Farm Lease
Version 1.0
3/16/11
Calculator
Farm Lease Calculator is a spreadsheet used to evaluate, analyze, and determine crop production
budgets and lease arrangements for the benefit of landowners and tenants.
Inputs and Shares
In the 'Inputs' and 'Shares' tab, all green cells are input cells. Enter the data specific to your operation or cropland here. All black numbers are calculations made
automatically from the data entered in the green cells. Cells with a red triangle in the upper right-hand corner display a brief description of the input when the mouse is
placed over the triangle.
Cash Lease Analysis and Cash Lease Sensitivity
In the 'Cash Lease Analysis' and 'Cash Lease Sensitivity' tabs, all cells are calculations made automatically from the data in the 'Inputs' tab. The 'Cash Lease Analysis' tab
displays the summary and analysis of a cash lease arrangement. Landowner data is under blue headings, and tenant data is below landowner data under tan headings.
The 'Cash Lease Sensitivity' displays the tenant's returns under various crop yields and prices.
Share Lease Analysis and Share Lease Sensitivity
In the 'Share Lease Analysis' and 'Share Lease Sensitivity' tabs, all cells are calculations made automatically from the data in the 'Inputs' and 'Shares' tabs. The 'Share
Lease Analysis tab displays the summary and analysis of a share lease arrangement. Landowner data is under blue headings and tenant data is below landowner data
under tan headings. The 'Share Lease Sensitivity' displays the landowner's and tenant's returns under various crop yields and prices, as well as the equivalent cash rent.
Data Sources
Sources of information relevant to this program are found under the 'Data Sources' tab. Links to the University of Nebraska-Lincoln Department of Agricultural Economics
for a complete list of information on crop budgets, agricultural real estate, farm management, etc. can also be found here.
Users Manual
The Farm Lease Calculator User's Manual which accompanies this program, has a full description of this program and instructions for its use.
Version 1.0
CROP REVENUES, EXPENSES, AND ANALYSIS INPUTS
Landowner Tenant
Name: Average Joe Landowner Average Joe Tenant
Address: 862 Oak Street 3580 County Road T
City, State, ZIP: East-Central, NE 12345 East-Central, NE 12345
Phone: 402-123-4321 402-123-4567
Field(s): Pivot Irrigated Quarter Section with Dryland Corners
Crops: Irr Corn Irr Soybeans Dry Corn Dry Soybeans Total
Total Acres 65 65 15 15 160
Production Method 1 1 1 1 160
Table 1. Revenues:
Irr Corn Irr Soybeans Dry Corn Dry Soybeans Total
Yield per Acre 220 60 140 45 -----
Price per Unit $5.50 $11.50 $5.50 $11.50 -----
Crop Revenue $1,210.00 $690.00 $770.00 $517.50 $142,812.50
Net Gov't Payments per Acre $20.00 $20.00 $12.00 $12.00 $2,960.00
Other Income per Acre $0.00
Total Revenue: $1,230.00 $710.00 $782.00 $529.50 $145,772.50
Table 2. Variable Expenses
Seed (per Acre): Irr Corn Irr Soybeans Dry Corn Dry Soybeans Total
Seeding Rate 32 132 23 120 -----
Price per Unit $2.65 $0.30 $2.65 $0.30 -----
Total Seed Expense: $84.80 $39.60 $60.95 $36.00 $9,540.25
Fertilizer (per Acre): Irr Corn Irr Soybeans Dry Corn Dry Soybeans @ $/Unit Unit Total
10-34-0 6 6 $2.50 gallon $1,200.00
82-0-0 235 125 $0.40 pound $6,860.00
28-0-0 $0.30 pound $0.00
9-18-9 $0.25 pound $0.00
90% Sulfur $0.20 pound $0.00
Other $0.00
Total Fertilizer Expense: $109.00 $0.00 $65.00 $0.00 $8,060.00
Herbicide (per Acre): Irr Corn Irr Soybeans Dry Corn Dry Soybeans @ $/Unit Unit Total
Bicep II Magnum 2 2 $11.50 quart $1,840.00
Spirit 1 1 $14.00 ounce $1,120.00
Liberty $8.00 pint $0.00
Roundup UltraMax 64 64 $0.09 ounce $460.80
2% Ammonium Sulfate 3.4 3.4 $0.50 pound $136.00
Atrazine 90DF $4.75 quart $0.00
Exceed $11.50 ounce $0.00
Other $0.00
Total Herbicide Expense: $37.00 $7.46 $37.00 $7.46 $3,556.80
Insecticide & Fungicide (per Acre): Irr Corn Irr Soybeans Dry Corn Dry Soybeans @ $/Unit Unit Total
Lorsban 4E 1.5 1.5 $2.50 pint $300.00
Mustang $1.80 ounce $0.00
Warrior T $6.15 ounce $0.00
Tilt $3.10 ounce $0.00
Other $0.00
Total Insecticide & Fungicide Expense: $0.00 $3.75 $0.00 $3.75 $300.00
Crop Insurance (per Acre): Irr Corn Irr Soybeans Dry Corn Dry Soybeans Total
Multiple Peril Premiums $0.00
Revenue Assurance Premiums $0.00
Other $30.00 $19.00 $19.00 $14.00 $3,680.00
Other $0.00
Total Crop Insurance Expense: $30.00 $19.00 $19.00 $14.00 $3,680.00
Crop Consulting (per Acre): Irr Corn Irr Soybeans Dry Corn Dry Soybeans Total
Consulting Fees $8.75 $8.00 $1,088.75
Total Crop Consulting Expense: $8.75 $8.00 $0.00 $0.00 $1,088.75
Machinery/Field Operations (per Acre): Irr Corn Irr Soybeans Dry Corn Dry Soybeans @ $/Unit Unit Total
Include only fuel, lube, repairs, and labor!
