Follow the Fields Tour

September 21, 2020

Figure 1. Corn field progress as of September 21, 2020.

Crop Progress

Corn

• Growth Stage: R6 growth stage (Figure 1)
• Agronomic notes:
  • Corn is very close to full maturity. 
  • Black layer is forming, partly because of normal plant maturity but also drought stress.
  • Yield has definitely been limited by drought stress with only around 14 inches of precipitation recorded near this field since January 1.

Figure 2. (A) Winter wheat and (B) oats field progress as of September 21, 2020.

Winter Wheat

• Growth Stage: Harvested (Figure 2-A)
• Agronomic notes:
  • A cover crop of multi-species was planted.
  • Cover crop is growing. Cover crop is growing without much precipitation in this field. 
  • Cool temperatures will greatly slow the growth of the warm-season species. Warm-season species are doing better than expected because of above normal temperatures.

Oats

• Growth Stage: Harvest, cover crop seeded (Figure 2-B)
• Agronomic notes:
  • Cover crops are just beginning to grow well in the field.
  • Cover crop mix is predominately brassica.

Figure 3. Soybean field progress as of September 21, 2020.

Soybeans

• Growth Stage: R8 stage (Figure 3)
• Agronomic notes:
  • Very close to full maturity.
  • Plant dry down has begun.

September 7, 2020

Figure 1. Corn growth progress as of September 7, 2020.

Crop Progress

Corn

• Growth Stage: R5 growth stage (Figure 1)
• Agronomic notes:
  • Corn is just a few days away from maturity.
  • Milk line is ¼-1/3 up from the kernel tip. 
  • Drought conditions have probably reduced yield from highest potential, but still looks like a good yield.

Figure 2. Winter wheat field progress as of September 7, 2020.

Winter Wheat

• Growth Stage: Harvested (Figure 2)
• Agronomic notes:
  • A cover crop of multi-species was planted.
  • Cover crop is growing.
  • Cover crop is growing without much precipitation in this field. 
  • Cool temperatures will greatly slow the growth of the warm season species.

Figure 3. (A) Oats field progress and (B) soybean field progress as of September 7, 2020.

Oats

• Growth Stage: Harvest, cover crop seeded (Figure 3-A)
• Agronomic notes: Cover crops are just beginning to grow well in the field.

Soybeans

• Growth Stage: R7 stage (Figure 3-B)
• Agronomic notes:
  • Nearing maturity.
  • Probably safe from frost/freeze.
  • R7 Growth stage, at least one mature pod on each plant.

August 31, 2020

Figure 1. Corn growth progress as of August 31, 2020.

Crop Progress

Corn

• Growth Stage: R5 stage (Figure 1)
• Agronomic notes:
  • Corn is fully dented. Severe stress can continue to limit kernel dry weight accumulation. A distinct horizontal line appears near the dent end of the kernel and slowly progresses to the tip end of the kernel over the next 3 weeks or so. This line is called the 'milk line' and marks the boundary between the liquid (milky) and solid (starchy) areas of the maturing kernels. Severe stress can continue to limit kernel dry weight accumulation. Kernel moisture content at the beginning of the dent stage is approximately 55 percent. Drought conditions can reduce yield at this stage of growth.

Figure 2. (A) Winter wheat and (B) oats field progress progress as of August 31, 2020.

Winter Wheat

• Growth Stage: Harvested (Figure 2-A)
• Agronomic notes: Cover crop mix is up and growing protecting the soil and adding diversity.

Oats

• Growth Stage: Harvested (Figure 2-B)
• Agronomic notes: Oats harvested, yield 80 to 85 bushel, test weight 36-37 pounds per bushel, moisture 11.5 to 12.5%.  Cool season cover crop mix was planted.

Figure 3. Soybean field progress as of August 31, 2020.

Soybeans

• Growth Stage: R6 stage (Figure 3)
• Agronomic notes:
  • The seeds are filling the pods at this stage.  Seed growth is rapid. Leaves on the lowest nodes are starting to yellow .Soybean field received rain this week. They did notice some pods had given up during the past couple weeks of heat. Still looking pretty good in this field.
  • Stress at this stage can reduce pod numbers, the number of beans/ pod, seed size, and yield potential.

Financial Update

South Dakota producers will soon be planting winter wheat for harvest in 2021. A general crop budget for winter wheat is below. Small grains add diversity to the rotation, enhance the ability to use cover crops, break up resistance and pest trends of two crop rotations or continuous planting.

