{"id":3369,"date":"2024-03-07T11:36:04","date_gmt":"2024-03-07T17:36:04","guid":{"rendered":"https:\/\/agrilife.org\/agecon\/?p=3369"},"modified":"2024-03-07T11:36:04","modified_gmt":"2024-03-07T17:36:04","slug":"high-plains-ag-week-3-7-2024-analyzing-profitability-using-the-south-plains-profitability-spreadsheet","status":"publish","type":"post","link":"https:\/\/agrilife.org\/agecon\/high-plains-ag-week-3-7-2024-analyzing-profitability-using-the-south-plains-profitability-spreadsheet\/","title":{"rendered":"High Plains Ag Week 3\/7\/2024 &#8211; Analyzing Profitability Using the South Plains Profitability Spreadsheet"},"content":{"rendered":"<p><img loading=\"lazy\" decoding=\"async\" class=\"alignleft  wp-image-3371\" src=\"https:\/\/agrilife.org\/agecon\/files\/2024\/03\/Headline-Picture-483x272.jpg\" alt=\"Calculator and pen\" width=\"224\" height=\"126\" srcset=\"https:\/\/agrilife.org\/agecon\/files\/2024\/03\/Headline-Picture-483x272.jpg 483w, https:\/\/agrilife.org\/agecon\/files\/2024\/03\/Headline-Picture-560x315.jpg 560w, https:\/\/agrilife.org\/agecon\/files\/2024\/03\/Headline-Picture-350x197.jpg 350w\" sizes=\"auto, (max-width: 224px) 100vw, 224px\" \/>Choosing which crop will be most profitable to produce each year can be difficult.\u00a0 For this reason, economists with Texas A&amp;M AgriLife Extension have developed a spreadsheet tool to help producers with this decision.\u00a0 In this post, we will look at how this tool can help producers analyze and compare the profitability of a set of crop enterprises.<!--more--><\/p>\n<h3>What We\u2019re Reading<\/h3>\n<p><a href=\"https:\/\/agrilifetoday.tamu.edu\/2024\/03\/04\/recognize-mental-health-challenges-and-symptoms-after-the-wildfires\/\">Recognize mental health challenges and symptoms after the wildfires<\/a> \u2013 AgriLife Today<\/p>\n<p><a href=\"https:\/\/agrilifetoday.tamu.edu\/2024\/03\/05\/texas-wildfires-impacting-panhandle-ranchers-but-not-cattle-beef-prices\/\">Texas wildfires impacting Panhandle ranchers but not overall cattle and beef prices<\/a> \u2013 AgriLife Today<\/p>\n<p><a href=\"https:\/\/agrilifetoday.tamu.edu\/2024\/03\/05\/feeding-cattle-after-the-fire\/\">Feeding cattle after the fire<\/a> \u2013 AgriLife Today<\/p>\n<p><a href=\"https:\/\/www.farmprogress.com\/livestock\/disaster-relief-fund-applications-open-to-cattle-raisers\">Disaster relief fund applications open to cattle raisers<\/a> \u2013 Southwest Farm Press<\/p>\n<p><a href=\"https:\/\/www.farmprogress.com\/commentary\/are-you-still-storing-corn-\">Are you still storing corn?<\/a> \u2013 Farm Futures<\/p>\n<p><a href=\"https:\/\/www.farmprogress.com\/commentary\/sorghum-s-market-demand-going-strong\">Sorghum\u2019s market demand going strong<\/a> \u2013 Kansas Farmer<\/p>\n<p><a href=\"https:\/\/southernagtoday.org\/2024\/03\/05\/2022-census-of-agriculture-summation-southern-of-hay-prices\/\">2022 Census of Agriculture: Review of Southern Hay Prices<\/a> \u2013 Southern Ag Today<\/p>\n<p><a href=\"https:\/\/southernagtoday.org\/2024\/03\/04\/u-s-cotton-export-and-global-market-share-declined-in-2023\/\">U.S. Cotton Export and Global Market Share Declined in 2023<\/a> \u2013 Southern Ag Today<\/p>\n<p><a href=\"https:\/\/southernagtoday.org\/2024\/02\/26\/usda-outlook-forum-and-planted-acres\/\">USDA Outlook Forum and Planted Acres<\/a> \u2013 Southern Ag Today<\/p>\n<h3>Where to Find the Spreadsheet<\/h3>\n<p>The South Plains Profitability Spreadsheet is a decision tool provided by <a href=\"https:\/\/agecoext.tamu.edu\/\">Texas A&amp;M AgriLife Extension Agricultural Economics<\/a> with support from Cotton Incorporated <a href=\"https:\/\/www.cottoninc.com\/cotton-production\/ag-research\/state-support-program\/\">State Support Program<\/a>. \u00a0To download the tool, go to the <a href=\"https:\/\/southplainsprofit.tamu.edu\">South Plains Profitability website<\/a> and click on the link titled <a href=\"https:\/\/southplainsprofit.tamu.edu\/files\/2024\/02\/2024-Budget-Spreadsheet-District-2-Final.xlsm\">Download the Profitability Spreadsheet<\/a>.