LONDON, Ohio — Trying to figure out what operation on the family farm may not be earning enough to pull its weight? Does raising hogs cost too much for the income it returns? What if it’s June, floods are receding and there’s still indecision about whether to plant corn or switch to soybeans?

Ohio farmers have The Ohio State University Department of Agricultural, Environmental and Development Econ-omics to call upon. Barry Ward, leader of the Production Business Management program, regularly updates enterprise budgets, which are detailed worksheets farmers may use to help determine their risk with raising various products.

Ward, who described his work at last week’s OSU Farm Science Review, said he and his researchers work with ag industry people, university specialists and from farm surveys to put together specialized enterprise budgets for corn, soybeans, wheat, swine and more. The idea is to show farmers the return they may expect from a particular venture right away, and even help non-farmers decide whether to get into agriculture in the near future. “As you look at those enterprise budgets, we include more than cash costs,” he explained – for example, the value of unpaid self- and family labor and farm management, in addition to cash rents, land values, machine and fuel costs and the like – “so you can compare your endeavor to something else.”

The budgets are updated in cycles, as he and his assistants have time, and are templates that allow users to plug in their own numbers where appropriate. To see current and archived budgets, contact Ward at 614-688-3959; worksheets can also be used online at http://aede.osu.edu/programs/farm management/budgets

Farmers aren’t the only ones using these budgets, Ward said. Ag lenders, landowners who rent to farmers, attorneys and tax consultants also refer to them. In his outlook for 2012, he said, “I’m not sure that there’s any great surprises.”

Most input costs aren’t going down, he explained; fertilizer and feed costs will stay high, as will farmland values. He anticipates a 5-10 percent increase in machinery costs again next year.

What could level out are fuel costs, though he stopped short of any guarantees. With the turmoil in global economies right now, Ward said he doesn’t know if there will be a “big boom” in oil prices as people might just assume.

Another possible piece of good news are loan interest rates, which he said may remain flat; it’s known the ag credit system didn’t take the same financial risks other banks did prior to late 2008, with subprime mortgages and the like. He said ag credit hasn’t been as tight in lending as regular banks since then, and even that general financial market credit has “loosened up” lately.

Crop profitability is a “huge driver” of many input costs, Ward pointed out, and has been since about mid-2007. It also affects livestock production, as to how many animals producers can afford to feed; but demand also plays into their decision to continue. For example, he said swine and dairy are seeing higher prices for their products in stores, which is allowing those sectors – for now – to turn a profit.

Ohio isn’t the only state with enterprise budgets. Contact a county extension office to see what your state and universities offer; also, some links to other Midwest ag budget templates may be found through www.agecon.purdue.edu/extension/pubs/faq/FAQ_23.pdf