August 21, 2020

Figure 1. (A) Corn field progress and (B) winter wheat field progress as of August 24, 2020.

Crop Progress

Corn

• Growth Stage: R5 stage (Figure 1-A)
• Agronomic notes:
  • Corn is denting.
  • Drought conditions can reduce yield at this stage of growth.
  • Corn needs rain to help grow the 2020 crop.

Winter Wheat

• Growth Stage: Harvested (Figure 1-B)
• Agronomic notes: Cover crop mix is up and growing, protecting the soil and adding diversity.

Figure 2. (A) Oats field progress and (B) soybean field progress as of August 24, 2020.

Oats

• Growth Stage: Harvested (Figure 2-A)
• Agronomic notes:
  • Oats harvested, yield 80 to 85-bushel, test weight 36-37 pounds per bushel, moisture 11.5 to 12.5%.
  • Cool season cover crop mix was planted.

Soybeans

• Growth Stage: R5 stage (Figure 2-B)
• Agronomic notes:
  • The seeds are filling the pods at this stage. Although doing well soybeans could use a rain to help fill out the soybeans. Heat stress this week may take off the top end yield for this field.
  • Stress at this stage can reduce pod numbers, the number of beans/pod, seed size, and yield potential. Plants are at their maximum height, node number, and leaf area.

Financial Update

RMA approves early harvest of prevent plant acres.

A change in prevent plant acre early harvest was recently provided by Risk Management Agency (RMA) for some counties in South Dakota. The counties approved for grazing or haying as of September 1st 2020 in South Dakota are Beadle, Brown, Brule, Campbell, Clark, Codington, Day, Edmunds, Faulk, Hand, Hanson, Hyde, McPherson, Marshall, Potter, Roberts, Sanborn, Spink, and Walworth.

August 14, 2020

Figure 1. (A) Corn field progress and (B) winter wheat field progress as of August 14, 2020.

Crop Progress

Corn

• Growth Stage:  R4 stage (Figure 1-A)
• Agronomic notes:
  • Corn is entering dent stage (seen at tip). 
  • Drought conditions can reduce yield at this stage of growth.
  • Corn needs rain to help grow the 2020 crop.
  • The majority of the stalks have two ears, but second ear is reducing in size.

Winter Wheat

• Growth Stage: Harvested (Figure 1-B)
• Agronomic notes:
  • A cover crop of multi-species was planted. Cover crop is growing.
  • Only .76 inches of rain since planting.
  • Warm-season cover crop species are growing the quickest with some cool-seasons doing very well.

Figure 2. (A) Oats field progress and (B) soybean field progress as of August 14, 2020.

Oats

• Growth Stage: Mature/partially harvested (Figure 2-A)
• Agronomic notes:
  • Oats are in middle of harvesting.
  • Humid weather is causing dry-down problems, but progress is happening.
  • Wait for yield report, test weight is from 36-37 lbs/bu.

Soybeans

• Growth Stage: R4-R5 stage (Figure 2-B)
• Agronomic notes:
  • Pods are filling and new pods forming on top of plant.
  • Good precipitation has been received.

Cover Crop Considerations

Reasons For:

• Improve soil aggregation, structure and macro-pores enabling stronger air and water exchange.
• Recycle inorganic nutrients to organic forms thus preventing losses out of the root zone and field.
• Alleviate soil compaction and increase weight bearing strength of the soil.
• Capture sunlight and use excess water to increase soil carbon.
• Livestock forage.
• Protect soil surface – amour preventing water and wind erosion.
• Provide living root for improved soil microbe activity resulting in soil aggregate and structure formation.
• Moderates soil temperatures.
• Excellent soil water management tool.

Management Suggestions

There is no standard cover crop mix that can be recommended to all producers, as each grower has unique circumstances with different production environments, soil types, management techniques and goals. Consider the following management suggestions.

August 7, 2020

Figure 1. (A) Corn field progress and (B) winter wheat field progress as of August 7, 2020.

Crop Progress

Corn

• Growth Stage: R3 stage (Figure 1-A)
• Agronomic notes:
  • Corn is blistering.
  • Drought conditions can reduce yield at this stage of growth.
  • Corn needs rain to help grow the 2020 crop.
  • The majority of the stalks have two ears.

Winter Wheat

• Growth Stage: Harvested (Figure 1-B)
• Agronomic notes: A cover crop of multi-species was planted. Pictures of cover crops next week.

Figure 2. (A) Oats field progress and (B) soybean field progress as of August 7, 2020.