No-Till Plant 1 1 $10.00 acre $800.00
No-Till Drill 1 1 $10.00 acre $800.00
Chisel $4.20 acre $0.00
Disk $3.50 acre $0.00
Field Cultivate $2.20 acre $0.00
Row Crop Cultivate/Ditch $4.25 acre $0.00
Anhydrous Application 1 1 $4.20 acre $336.00
Spray 2 2 2 2 $1.90 acre $608.00
Combine 1 1 1 1 $18.00 acre $2,880.00
Grain Cart 1 1 1 1 $2.00 acre $320.00
Other $0.00
Other $0.00
Other $0.00
Total Machinery/Field Operation Expense: $38.00 $33.80 $38.00 $33.80 $5,744.00
Custom Operations (per Acre): Irr Corn Irr Soybeans Dry Corn Dry Soybeans @ $/Unit Unit Total
Liquid Fertilizer/Herbicide Application $5.00 acre $0.00
Custom Spray $6.25 acre $0.00
Other $0.00
Other $0.00
Total Custom Operations Expense: $0.00 $0.00 $0.00 $0.00 $0.00
Irrigation (per Acre): Irr Corn Irr Soybeans Dry Corn Dry Soybeans @ $/Unit Unit Total
Include only fuel and lube!
Irrigation 3.1 2.8 $18.00 hour $6,903.00
Total Irrigation Expense: $55.80 $50.40 $0.00 $0.00 $6,903.00
Labor/Management (per Acre): Irr Corn Irr Soybeans Dry Corn Dry Soybeans @ $/Unit Unit Total
Management 1 1 1 1 $25.00 hour $4,000.00
Irrigation Labor 0.75 0.75 $15.00 hour $1,462.50
Rouging $0.00
Other $0.00
Total Variable Labor Expense: $36.25 $36.25 $25.00 $25.00 $5,462.50
Drying, Storage, Transportation (as per Yield): Irr Corn Irr Soybeans Dry Corn Dry Soybeans @ $/Unit Unit Total
Drying 1 1 $0.030 point $492.00
Storage 3 3 3 3 $0.030 month $1,887.75
Hauling/Trucking 1 1 1 1 $0.080 bushel $1,678.00
Other $0.00
Total Drying, Storage, Trans. Expense: $44.00 $10.20 $28.00 $7.65 $4,057.75
Cash Lease Rent (per Acre): Irr Corn Irr Soybeans Dry Corn Dry Soybeans Total
Rent $300.00 $300.00 $200.00 $200.00 $45,000.00
Total Rent Expense under Cash Lease: $300.00 $300.00 $200.00 $200.00 $45,000.00
Share Lease Rent (per Acre): Irr Corn Irr Soybeans Dry Corn Dry Soybeans Total
Rent $0.00
Total Rent Expense under Share Lease: $0.00 $0.00 $0.00 $0.00 $0.00
Table 3. Fixed Expenses
Property Taxes (per Acre): Irr Corn Irr Soybeans Dry Corn Dry Soybeans Total
Property Taxes $38.00 $38.00 $28.00 $28.00 $5,780.00
Total Property Tax Expense: $38.00 $38.00 $28.00 $28.00 $5,780.00
Lime (per Acre): Irr Corn Irr Soybeans Dry Corn Dry Soybeans @ $/Unit Unit Total
Lime $0.02 pound $0.00
Total Lime Expense: $0.00 $0.00 $0.00 $0.00 $0.00
Machinery/Field Operations (per Acre): Irr Corn Irr Soybeans Dry Corn Dry Soybeans @ $/Unit Unit Total
Include only depreciation, taxes, housing, insurance, and interest!
No-Till Plant 1 1 $4.00 acre $320.00
No-Till Drill 1 1 $4.50 acre $360.00
Chisel $4.70 acre $0.00
Disk $4.50 acre $0.00
Field Cultivate $2.50 acre $0.00
Row Crop Cultivate/Ditch $5.65 acre $0.00
Anhydrous Application 1 1 $7.00 acre $560.00
Spray 2 2 2 2 $2.50 acre $800.00
Combine 1 1 1 1 $21.00 acre $3,360.00
Grain Cart 1 1 1 1 $2.75 acre $440.00
Other 0 $0.00
Other 0 $0.00
Other 0 $0.00
Total Machinery Fixed Expense: $39.75 $33.25 $39.75 $33.25 $5,840.00
Irrigation Equipment:
Include only taxes, insurance, repairs, and Expected Life Salvage Overhead per Interest per Depreciation
maintenance under overhead! Investment: (yrs.) Value % Year Year per Year Total
Well, Column, & Gearhead $50,000 40 15% $250 $1,275.00 $1,062.50 $2,587.50
Power Unit $10,000 10 5% $100 $285.00 $950.00 $1,335.00
Irrigation System $60,000 28 5% $400 $1,710.00 $2,035.71 $4,145.71
Total Irrigation Expense: $120,000 $750 $3,270.00 $4,048.21 $8,068.21
Table 4. Analysis & Other Inputs
Irrigation Equipment Ownership: Enter:
Enter the TENANT Ownership % of the equipment
Well, Pump, & Gearhead 0%
Power Unit & Meter 0%
Irrigation System 0%
Land Data: Enter:
Land Data should be based on dryland, unimproved, property!