<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter  wp-image-3374\" src=\"https:\/\/agrilife.org\/agecon\/files\/2024\/03\/Picture-1.png\" alt=\"Picture of the South Plains Profit website\" width=\"847\" height=\"489\" \/><\/p>\n<h3>How the Spreadsheet Tool is Structured<\/h3>\n<p>The South Plains Profitability Spreadsheet is a decision tool made up of a set of spreadsheets in a single Microsoft Excel file that are designed to work together.\u00a0 The spreadsheets communicate with each other so that information input into one sheet is reflected in the others.<\/p>\n<p>The spreadsheets in the tool are structured into three sections:<\/p>\n<ul>\n<li><strong>Set up<\/strong>: the Instructions, Menu, and Prices sheets allow users to select the crops they want to focus on, enter their expectations for commodity prices and enter their price expectations for certain inputs that are common across all crops (e.g., labor, fuel, etc.).<\/li>\n<li><strong>Crop Budgets<\/strong>: Each crop in the tool has a sheet dedicated to it. This sheet lists out a full enterprise budget for the crop that is based on the Texas A&amp;M AgriLife Extension budgets for District 2.\u00a0 Users can adjust the input amounts and input prices in these budgets to reflect how they manage their operation.<\/li>\n<li><strong>Analysis<\/strong>: the Break-Even and Comparative sheets use the information from all the other sheets to report break-even prices for each crop a user selects and to compare the revenues, costs, and returns above costs for those enterprises.<\/li>\n<\/ul>\n<p>Access the Menu, Prices, Break-Even, and Comparative sheets using the links at the top of the spreadsheet, as shown here:<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter size-full wp-image-3376\" src=\"https:\/\/agrilife.org\/agecon\/files\/2024\/03\/Picture-2.png\" alt=\"Picture of spreadsheet links\" width=\"1675\" height=\"302\" srcset=\"https:\/\/agrilife.org\/agecon\/files\/2024\/03\/Picture-2.png 1675w, https:\/\/agrilife.org\/agecon\/files\/2024\/03\/Picture-2-1024x185.png 1024w, https:\/\/agrilife.org\/agecon\/files\/2024\/03\/Picture-2-768x138.png 768w, https:\/\/agrilife.org\/agecon\/files\/2024\/03\/Picture-2-1536x277.png 1536w\" sizes=\"auto, (max-width: 1675px) 100vw, 1675px\" \/><\/p>\n<p>Access the crop budgets using the tabs and the bottom of the spreadsheet:<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter size-full wp-image-3378\" src=\"https:\/\/agrilife.org\/agecon\/files\/2024\/03\/Picture-3.png\" alt=\"Picture of spreadsheet tabs\" width=\"1631\" height=\"362\" srcset=\"https:\/\/agrilife.org\/agecon\/files\/2024\/03\/Picture-3.png 1631w, https:\/\/agrilife.org\/agecon\/files\/2024\/03\/Picture-3-1024x227.png 1024w, https:\/\/agrilife.org\/agecon\/files\/2024\/03\/Picture-3-768x170.png 768w, https:\/\/agrilife.org\/agecon\/files\/2024\/03\/Picture-3-1536x341.png 1536w\" sizes=\"auto, (max-width: 1631px) 100vw, 1631px\" \/><\/p>\n<h3>Setting Up the Tool<\/h3>\n<p>To use the tool, a user selects the crop(s) they want to focus on using the Menu sheet. \u00a0Set the crops to focus on to \u201cYes\u201d and the crops to ignore to \u201cNo\u201d.\u00a0 This will hide the sheets and information related to the crops set to \u201cNo\u201d in other parts of the tool.<\/p>\n<p>To use the menu page users must access the spreadsheet in Excel with macros enabled.