Oats

• Growth Stage: Mature (Figure 2-A)
• Agronomic notes: Took a sample from the field, waiting to dry down a little more.

Soybeans

• Growth Stage: R3 stage (Figure 2-B)
• Agronomic notes: Pods forming up on plant.

Financial Update

Below is a check list of suggestions to improve cash flow and bottom line.

July 31, 2020

Figure 1. (A) Corn field progress and (B) winter wheat field progress as of July 31, 2020.

Crop Progress

Corn

• Growth Stage: R2 Reproductive (Figure 2-A)
• Agronomic notes:
  • Corn is blistering.
  • Drought conditions can reduce yield at this stage of growth.
  • Corn needs rain to help grow the 2020 crop.
  • The majority of the stalks have two ears.

Winter Wheat

• Growth Stage:  Harvested (Figure 1-B)
• Agronomic notes:
  • The wheat was harvested 60 to 65 bushel per acre at 14.2% moisture, crop is stored until sale.
  • A cover crop of multi-species was planted.
  • The weed pressure was not enough to justify spraying.

Figure 2. (A) Oats field progress and (B) soybean field progress as of July 31, 2020.

Oats

• Growth Stage: Approaching maturity (Figure 2-A)
• Agronomic notes: Harvest will take place late this week or early next week.

Soybeans

• Growth Stage:  R2 + reproductive stage (Figure 2-B)
• Agronomic notes: Pods forming up on plant.

Figure 3. Total Liabilities by income level in SD, ND, NE, MN; 1k to 2k Acres. Source: SDSU Extension, FINBIN UMN

Financial Review

This week we will look at solvency and how total debt levels have changed for the lower income level and upper income level of farms with data in the FINBIN database. Solvency is a measure of total debt to total assets for the farm.

Debt to Asset Ratio

One ratio that is used to track solvency is the debt to asset ratio calculated as total debt divided by total assets for the farm business. Figure 3 shows how total liabilities have changed over the last ten years.

The two levels of income have had an increase in total liabilities over this time period. Additional measures are to compare total debt to asset values and to cash flow, as shown in Figure 4 and Figure 5 respectively.

Figure 4. Debt to asset ratio in SD, ND, NE, MN; 1k to 2k Acres. Source: SDSU Extension, FINBIN UMN

A low debt to asset ratio is an indication of a strong balance sheet position, allowing some protection and additional borrowing capacity when margins are stressed. The lower this ratio the stronger the financial position. A comfortable level is 30% or less, 35 to 45% is a caution area, and above 50% is approaching the troublesome level.

EBITDA

EBITDA is a measure of cash flow and stands for earnings before interest, taxes, depreciation, and amortization. It is calculated by taking net income and adding back interest, taxes, depreciation and amortization that were deducted to attain net income.

EBITDA is the cash funds that can be used to reinvest in assets, pay taxes, interest, principal and dividends. 

Figure 5. Total debt to EBITDA in SD, ND, NE, MN; 1k to 2k Acres. Source: SDSU Extension, FINBIN UMN

Total debt / EBITDA is a more preemptive measure of leverage than Total Debt / Assets which is backwards looking. Total debt / EBITDA will show signs of financial stress before the Total debt to total assets will. A lack of cash flow compared to debt levels leads to an inability to service debt if this happens industry wide devaluation and deleveraging will occur as in the 1980’s agriculture financial crisis.

As a guide the total debt / EBITDA is best if below 3, allowing the business to service debt and meet additional cash flow uses. Even the upper income level of the data set crossed above 3 in 2014 as a reflection of lower margins and continued use of debt.

The method to fix this is to increase cash flow and slow the use of debt, which is not easy with current tight margins. This is done with improved efficiencies, enhanced financial management, and superior utilization of assets, and additional measures that will all result in more cash flow.

July 24, 2020

Figure 1. (A) Corn field progress and (B) winter wheat field progress as of July 24, 2020.

Crop Progress

Corn

• Growth Stage: R1 growth stage (Figure 1-A)
• Agronomic notes:
  • Corn needs rain to help grow the 2020 crop.
  • The majority of the stalks have two ears.

Winter Wheat

• Growth Stage:  Harvested (Figure 1-B)
• Agronomic notes:
  • The wheat was harvested 60 to 65 bushel per acre at 14.2% moisture, crop is stored until sale.
  • A cover crop of multi-species was planted.
  • The weed pressure was not enough to justify spraying.

Figure 2. (A) Oats field progress and (B) soybean field progress as of July 24, 2020.