Land Value (per Acre) $4,500
Net Rate of Return 3.20%
Cash Rent Data: Enter:
Portion of cash rent paid prior
50%
to growing season
Operating Loan Interest: Enter:
% APR 6.00%
Loan Term (months) 6
Irrigation Equipment Interest: Enter:
% APR 6.00%
This information used in calculations:
Total Irrigation Fixed Expenses: Irr Corn Irr Soybeans Dry Corn Dry Soybeans Total
Irrigation Acres: 65 65 0 0 130
Well, Pump, & Gearhead $19.90 $19.90 $0.00 $0.00 $2,587.50
Power Unit & Meter $10.27 $10.27 $0.00 $0.00 $1,335.00
Irrigation System $31.89 $31.89 $0.00 $0.00 $4,145.71
Total: $62.06 $62.06 $0.00 $0.00 $8,068.21
Tenant Irrigation Fixed Expense:
Well, Pump, & Gearhead $0.00 $0.00 $0.00 $0.00 $0.00
Power Unit & Meter $0.00 $0.00 $0.00 $0.00 $0.00
Irrigation System $0.00 $0.00 $0.00 $0.00 $0.00
Tenant Total: $0.00 $0.00 $0.00 $0.00 $0.00
Landowner Irrigation Fixed Expense:
Well, Pump, & Gearhead $19.90 $19.90 $0.00 $0.00 $2,587.50
Power Unit & Meter $10.27 $10.27 $0.00 $0.00 $1,335.00
Irrigation System $31.89 $31.89 $0.00 $0.00 $4,145.71
Landowner Total: $62.06 $62.06 $0.00 $0.00 $8,068.21
CROP REVENUE AND EXPENSE SHARES
Landowner: Average Joe Landowner
Tenant: Average Joe Tenant
Field(s): Pivot Irrigated Quarter Section with Dryland Corners
Enter the TENANT'S SHARE of the Revenues and Expenses under a Share Lease
Table 5. Revenue Shares: Irr Corn Irr Soybeans Dry Corn Dry Soybeans
Crop Yield: 50% 50% 50% 50%
Net Gov't Payments: 50% 50% 50% 50%
Other Income per Acre 50% 50% 50% 50%
Table 6. Variable Expenses Shares: Irr Corn Irr Soybeans Dry Corn Dry Soybeans
Seed: 100% 100% 100% 100%
Fertilizer: 50% 50% 50% 50%
Herbicide: 100% 100% 100% 100%
Insecticide & Fungicide: 50% 50% 50% 50%
Crop Insurance: 50% 50% 50% 50%
Crop Consulting: 50% 50% 50% 50%
Machinery/Field Operations: 100% 100% 100% 100%
Custom Operations: 100% 100% 100% 100%
Irrigation: 50% 50% 50% 50%
Labor/Management: 100% 100% 100% 100%
Drying, Storage, Transportation: 50% 50% 50% 50%
Table 7. Fixed Expenses Shares: Irr Corn Irr Soybeans Dry Corn Dry Soybeans
Lime 0% 0% 0% 0%
Machinery/Field Operations 100% 100% 100% 100%
This information is used in calculations:
LANDOWNERS SHARES:
Table 5L. Revenue Shares: Irr Corn Irr Soybeans Dry Corn Dry Soybeans
Crop Yield 50% 50% 50% 50%
Net Gov't Payments per Acre 50% 50% 50% 50%
Other Income per Acre 50% 50% 50% 50%
Table 6L. Variable Expenses Shares: Irr Corn Irr Soybeans Dry Corn Dry Soybeans
Seed 0% 0% 0% 0%
Fertilizer 50% 50% 50% 50%
Herbicide 0% 0% 0% 0%
Insecticide & Fungicide 50% 50% 50% 50%
Crop Insurance 50% 50% 50% 50%
Crop Consulting 50% 50% 50% 50%
Machinery/Field Operations 0% 0% 0% 0%
Custom Operations 0% 0% 0% 0%
Irrigation 50% 50% 50% 50%
Labor 0% 0% 0% 0%
Drying, Storage, & Transportation 50% 50% 50% 50%
Table 7L. Fixed Expenses Shares: Irr Corn Irr Soybeans Dry Corn Dry Soybeans
Lime 100% 100% 100% 100%
Machinery/Field Operations 0% 0% 0% 0%
LANDOWNER CASH LEASE BUDGET SUMMARY
Average Joe Landowner
Pivot Irrigated Quarter Section with Dryland Corners
Crops: Irr Corn Irr Soybeans Dry Corn Dry Soybeans Total Per Acre
Total Acres: 65 65 15 15 160 -----
Landowner Cash Lease Revenue: Irr Corn Irr Soybeans Dry Corn Dry Soybeans Total Per Acre
Cash Rent: $300.00 $300.00 $200.00 $200.00 $45,000.00 $281.25
Total Revenue: $300.00 $300.00 $200.00 $200.00 $45,000.00 $281.25
Landowner Cash Lease Fixed Expenses: Irr Corn Irr Soybeans Dry Corn Dry Soybeans Total Per Acre
Property Taxes: $38.00 $38.00 $28.00 $28.00 $5,780.00 $36.13
Lime: $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Irrigation: $62.06 $62.06 $0.00 $0.00 $8,068.21 $50.43
Total Fixed Expenses: $100.06 $100.06 $28.00 $28.00 $13,848.21 $86.55
Landowner Cash Lease Totals: Irr Corn Irr Soybeans Dry Corn Dry Soybeans Total Per Acre
Total Expenses: $100.06 $100.06 $28.00 $28.00 $13,848.21 $86.55
Revenue Less Total Expenses: $199.94 $199.94 $172.00 $172.00 $31,151.79 $194.70
Landowner Cash Lease Breakeven: Irr Corn Irr Soybeans Dry Corn Dry Soybeans
Breakeven Cash Rent to Cover Total Costs: $100.06 $100.06 $28.00 $28.00 ----- -----
TENANT CASH LEASE BUDGET SUMMARY
Average Joe Tenant
Pivot Irrigated Quarter Section with Dryland Corners
Crops: Irr Corn Irr Soybeans Dry Corn Dry Soybeans Total
Total Acres: 65 65 15 15 160 -----
Tenant Cash Lease Revenue: Irr Corn Irr Soybeans Dry Corn Dry Soybeans Total Per Acre
