These prices and costs are suggested as guides for planning based on historical costs and returns for Minnesota farms included in the FINBIN Farm Financial Database. FINBIN data is provided by Minnesota Farm Business Management Education and the Southwest Minnesota Farm Business Management Association.
Costs include a charge for unpaid labor and management. For crops, land costs are based on average cash rental rates. Cost of production is the total cost minus miscellaneous income (government payments, cull and other income) divided by average production per unit.
Minnesota crop cost and price summary
| Crops | Unit | Avg. Price Received 2022-2024 ($) | Price Received 2024 ($) | Avg. Cost of Production 2022-2024 ($) | Cost of Production 2024 ($) |
|---|---|---|---|---|---|
| Corn | bu | 5.50 | 4.47 | 4.83 | 4.71 |
| Soybeans | bu | 12.92 | 11.30 | 11.30 | 11.02 |
| Spring Wheat | bu | 7.77 | 6.34 | 7.27 | 6.26 |
| Oats | bu | 4.38 | 3.58 | 3.47 | 3.42 |
| Barley | bu | 7.02 | 6.54 | 6.58 | 5.52 |
| Sugar Beets | ton | 73.33 | 73.32 | 56.21 | 56.07 |
| Rye | bu | 7.02 | 6.54 | 6.58 | 5.25 |
| Canola | cwt | 23.95 | 19.53 | 22.85 | 24.12 |
| Navy beans | cwt | 36.36 | 34.35 | 27.61 | 34.46 |
| Black turtle beans | cwt | 36.55 | 32.96 | 32.40 | 32.77 |
| Peas | lb | 0.21 | 0.18 | 0.12 | 0.12 |
| Sweet Corn | ton | 109.65 | 101.49 | 90.89 | 99.92 |
| Alfalfa hay* | ton | 147.02 | 132.86 | 170.24 | 173.79 |
| Grass hay | ton | 114.83 | 106.47 | 128.08 | 116.59 |
| Corn silage | ton | 43.54 | 39.78 | 41.28 | 41.03 |
| Stover | ton | 37.15 | 34.32 | n/a | n/a |
* Cost of Production based on a four year rotation, including establishment costs.
Minnesota livestock cost and price summary
| Livestock | Unit | Avg. Price Received 2022-2024 ($) | Price Received 2024 ($) | Avg. Cost of Production 2022-2024 ($) | Cost of Production 2024 ($) |
|---|---|---|---|---|---|
| Milk | cwt | 21.57 | 21.44 | 20.50 | 19.52 |
| Hogs (carcass weight) | cwt | 85.70 | 84.13 | 88.77 | 82.14 |
| Iso-wean pigs | head | 47.30 | 48.84 | 38.03 | 37.45 |
| Beef feeder calves | cwt | 222.11 | 293.89 | 242.16 | 252.56 |
| Beef backgrounding | cwt | 210.92 | 247.12 | 193.07 | 221.82 |
| Beef finishing | cwt | 173.13 | 188.56 | 162.57 | 173.26 |
| Dairy steer finishing | cwt | 150.97 | 171.77 | 128.38 | 137.00 |
| Market lambs | cwt | 182.67 | 186.42 | 228.18 | 214.65 |