Oats

• Growth Stage: Approaching maturity (Figure 2-A)
• Agronomic notes: Watching for maturity and timing of harvest.

Soybeans

• Growth Stage: R2 + growth stage (Figure 2-B)
• Agronomic notes:
  • Received timely rains, some insect feeding only small amount.
  • Pods forming  up on plant.

July 17, 2020

Figure 1. (A) Corn field progress and (B) winter wheat field progress as of July 17, 2020.

Crop Progress

Corn

• Growth Stage: V13 growth stage (Figure 1-A)
• Agronomic notes:
  • Rapid growth last week adding two leaves.
  • Field only received 0.15 inches of rain.

Winter Wheat

• Growth Stage: 
  • Hard dough growth stage. (Figure 1-B)
  • Grain moisture 15%.
• Agronomic notes:
  • Wheat drying down.
  • Some weeds coming under canopy (waterhemp).
  • Need to burn down herbicide before seeding cover crop.

Figure 2. (A) Oats field progress and (B) soybean field progress as of July 17, 2020.

Oats

• Growth Stage:  Dough stage (Figure 2-A)
• Agronomic notes: Late-season heat may trim test weight.

Soybeans

• Growth Stage:
  • R2 growth stage (Figure 2-B).
  • Height = 30 inches.
  • Pods developing on bottom of plant.
• Agronomic notes: Field is set up for top yield. Just need to keep getting timely rains.

July 10, 2020

Figure 1. (A) Corn field progress and (B) winter wheat field progress as of July 10, 2020.

Crop Progress

Corn

• Growth Stage: V11 growth stage (Figure 1-A)
• Agronomic notes:
  • Rapid growth last week adding 2 leaves.
  • Field received 2.4 inches of rain.

Winter Wheat

• Growth Stage: Soft/Hard dough growth stage (Figure 1-B)
• Agronomic notes:
  • Wheat ripening. Some heads still in soft dough stage.
  • Most leaves dying back from late season bacterial blight.

Figure 2. (A) Oats field progress and (B) soybean field progress as of July 10, 2020.

Oats

• Growth Stage: Milk/dough growth stage (Figure 2-A)
• Agronomic notes:
  • Timely rains received.
  • Looking for a good finish.

Soybeans

• Growth Stage:
  • R1 growth stage, with some pods developing on bottom of plant (Figure 2-B)
  • Height = 28-30 inches
• Agronomic notes:
  • Sprayed for weed and grasses during last week of June, received timely rains, doing well.
  • Spray costs $26.75 /acre; Dicamba 22 oz., Acetochlor 48oz., Glyophosate 32 oz., Water conditioning .45 qt, drift retardant 6.4 oz., water 14.00 gal

July 2, 2020

Figure 1. (A) Corn field progress and (B) winter wheat field progress as of July 2, 2020.

Crop Progress

Corn

• Growth Stage: V9 growth stage (Figure 1-A)
• Agronomic notes:
  • Some rain, growing well, will need timely moisture with anticipated heat and crop moisture requirements at this stage.
  • Positive 2020 Planted Acreage report this week. Producers may want to consider OLD and NEW crop sales on a portion of the corn crop.
  • Corn market rally in early July lasts on average 2 weeks due to weather, seasonal rally, and upcoming July WASDE report on July 10.

Winter Wheat

• Growth Stage: Soft dough growth stage (Figure 1-B)
• Agronomic notes: Looking forward to wheat ripening.

Figure 2. (A) Oats field progress and (B) soybean field progress as of July 2, 2020.

Oats

• Growth Stage: Early milk growth stage (Figure 2-A)
• Agronomic notes: Timely rains received. Looking for a good finish.

Soybeans

• Growth Stage: R1 growth stage (Figure 2-B)
• Agronomic notes: Sprayed for weed and grasses, received timely rains, doing well.

Figure 3. Working Capital per Acre SD, ND, NE, MN; 1k to 2k Acres. Source: SDSU Extension, FINBIN UMN.

Financial Review

Return to look at working capital:

• Four state area SD, ND, NE, & MN
• FINBIN, Center for Farm Management, UMN
• 1,000 to 2,000 acres of cropland
• Queried by net income
  • Look at 20 to 40% level
  • And 60 to 80% level

The average for the upper income level for the time period of 2010 to 2014 is $471,000 and for the lower income level is $430,000. The lower income level’s working capital average for 2015 to 2019 decreased $213,000 to an average of $217,000. The upper level’s average working capital increased $31,000 to $502,000 for this time period.