Yield per Acre: 220 60 140 45 ----- -----
Price per Unit: $5.50 $11.50 $5.50 $11.50 ----- -----
Crop Revenue $1,210.00 $690.00 $770.00 $517.50 $142,812.50 $892.58
Net Gov't Payments: $20.00 $20.00 $12.00 $12.00 $2,960.00 $18.50
Other Income per Acre $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Total Revenue: $1,230.00 $710.00 $782.00 $529.50 $145,772.50 $911.08
Tenant Cash Lease Variable Expenses: Irr Corn Irr Soybeans Dry Corn Dry Soybeans Total Per Acre
Seed: $84.80 $39.60 $60.95 $36.00 $9,540.25 $59.63
Fertilizer: $109.00 $0.00 $65.00 $0.00 $8,060.00 $50.38
Herbicide: $37.00 $7.46 $37.00 $7.46 $3,556.80 $22.23
Insecticide & Fungicide: $0.00 $3.75 $0.00 $3.75 $300.00 $1.88
Crop Insurance: $30.00 $19.00 $19.00 $14.00 $3,680.00 $23.00
Crop Consulting: $8.75 $8.00 $0.00 $0.00 $1,088.75 $6.80
Machinery/Field Operations: $38.00 $33.80 $38.00 $33.80 $5,744.00 $35.90
Custom Operations: $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Irrigation: $55.80 $50.40 $0.00 $0.00 $6,903.00 $43.14
Labor/Management: $36.25 $36.25 $25.00 $25.00 $5,462.50 $34.14
Drying, Storage, Transportation: $44.00 $10.20 $28.00 $7.65 $4,057.75 $25.36
Rent: $300.00 $300.00 $200.00 $200.00 $45,000.00 $281.25
Interest on Variable Expenses: $17.81 $10.75 $11.19 $6.83 $2,126.79 $13.29
Total Variable Expenses: $761.41 $519.21 $484.14 $334.49 $95,519.84 $597.00
Tenant Cash Lease Fixed Expenses: Irr Corn Irr Soybeans Dry Corn Dry Soybeans Total Per Acre
Machinery/Field Operations: $39.75 $33.25 $39.75 $33.25 $5,840.00 $36.50
Irrigation: $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Total Fixed Expenses: $39.75 $33.25 $39.75 $33.25 $5,840.00 $36.50
Tenant Cash Lease Totals: Irr Corn Irr Soybeans Dry Corn Dry Soybeans Total Per Acre
Total Expenses: $801.16 $552.46 $523.89 $367.74 $101,359.84 $633.50
Revenue Less Variable Expenses: $468.59 $190.79 $297.86 $195.01 $50,252.66 $314.08
Revenue Less Total Expenses: $428.84 $157.54 $258.11 $161.76 $44,412.66 $277.58
Tenant Cash Lease Breakevens: Irr Corn Irr Soybeans Dry Corn Dry Soybeans Total Per Acre
Breakeven Rent to Cover Variable Costs: $761.50 $487.86 $493.35 $392.04 $94,488.74 $590.55
Breakeven Rent to Cover Total Costs: $722.34 $455.11 $454.19 $359.29 $88,736.34 $554.60
Breakeven Yield to Cover Variable Costs: 134.8 43.4 85.8 28.0 ----- -----
Breakeven Yield to Cover Total Costs: 142.0 46.3 93.1 30.9 ----- -----
Breakeven Price to Cover Variable Costs: $3.37 $8.32 $3.37 $7.17 ----- -----
Breakeven Price to Cover Total Costs: $3.55 $8.87 $3.66 $7.91 ----- -----
This information is used in calculations:
Tenant:
Interest Expense: Irr Corn Irr Soybeans Dry Corn Dry Soybeans Total
Principle $593.60 $358.46 $372.95 $227.66 $70,893.05
Interest on Variable Expenses: $17.81 $10.75 $11.19 $6.83 $2,126.79
Breakeven Rent:
Variable Expenses less Rent $443.60 $208.46 $272.95 $127.66 $48,393.05
Interest on Variable Expenses $13.31 $6.25 $8.19 $3.83 $1,451.79
Variable:
Breakeven Rent Variable - No Rent Interest $773.09 $495.29 $500.86 $398.01 $95,927.66
Interest on Break Variable $11.60 $7.43 $7.51 $5.97 $1,438.91
Breakeven Rent Variable - Interest: $761.50 $487.86 $493.35 $392.04 $94,488.74
Total:
Breakeven Rent Total - No Rent Interest $733.34 $462.04 $461.11 $364.76 $90,087.66
Interest on Break Total $11.00 $6.93 $6.92 $5.47 $1,351.31
Breakeven Rent Total - Interest: $722.34 $455.11 $454.19 $359.29 $88,736.34
TENANT CASH LEASE SENSITIVITY MATRIX
Average Joe Tenant
Pivot Irrigated Quarter Section with Dryland Corners
Tenant Revenue Less Variable Costs (per Acre)
on a Cash Lease under Various Yields and Prices
Below Average Above
Yields
25% 10% 10% 25%
Irr Corn 165 198 220 242 275
Irr Soybeans 45 54 60 66 75
Dry Corn 105 126 140 154 175
Prices Dry Soybeans 34 41 45 50 56
Irr Corn $4.13
25% Irr Soybeans $8.63
($69.89) $26.60 $90.93 $155.27 $251.76
Below Dry Corn $4.13
Dry Soybeans $8.63
Irr Corn $4.95
10% Irr Soybeans $10.35
$30.52 $147.10 $224.82 $302.54 $419.12
Below Dry Corn $4.95
Dry Soybeans $10.35
Irr Corn $5.50
Irr Soybeans $11.50
Average $97.47 $227.43 $314.08 $400.72 $530.69
Dry Corn $5.50
Dry Soybeans $11.50
Irr Corn $6.05
10% Irr Soybeans $12.65
$164.41 $307.77 $403.34 $498.91 $642.27
Above Dry Corn $6.05
Dry Soybeans $12.65
Irr Corn $6.88
25% Irr Soybeans $14.38
$264.82 $428.26 $537.22 $646.18 $809.62
Above Dry Corn $6.88
Dry Soybeans $14.38
Tenant Revenue Less Total Costs (per Acre)