\u00a0 To enable macros in the spreadsheet, follow the instructions on the Menu sheet:<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter size-full wp-image-3379\" src=\"https:\/\/agrilife.org\/agecon\/files\/2024\/03\/Picture-4.png\" alt=\"Instructions for macros\" width=\"823\" height=\"102\" srcset=\"https:\/\/agrilife.org\/agecon\/files\/2024\/03\/Picture-4.png 823w, https:\/\/agrilife.org\/agecon\/files\/2024\/03\/Picture-4-768x95.png 768w\" sizes=\"auto, (max-width: 823px) 100vw, 823px\" \/><\/p>\n<p>Users who access the tool in a different program or don\u2019t enable macros won\u2019t be able to use the Menu sheet but will still be able to use the other spreadsheets in the tool.<\/p>\n<p>Next, users enter their expectations for commodity prices, yields, input amounts, and input prices in the Prices page and in each individual budget.\u00a0 Only make changes to numbers that are colored blue in these sheets.\u00a0 Any other values are calculated based on the information you input into the tool.\u00a0 For the most part, cells with numbers that a user should not change are locked so that you can\u2019t accidentally erase a formula in the spreadsheet.<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter size-full wp-image-3380\" src=\"https:\/\/agrilife.org\/agecon\/files\/2024\/03\/Picture-5.png\" alt=\"Example crop budget\" width=\"1345\" height=\"604\" srcset=\"https:\/\/agrilife.org\/agecon\/files\/2024\/03\/Picture-5.png 1345w, https:\/\/agrilife.org\/agecon\/files\/2024\/03\/Picture-5-1024x460.png 1024w, https:\/\/agrilife.org\/agecon\/files\/2024\/03\/Picture-5-768x345.png 768w\" sizes=\"auto, (max-width: 1345px) 100vw, 1345px\" \/><\/p>\n<h3>Example Scenario<\/h3>\n<p>To illustrate how the tool works, I\u2019ve set up the following example:\u00a0 comparing the profitability of pivot-irrigated cotton to the profitability of irrigated sorghum silage.\u00a0 Here is how I set this up on the menu page.<\/p>\n<p>On the prices page, I input a cotton lint price of $0.78\/lb. and a cottonseed price of $225\/ton.\u00a0 For sorghum silage, I input a price of $48\/ton.\u00a0 In the pivot-irrigated cotton budget, I use a yield of 1,000 lbs.\/acre and make no other changes to budget.\u00a0 In the sorghum silage budget, I use a yield of 18 tons\/acre and make no other changes.\u00a0 Once I enter this information into the tool, I can use the Break-Even and Comparison sheets to analyze the relative profitability of these two crops.<\/p>\n<h4>Using the Tool for Break-Even Analysis<\/h4>\n<p>On the Break-Even Comparison sheet, you will see a set of possible break-even prices for each crop you selected on the menu page.\u00a0 If you didn\u2019t use the menu page, you will need to scroll through the entire list of crops included in the tool to find the ones that you want to focus on.<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter size-full wp-image-3382\" src=\"https:\/\/agrilife.org\/agecon\/files\/2024\/03\/Picture-6.png\" alt=\"Example break-even analysis.\" width=\"1086\" height=\"438\" srcset=\"https:\/\/agrilife.org\/agecon\/files\/2024\/03\/Picture-6.png 1086w, https:\/\/agrilife.org\/agecon\/files\/2024\/03\/Picture-6-1024x413.png 1024w, https:\/\/agrilife.org\/agecon\/files\/2024\/03\/Picture-6-768x310.png 768w\" sizes=\"auto, (max-width: 1086px) 100vw, 1086px\" \/><\/p>\n<p>The tables on this sheet tell users the selling price they will need to receive to exactly cover their variable and total costs in different production scenarios.\u00a0 Using cotton as an example, If I produce 1,000 lbs.\/acre, I need to receive a lint price of $0.41\/lb. to cover my variable costs per acre.\u00a0 I need to receive $0.57\/lb. to cover my total costs per acre.\u00a0 \u00a0Moving away from the row of the table tells me how the break-even prices change if I produce more or less than expected.<\/p>\n<h4>Using the Tool to Compare Returns from Different Enterprises<\/h4>\n<p>The Comparative Returns sheet summarizes information about total revenue, variable and total costs, and returns above both variable and total costs for each crop enterprise that you selected on the menu page (or for all possible crops if you did not turn any budgets off).