June 26, 2020

Figure 1. (A) Corn field progress and (B) winter wheat field progress as of June 26, 2020.

Crop Progress

Corn

• Growth Stage: 8-leaf stage (Figure 1-A)
• Agronomic notes: Corn has good green color. PSNT samples exceeded 25 ppm nitrate-N sufficiency level and therefore no sidedress N applied. Field sprayed with Mesotrione (3 oz/a) + Atrazine (16 oz/a) + AMS/NIS ($7.40/a).

Winter Wheat

• Growth Stage: Late milk to early dough stage (Figure 1-B)
• Agronomic notes: Good rains received. No fungicides applied. Scab threat is over because pollinations complete.

Figure 2. (A) Oats field progress and (B) soybean field progress as of June 26, 2020.

Oats

• Growth Stage: Milk stage (Figure 2-A)
• Agronomic notes: Fungicide did not get sprayed because of pressure to spray corn and beans in the area.

Soybeans

• Growth Stage: R1
• Agronomic notes: Post emergence spray complete, but no details on compounds and cost.

Soil Series Review

June 19, 2020

Figure 1. (A) Corn field progress and (B) winter wheat field progress as of June 19, 2020.

Crop Progress

Corn

• Growth Stage: 7-leaf stage (Figure 1-A)
• Agronomic notes: Winds and temperatures very high that prevented spraying of Mesotrione and glyphosate.

Winter Wheat

• Growth Stage: Filling the head (Figure 1-B)
• Agronomic notes: Very hot temperatures probably hard on filling heads, but plenty of sub-soil moisture. No fungicides applied. Scab not a threat during pollination.

Figure 2. (A) Oats field progress and (B) soybean field progress as of June 19, 2020.

Oats

• Growth Stage: Late boot to early heading stages (Figure 2-A)
• Agronomic notes: Producer will try to apply fungicide for crown rust control as soon as possible.

Soybeans

• Growth Stage: Third to forth tri-foliate, V3-V4 (Figure 2-B)
• Agronomic notes: Post emergence spray delayed because of high winds and temps.

June 11, 2020

Figure 1. Figure 1. (A) Corn field progress and (B) winter wheat field progress as of June 11, 2020.

Crop Progress

Corn

• Growth Stage: 5-leaf stage (Figure 1-A)
• Agronomic notes: Waiting for 6-leaf to spray post-herbicide application. 1 inch of rain received. Will take soil samples (0-1 ft) for the Pre-Sidedress Nitrate Test from 3 management zones in the field.

Winter Wheat

• Growth Stage: Just starting to head (Figure 1-B)
• Agronomic notes: Pollinating, no significant leaf diseases, decision not to spray fungicide at this time. Head Scab tool indicates low to no chances of head scab.

Figure 2. (A) Oats field progress and (B) soybean field progress as of June 11, 2020.

Oats

• Growth Stage: Jointing growth stage, nearing flag leaf (Figure 2-A)
• Agronomic notes: No leaf diseases noted. Good rains received.

Soybeans

• Growth Stage: Second trifoliate, third emerging (Figure 2-B)
• Agronomic notes: Some grass weeds noted, no insect leaf feeding.

Financial Trends

Look at working capital.

• Four state area SD, ND, NE, & MN
• FINBIN, Center for Farm Management, UMN
• 1,000 to 2,000 acres of cropland
• Queried by net income
  • Look at 20 to 40% level
  • And 60 to 80% level

Figure 3. Working Capital per Acre SD, ND, NE, MN 1k to 2k Acres. Source: SDSU Extension, FINBIN UMN

Liquidity

Liquidity is a measure of business’s ability to cover:

• It’s immediate and short-term (i.e. due within one year) debts and obligations.
• Put another way, it's a way of describing how well you can cover your current liabilities using your current assets.

Liquidity:

• Helps business succeed during margin squeeze
• First defense in downturn
• Helps take advantage of opportunities
• CASH is BEST
  • Revolving credit, line of credit, term loan, equity
  • Expense reduction, salaries, cutbacks, capital expenditures

Figure 4. Working capital to gross revenue SD, ND, NE, MN 1k to 2k Acres. Source: SDSU Extension, FINBIN UMN

Working Capital

One measure of liquidity is working capital. Working capital is defined as current assets minus current liabilities. It is often expressed as the following:

• $ amount per acre
• % of Gross Sales
• Single $ amount
• % of Total Expenses

The average for the upper income level for the time period of 2010 to 2014 is $471,000 and for the lower income level is $430,000. The lower income level’s working capital average for 2015 to 2019 decreased $213,000 to an average of $217,000. The upper level’s average working capital increased $31,000 to $502,000 for this time period.