on a Cash Lease under Various Yields and Prices
Below Average Above
Yields
25% 10% 10% 25%
Irr Corn 165 198 220 242 275
Irr Soybeans 45 54 60 66 75
Dry Corn 105 126 140 154 175
Prices Dry Soybeans 34 41 45 50 56
Irr Corn $4.13
25% Irr Soybeans $8.63
($106.39) ($9.90) $54.43 $118.77 $215.26
Below Dry Corn $4.13
Dry Soybeans $8.63
Irr Corn $4.95
10% Irr Soybeans $10.35
($5.98) $110.60 $188.32 $266.04 $382.62
Below Dry Corn $4.95
Dry Soybeans $10.35
Irr Corn $5.50
Irr Soybeans $11.50
Average $60.97 $190.93 $277.58 $364.22 $494.19
Dry Corn $5.50
Dry Soybeans $11.50
Irr Corn $6.05
10% Irr Soybeans $12.65
$127.91 $271.27 $366.84 $462.41 $605.77
Above Dry Corn $6.05
Dry Soybeans $12.65
Irr Corn $6.88
25% Irr Soybeans $14.38
$228.32 $391.76 $500.72 $609.68 $773.12
Above Dry Corn $6.88
Dry Soybeans $14.38
Crop Acres
Irr Corn 65
Irr Soybeans 65
Dry Corn 15
Dry Soybeans 15
LANDOWNER SHARE LEASE BUDGET SUMMARY
Average Joe Landowner
Pivot Irrigated Quarter Section with Dryland Corners
Crops: Irr Corn Irr Soybeans Dry Corn Dry Soybeans Total
Total Acres: 65 65 15 15 160 -----
Landowner Share Lease Revenue: Irr Corn Irr Soybeans Dry Corn Dry Soybeans Total Per Acre
Yield per Acre: 110 30 70 22.5 ----- -----
Price per Unit: $5.50 $11.50 $5.50 $11.50 ----- -----
Crop Revenue $605.00 $345.00 $385.00 $258.75 $71,406.25 $446.29
Cash Rent $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Net Gov't Payments: $10.00 $10.00 $6.00 $6.00 $1,480.00 $9.25
Other Income per Acre $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Total Revenue: $615.00 $355.00 $391.00 $264.75 $72,886.25 $455.54
Landowner Share Lease Variable Expenses: Irr Corn Irr Soybeans Dry Corn Dry Soybeans Total Per Acre
Seed: $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Fertilizer: $54.50 $0.00 $32.50 $0.00 $4,030.00 $25.19
Herbicide: $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Insecticide & Fungicide: $0.00 $1.88 $0.00 $1.88 $150.00 $0.94
Crop Insurance: $15.00 $9.50 $9.50 $7.00 $1,840.00 $11.50
Crop Consulting: $4.38 $4.00 $0.00 $0.00 $544.38 $3.40
Machinery/Field Operations: $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Custom Operations: $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Irrigation: $27.90 $25.20 $0.00 $0.00 $3,451.50 $21.57
Labor/Management: $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Drying, Storage, Transportation: $22.00 $5.10 $14.00 $3.83 $2,028.88 $12.68
Interest on Variable Expenses: $3.71 $1.37 $1.68 $0.38 $361.34 $2.26
Total Variable Expenses: $127.49 $47.05 $57.68 $13.08 $12,406.09 $77.54
Landowner Share Lease Fixed Expenses: Irr Corn Irr Soybeans Dry Corn Dry Soybeans Total Per Acre
Property Taxes: $38.00 $38.00 $28.00 $28.00 $5,780.00 $36.13
Lime: $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Machinery/Field Operations: $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Irrigation: $62.06 $62.06 $0.00 $0.00 $8,068.21 $50.43
Total Fixed Expenses: $100.06 $100.06 $28.00 $28.00 $13,848.21 $86.55
Landowner Share Lease Totals: Irr Corn Irr Soybeans Dry Corn Dry Soybeans Total Per Acre
Total Expenses: $227.55 $147.11 $85.68 $41.08 $26,254.31 $164.09
Revenue Less Variable Expenses: $487.51 $307.95 $333.32 $251.67 $60,480.16 $378.00
Revenue Less Total Expenses: $387.45 $207.89 $305.32 $223.67 $46,631.94 $291.45
Landowner Share Lease Relative Contributions: Irr Corn Irr Soybeans Dry Corn Dry Soybeans Total Per Acre
Variable Expenses: $127.49 $47.05 $57.68 $13.08 $12,406.09 $77.54
Fixed Expenses: $100.06 $100.06 $28.00 $28.00 $13,848.21 $86.55
Net Land Contribution: $144.00 $144.00 $144.00 $144.00 $23,040.00 $144.00
Total Contribution: $371.55 $291.11 $229.68 $185.08 $49,294.31 $308.09
Net Contribution Percentage: 50.2% 59.2% 46.6% 55.0% 53.2% 53.2%
Landowner Share Lease Comparison: Irr Corn Irr Soybeans Dry Corn Dry Soybeans Total Per Acre
Equivalent Cash Rent: $487.51 $307.95 $333.32 $251.67 $60,480.16 $378.00
Landowner Share Lease Breakevens: Irr Corn Irr Soybeans Dry Corn Dry Soybeans
Breakeven Yield to Cover Variable Costs: 21.4 3.2 9.4 0.6 ----- -----
Breakeven Yield to Cover Total Costs: 39.6 11.9 14.5 3.1 ----- -----
Breakeven Price to Cover Variable Costs: $1.07 $1.23 $0.74 $0.31 ----- -----
Breakeven Price to Cover Total Costs: $1.98 $4.57 $1.14 $1.56 ----- -----
TENANT SHARE LEASE BUDGET SUMMARY
Average Joe Tenant
