does not cover
Which profit to aim for, and what prices or yields will be: Rurivia does not forecast prices, recommend a figure or publish a benchmark to reach. Working each cost line out of the invoices belongs to the finance axis, the break-even price is a separate article, and budgeting three seasons before a rent or a loan is another.
Published
Updated
Error found
Point out an error and the article is corrected with a note on what changed.

How to cite this article

Rurivia. (2026, August 27). Soybean profit per acre: write yours before you plant. https://rurivia.com/en/library/marketing/margin-you-wrote-down/


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