Next week we will look at pre-sidedress nitrate test.

June 4, 2020

Figure 1. (A) Corn field progress and (B) winter wheat field progress as of June 4, 2020.

Crop Progress

Corn

• Growth Stage: 3-leaf stage (Figure 1-A)
• Agronomic Notes: Waiting for 6-leaf to spray post herbicide application. Plants look heat stressed during 95+ degree afternoons.

Winter Wheat

• Growth Stage: Just starting to head (Figure 1-B)
• Agronomic Notes: No significant leaf diseases, decision not to spray fungicide at this time.

Figure 2. (A) Oats field progress and (B) soybean field progress as of June 4, 2020.

Oats

• Growth Stage: Jointing growth stage (Figure 2-A)
• Agronomic Notes: No leaf diseases noted. Some heat stress during 95+ degree afternoons.

Soybeans

• Growth Stage: First trifoliate emerging (Figure 2-B)
• Agronomic Notes: Some grass weeds noted, no insect leaf feeding.

Financial Trends

This week we will start to look at financial trends of farms in the four-state area. The information is taken from farms enrolled in record keeping programs or associations in South Dakota, North Dakota, Nebraska, and Minnesota. This data set is held at the Center for Farm Management, University of MN. The information we will track and use as examples is from farms with 1,000 to 2,000 acres of cropland.

The information is sorted by quintals by net income. These examples are the lower 20 to 40% and upper 60 to 80%.

Figure 3. Gross Sales SD, ND, NE, MN; 1k to2k Acres. Source: SDSU Extension, FINBIN UMN

Gross Sales

Gross sales averaged $1,076,000 from 2010 to 2014 for the upper net income farms, the average gross sales increased $166,000 for the years 2015 to 2019.

Gross sales for the lower level net income averaged $675,000 from 2010 to 2014, the average increased $162,000 for the years 2015 to 2019.

Now let’s look at the bottom line or median net income.

Figure 4. Median Net Income SD, ND, NE, MN; 1k to2k Acres. Source: SDSU Extension, FINBIN UMN

Median Net Income

The upper level median net income averaged $244,000 from 2010 to 2014, then decreased $18,000 for the year’s 2015 to 2019 to a $226,000 average.

The lower net income level saw wider swings. Moving from $199,000 to $79,000 for a decrease of $120,000 for the years 2015 to 2019.

Next week we look at working capital and liquidity for the two sets.

May 29, 2020

Figure 1. Corn field progress as of May 29, 2020.

Crop Progress

Corn

Growth Stage: 1-leaf stage

Agronomic Notes: Will take PSNT soil samples (0-12 inch) at V6 growth stage.

Variable Costs to This Date (no equipment costs included):

• Seed: 31,500 seeds/a ($98.81/a)

• Fertilizer: (125-45-60-15S-1Zn) ($80.60)

• Pre herbicide and burndown: 13 oz/a Verdict + 16 oz/a 2,4-D LVE + 32 oz/a glyphosate + AMS/NIS ($26.55/a)

Figure 2. Winter wheat field progress as of May 29, 2020.

Winter Wheat

Growth Stage: Flag leaf stage

Agronomic Notes: No significant leaf diseases, decision not to spray fungicide at this time.

Variable Costs to This Date (no equipment costs included):

• Seed: 120 lbs/a ($16.00/a)

• Fertilizer: (70-40-40-10S) ($54.40)

• Post Herbicide: Bromoxinyl 2EC 24 oz/a ($11.04/a)

Figure 3. Oats field progress as of May 29, 2020.

Oats

Growth Stage: Tillering growth stage

Agronomic Notes: No leaf diseases noted.

Variable Costs to This Date (no equipment costs included):

• Seed: 100 lbs/a ($20/a)

• Fertilizer: (28-00-00) ($16.00)

• Herbicide: 44 oz/a ($6.05/a)

Figure 4. Soybean field progress as of May 29, 2020.

Soybeans

Growth Stage: Unifoliate growth stage

Agronomic notes: Weed control good, no leaf feeding.

Variable Costs to This Date (no equipment costs included):

• Seed: 150,000/a ($56/a)

• Pre herbicide and burn down: Valor SX 3.0 oz. Dimetric Liquid 6.0 oz, Sterling Blue 8.0 oz. Class Act 16 oz. Interlock 2x2.5 2.00 oz. 33 oz/a glyphosate ($32.58/a)