Pivot Irrigated Quarter Section with Dryland Corners
Crops: Irr Corn Irr Soybeans Dry Corn Dry Soybeans Total
Total Acres: 65 65 15 15 160 -----
Tenant Share Lease Revenue: Irr Corn Irr Soybeans Dry Corn Dry Soybeans Total Per Acre
Yield per Acre: 110 30 70 22.5 ----- -----
Price per Unit: $5.50 $11.50 $5.50 $11.50 ----- -----
Crop Revenue $605.00 $345.00 $385.00 $258.75 $71,406.25 $446.29
Net Gov't Payments: $10.00 $10.00 $6.00 $6.00 $1,480.00 $9.25
Other Income per Acre $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Total Revenue: $615.00 $355.00 $391.00 $264.75 $72,886.25 $455.54
Tenant Share Lease Variable Expenses: Irr Corn Irr Soybeans Dry Corn Dry Soybeans Total Per Acre
Seed: $84.80 $39.60 $60.95 $36.00 $9,540.25 $59.63
Fertilizer: $54.50 $0.00 $32.50 $0.00 $4,030.00 $25.19
Herbicide: $37.00 $7.46 $37.00 $7.46 $3,556.80 $22.23
Insecticide & Fungicide: $0.00 $1.88 $0.00 $1.88 $150.00 $0.94
Crop Insurance: $15.00 $9.50 $9.50 $7.00 $1,840.00 $11.50
Crop Consulting: $4.38 $4.00 $0.00 $0.00 $544.38 $3.40
Machinery/Field Operations: $38.00 $33.80 $38.00 $33.80 $5,744.00 $35.90
Custom Operations: $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Irrigation: $27.90 $25.20 $0.00 $0.00 $3,451.50 $21.57
Labor/Management: $36.25 $36.25 $25.00 $25.00 $5,462.50 $34.14
Drying, Storage, Transportation: $22.00 $5.10 $14.00 $3.83 $2,028.88 $12.68
Rent: $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Interest on Variable Expenses: $9.59 $4.88 $6.51 $3.45 $1,090.45 $6.82
Total Variable Expenses: $329.42 $167.67 $223.46 $118.41 $37,438.75 $233.99
Tenant Share Lease Fixed Expenses: Irr Corn Irr Soybeans Dry Corn Dry Soybeans Total Per Acre
Lime: $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Machinery/Field Operations: $39.75 $33.25 $39.75 $33.25 $5,840.00 $36.50
Irrigation: $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Total Fixed Expenses: $39.75 $33.25 $39.75 $33.25 $5,840.00 $36.50
Tenant Share Lease Totals: Irr Corn Irr Soybeans Dry Corn Dry Soybeans Total Per Acre
Total Expenses: $369.17 $200.92 $263.21 $151.66 $43,278.75 $270.49
Revenue Less Variable Expenses: $285.58 $187.33 $167.54 $146.34 $35,447.50 $221.55
Revenue Less Total Expenses: $245.83 $154.08 $127.79 $113.09 $29,607.50 $185.05
Tenant Share Lease Relative Contributions: Irr Corn Irr Soybeans Dry Corn Dry Soybeans Total Per Acre
Variable Expenses: $329.42 $167.67 $223.46 $118.41 $37,438.75 $233.99
Fixed Expenses: $39.75 $33.25 $39.75 $33.25 $5,840.00 $36.50
Total Contribution: $369.17 $200.92 $263.21 $151.66 $43,278.75 $270.49
Net Contribution Percentage: 49.8% 40.8% 53.4% 45.0% 46.8% 46.8%
Tenant Share Lease Comparison: Irr Corn Irr Soybeans Dry Corn Dry Soybeans Total Per Acre
Equivalent Cash Rent: $487.51 $307.95 $333.32 $251.67 $60,480.16 $378.00
Tenant Share Lease Breakevens: Irr Corn Irr Soybeans Dry Corn Dry Soybeans
Breakeven Yield to Cover Variable Costs: 58.1 13.7 39.5 9.8 ----- -----
Breakeven Yield to Cover Total Costs: 65.3 16.6 46.8 12.7 ----- -----
Breakeven Price to Cover Variable Costs: $2.90 $5.26 $3.11 $5.00 ----- -----
Breakeven Price to Cover Total Costs: $3.27 $6.36 $3.67 $6.47 ----- -----
This information is used in calculations:
Tenant:
Interest Expense: Irr Corn Irr Soybeans Dry Corn Dry Soybeans Total
Principle $319.83 $162.79 $216.95 $114.96 $3,159.97
Interest on Variable Expenses: $9.59 $4.88 $6.51 $3.45 $94.80
Landowner:
Interest Expense: Irr Corn Irr Soybeans Dry Corn Dry Soybeans Total
Principle $123.78 $45.68 $56.00 $12.70 $6,799.38
Interest on Variable Expenses: $3.71 $1.37 $1.68 $0.38 $203.98
This information is used in calculations:
Cash Rent Equivalent
Landowner Irr Corn Irr Soybeans Dry Corn Dry Soybeans Total
Income $387.45 $207.89 $305.32 $223.67 $46,631.94
Fixed Expenses $100.06 $100.06 $28.00 $28.00 $13,848.21
Equivalent $487.51 $307.95 $333.32 $251.67 $60,480.16
(per Acre for Total) $378.00
Cash Rent Equivalent
Tenant Irr Corn Irr Soybeans Dry Corn Dry Soybeans Total
Income $1,230.00 $710.00 $782.00 $529.50 $145,772.50
Variable Expenses $443.60 $208.46 $272.95 $127.66 $48,393.05
Interest - Rent Expense $13.31 $6.25 $8.19 $3.83 $1,451.79
Fixed Expenses $39.75 $33.25 $39.75 $33.25 $5,840.00
Difference $733.34 $462.04 $461.11 $364.76 $90,087.66
Cash Profit under Share $245.83 $154.08 $127.79 $113.09 $29,607.50
Equivalent $487.51 $307.95 $333.32 $251.67 $60,480.16