\u00a0 This page simply allows you to easily compare the net returns (returns of variable and\/or total costs).<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter size-full wp-image-3383\" src=\"https:\/\/agrilife.org\/agecon\/files\/2024\/03\/Picture-7.png\" alt=\"Example comparative returns\" width=\"2034\" height=\"716\" srcset=\"https:\/\/agrilife.org\/agecon\/files\/2024\/03\/Picture-7.png 2034w, https:\/\/agrilife.org\/agecon\/files\/2024\/03\/Picture-7-1024x360.png 1024w, https:\/\/agrilife.org\/agecon\/files\/2024\/03\/Picture-7-768x270.png 768w, https:\/\/agrilife.org\/agecon\/files\/2024\/03\/Picture-7-1536x541.png 1536w\" sizes=\"auto, (max-width: 2034px) 100vw, 2034px\" \/><\/p>\n<p>In this illustration, both pivot-irrigated cotton and irrigated sorghum silage show positive returns over variable costs and returns over total costs.\u00a0 Either enterprise will return a profit this year, if my assumptions about prices and inputs are correct.\u00a0 Cotton\u2019s returns over variable and total costs are higher; therefore, cotton appears to be the more profitable option.<\/p>\n<h3>South Plains Profitability Workshops<\/h3>\n<p>AgriLife Extension economists will offer two South Plains Profitability Workshops this spring.\u00a0 These workshops are free, feature cotton and grain market updates, and provide hands-on training for the South Plains Profitability Spreadsheet.<\/p>\n<p>The workshops are scheduled for March 20 in Dimmit, TX and for April 11 in Plainview, TX.\u00a0 For more information check out these links:<\/p>\n<ul>\n<li>Workshop Announcement: <a href=\"https:\/\/agrilifetoday.tamu.edu\/2024\/02\/19\/profitability-spreadsheet-workshops-for-producers-set-in-south-plains\/\">https:\/\/agrilifetoday.tamu.edu\/2024\/02\/19\/profitability-spreadsheet-workshops-for-producers-set-in-south-plains\/<\/a><\/li>\n<li>Calendar event for Dimmit: <a href=\"https:\/\/calendar.tamu.edu\/agrilife\/event\/318023-crop-profitability-spreadsheet-workshop-dimmit\">https:\/\/calendar.tamu.edu\/agrilife\/event\/318023-crop-profitability-spreadsheet-workshop-dimmit<\/a><\/li>\n<li>Calendar event for Plainview: <a href=\"https:\/\/calendar.tamu.edu\/agrilife\/event\/318024-crop-profitability-spreadsheet-workshop-plainview\">https:\/\/calendar.tamu.edu\/agrilife\/event\/318024-crop-profitability-spreadsheet-workshop-plainview<\/a><\/li>\n<\/ul>\n<p>You can also contact Andrew Wright at <a href=\"mailto:andrew.wright@ag.tamu.edu\">andrew.wright@ag.tamu.edu<\/a> or by phone at 806-723-8429.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Choosing which crop will be most profitable to produce each year can be difficult.\u00a0 For this reason, economists with Texas A&amp;M AgriLife Extension have developed a spreadsheet tool to help&#8230; <span class=\"read-more\"><a href=\"https:\/\/agrilife.org\/agecon\/high-plains-ag-week-3-7-2024-analyzing-profitability-using-the-south-plains-profitability-spreadsheet\/\">Read More &rarr;<\/a><\/span><\/p>\n","protected":false},"author":2184,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_crdt_document":"","_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"_genesis_hide_title":false,"_genesis_hide_breadcrumbs":false,"_genesis_hide_singular_image":false,"_genesis_hide_footer_widgets":false,"_genesis_custom_body_class":"","_genesis_custom_post_class":"","_genesis_layout":"","footnotes":""},"categories":[31,18,9,27],"tags":[],"class_list":["post-3369","post","type-post","status-publish","format-standard","category-business-management","category-crops","category-high-plains-ag-week","category-risk-management","entry"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.5 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ 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