(per Acre for Total) $378.00
LANDOWNER SHARE LEASE SENSITIVITY MATRIX
Average Joe Landowner
Pivot Irrigated Quarter Section with Dryland Corners
Landowner Revenue Less Variable Costs (per Acre)
on a Share Lease under Various Yields and Prices
Below Average Above
Yields
25% 10% 10% 25%
Irr Corn 83 99 110 121 138
Irr Soybeans 23 27 30 33 38
Dry Corn 53 63 70 77 88
Prices Dry Soybeans 17 20 23 25 28
Irr Corn $4.13
25% Irr Soybeans $8.63
$186.01 $234.26 $266.43 $298.59 $346.84
Below Dry Corn $4.13
Dry Soybeans $8.63
Irr Corn $4.95
10% Irr Soybeans $10.35
$236.22 $294.51 $333.37 $372.23 $430.52
Below Dry Corn $4.95
Dry Soybeans $10.35
Irr Corn $5.50
Irr Soybeans $11.50
Average $269.69 $334.68 $378.00 $421.32 $486.31
Dry Corn $5.50
Dry Soybeans $11.50
Irr Corn $6.05
10% Irr Soybeans $12.65
$303.17 $374.84 $422.63 $470.42 $542.09
Above Dry Corn $6.05
Dry Soybeans $12.65
Irr Corn $6.88
25% Irr Soybeans $14.38
$353.37 $435.09 $489.57 $544.05 $625.77
Above Dry Corn $6.88
Dry Soybeans $14.38
Landowner Revenue Less Total Costs (per Acre)
on a Share Lease under Various Yields and Prices
Below Average Above
Yields
25% 10% 10% 25%
Irr Corn 83 99 110 121 138
Irr Soybeans 23 27 30 33 38
Dry Corn 53 63 70 77 88
Prices Dry Soybeans 17 20 23 25 28
Irr Corn $4.13
25% Irr Soybeans $8.63
$99.46 $147.71 $179.88 $212.04 $260.29
Below Dry Corn $4.13
Dry Soybeans $8.63
Irr Corn $4.95
10% Irr Soybeans $10.35
$149.67 $207.96 $246.82 $285.68 $343.97
Below Dry Corn $4.95
Dry Soybeans $10.35
Irr Corn $5.50
Irr Soybeans $11.50
Average $183.14 $248.13 $291.45 $334.77 $399.76
Dry Corn $5.50
Dry Soybeans $11.50
Irr Corn $6.05
10% Irr Soybeans $12.65
$216.61 $288.29 $336.08 $383.86 $455.54
Above Dry Corn $6.05
Dry Soybeans $12.65
Irr Corn $6.88
25% Irr Soybeans $14.38
$266.82 $348.54 $403.02 $457.50 $539.22
Above Dry Corn $6.88
Dry Soybeans $14.38
Share Lease Equivalent (per Acre) Cash Rent
Below Average Above
Yields
25% 10% 10% 25%
Irr Corn 83 99 110 121 138
Irr Soybeans 23 27 30 33 38
Dry Corn 53 63 70 77 88
Prices Dry Soybeans 17 20 23 25 28
Irr Corn $4.13
25% Irr Soybeans $8.63
$186.01 $234.26 $266.43 $298.59 $346.84
Below Dry Corn $4.13
Dry Soybeans $8.63
Irr Corn $4.95
10% Irr Soybeans $10.35
$236.22 $294.51 $333.37 $372.23 $430.52
Below Dry Corn $4.95
Dry Soybeans $10.35
Irr Corn $5.50
Irr Soybeans $11.50
Average $269.69 $334.68 $378.00 $421.32 $486.31
Dry Corn $5.50
Dry Soybeans $11.50
Irr Corn $6.05
10% Irr Soybeans $12.65
$303.17 $374.84 $422.63 $470.42 $542.09
Above Dry Corn $6.05
Dry Soybeans $12.65
Irr Corn $6.88
25% Irr Soybeans $14.38
$353.37 $435.09 $489.57 $544.05 $625.77
Above Dry Corn $6.88
Dry Soybeans $14.38
TENANT SHARE LEASE SENSITIVITY MATRIX
Average Joe Tenant
Pivot Irrigated Quarter Section with Dryland Corners
Tenant Revenue Less Variable Costs (per Acre)
on a Share Lease under Various Yields and Prices
Below Average Above
Yields
25% 10% 10% 25%
Irr Corn 83 99 110 121 138
Irr Soybeans 23 27 30 33 38
Dry Corn 53 63 70 77 88
Prices Dry Soybeans 17 20 23 25 28
Irr Corn $4.13
25% Irr Soybeans $8.63
$29.56 $77.81 $109.97 $142.14 $190.39
Below Dry Corn $4.13
Dry Soybeans $8.63
Irr Corn $4.95
10% Irr Soybeans $10.35
$79.77 $138.06 $176.92 $215.78 $274.07
Below Dry Corn $4.95
Dry Soybeans $10.35
Irr Corn $5.50
Irr Soybeans $11.50
Average $113.24 $178.22 $221.55 $264.87 $329.85
Dry Corn $5.50
Dry Soybeans $11.50
Irr Corn $6.05
10% Irr Soybeans $12.65
$146.71 $218.39 $266.18 $313.96 $385.64
Above Dry Corn $6.05
Dry Soybeans $12.65
Irr Corn $6.88
25% Irr Soybeans $14.38
$196.92 $278.64 $333.12 $387.60 $469.32
Above Dry Corn $6.88
Dry Soybeans $14.38
Tenant Revenue Less Total Costs (per Acre)
on a Share Lease under Various Yields and Prices
Below Average Above
Yields
25% 10% 10% 25%
Irr Corn 83 99 110 121 138
Irr Soybeans 23 27 30 33 38
Dry Corn 53 63 70 77 88
Prices Dry Soybeans 17 20 23 25 28
Irr Corn $4.13
25% Irr Soybeans $8.63
($6.94) $41.31 $73.47 $105.64 $153.89
Below Dry Corn $4.13
Dry Soybeans $8.63
Irr Corn $4.95
10% Irr Soybeans $10.35
$43.27 $101.56 $140.42 $179.28 $237.57
Below Dry Corn $4.95
Dry Soybeans $10.35
Irr Corn $5.50
Irr Soybeans $11.50
Average $76.74 $141.72 $185.05 $228.37 $293.35
Dry Corn $5.50
Dry Soybeans $11.50
Irr Corn $6.05
10% Irr Soybeans $12.65
$110.21 $181.89 $229.68 $277.46 $349.14
Above Dry Corn $6.05
Dry Soybeans $12.65
Irr Corn $6.88
25% Irr Soybeans $14.38
$160.42 $242.14 $296.62 $351.10 $432.82
Above Dry Corn $6.88
Dry Soybeans $14.38
Share Lease Equivalent (per Acre) Cash Rent
Below Average Above
Yields
25% 10% 10% 25%
Irr Corn 83 99 110 121 138
Irr Soybeans 23 27 30 33 38
Dry Corn 53 63 70 77 88
Prices Dry Soybeans 17 20 23 25 28
Irr Corn $4.13
25% Irr Soybeans $8.63
$182.75 $232.96 $266.43 $299.90 $350.11
Below Dry Corn $4.13
Dry Soybeans $8.63
Irr Corn $4.95
10% Irr Soybeans $10.35
$232.96 $293.21 $333.37 $373.54 $433.79
Below Dry Corn $4.95
Dry Soybeans $10.35
Irr Corn $5.50
Irr Soybeans $11.50
Average $266.43 $333.37 $378.00 $422.63 $489.57
Dry Corn $5.50
Dry Soybeans $11.50
Irr Corn $6.05
10% Irr Soybeans $12.65
$299.90 $373.54 $422.63 $471.72 $545.36
Above Dry Corn $6.05
Dry Soybeans $12.65
Irr Corn $6.88
25% Irr Soybeans $14.38
$350.11 $433.79 $489.57 $545.36 $629.04
Above Dry Corn $6.88
Dry Soybeans $14.38
Crop Acres
Irr Corn 65
Irr Soybeans 65
Dry Corn 15
Dry Soybeans 15
Cash Yields
-25% -10% ave +10% +25%
165 198 220 242 275
45 54 60 66 75
105 126 140 154 175
33.75 40.5 45 49.5 56.25
Farm Lease
Calculator
Information and Examples:
Table 1. 2010 Reported Cash Rental Rates Per Acre of Various Types of Nebraska Farmland by
Agricultural Statistics District a
Northwest North Northeast Central East Southwest South Southeast
Dryland Cropland
Average 31 b 144 83 146 41 74 116
High Grade 39 b 180 104 181 54 91 152
Low Grade 25 b 110 59 116 31 54 86
Gravity Irrigated Cropland
Average 115 b 207 174 208 130 183 197
High Grade 154 b 247 208 248 165 224 232
Low Grade 82 b 170 145 172 113 145 165
Center Pivot Irrigated Cropland
Average 140 167 232 193 234 162 198 214
High Grade 175 190 281 229 283 201 237 256
Low Grade 114 125 181 157 198 137 156 178
Dryland Alfalfa
Average b b 124 71 118 b b b
High Grade b b 153 95 134 b b b
Low Grade b b 103 55 100 b b b
Irrigated Alfalfa
Average b b b 153 b b b b
High Grade b b b 183 b b b b
Low Grade b b b 108 b b b b
Other Hayland
Average 27 29 52 57 61 b b b
High Grade 35 39 63 75 75 b b b
Low Grade 21 23 37 41 46 b b b
a
Table 2. 2010 Average Reported Value Per Acre of Dryland Cropland by Agricultural Statistics District
Northwest North Northeast Central East Southwest South Southeast
Dryland Cropland (No Irrigation Potential)
Average 475 715 2740 1365 3330 735 1380 2410
High Grade 620 990 3650 1650 4100 955 1685 3015
Low Grade 380 545 2240 910 2490 545 985 1800
Table 3. 2010 Reported Net Rent of Return for Dryland Cropland by Agricultural Statistics District a
Northwest North Northeast Central East Southwest South Southeast
Dryland Cropland
4.0% 3.5% 4.1% 3.7% 3.2% 4.1% 4.0% 3.7%
a
Source: 2010 UNL Nebraska Farm Real Estate Market Developments Survey
b
Insufficient number of reports
Figure 1. Nebraska Agricultural Statistics Districts
Keya Paha
Keya Paha
Northwest North Boyd
Brown Cedar Dixon
Dawes Knox
Sheridan
Cherry Rock Dakota
Sioux Holt
Northeast
Antelope Wayne
Thurston
Box Butte Thomas Pierce
Grant Hooker Blaine Cuming Burt
Scotts Bluff Loup Garfield Wheeler Madison Stanton
Arthur McPherson Logan Boone
Garden Valley Greeley Dodge Wash-
ington
Banner Morrill
Colfax
Platte
Keith
Central
Custer Nance
East
Douglas
Kimball Cheyenne Deuel
Southwest Sherman Howard Merrick
Saunders
Butler
Sarpy
Polk Cass
Perkins Lincoln Dawson
Buffalo Hamilton
York Seward Lancaster
Hall Otoe
Frontier
Chase Hayes Gosper Adams Clay Fillmore Saline Johnson
Phelps Kearney
Red Nemaha
Dundy
Hitchcock Willow Furnas
South Southeast
Gage
Pawnee Richardson
Harlan Franklin Webster Nuckolls Thayer Jefferson
The following is a list of information relevant to this program and other farm management topics:
For complete Nebraska Farm Real Estate Market Development Surveys visit:
http://agecon.unl.edu/realestate/
For complete 2010 Nebraska Farm Budgets visit:
http://www.ianrpubs.unl.edu/epublic/live/ec872/build/ec872.pdf#search=%222006%20crop%20budgets%22
For 2010 Custom Rates visit:
http://www.ianrpubs.unl.edu/epublic/pages/index.jsp?what=publicationD&publicationId=557
http://www.ianrpubs.unl.edu/epublic/pages/index.jsp?what=publicationD&publicationId=558
For a complete list of resources visit:
http://www.agecon.unl.edu/resource.html
Department of Agricultural Economics
University of Nebraska-Lincoln
H.C. Filley Hall
Lincoln, NE 68583
402.472.3401
http://www.agecon.unl.edu/
Contact:
Bruce Johnson
402-472-1794
bjohnson2@unl.edu
0budgets%22