1. 2012 Cost Estimates: Corn following Corn Source: Duffy, ISU Extension Economics, Dec. 2011 Low YieldMedium YieldHigh Yield $738 $816 $888 $5.10 / bu.$4.94 / bu.$4.80 / bu. Break Even

2. Source: Duffy, ISU Extension Economics, Dec. 2011 2012 Cost Estimates: Corn following Soybeans Low YieldMedium YieldHigh Yield $686 $762 $834 $4.29 / bu.$4.23 / bu.$4.17 / bu. Break Even

3. Source: Duffy, ISU Extension Economics, Dec. 2011 2012 Cost Estimates: Soybeans following Corn Low YieldMedium YieldHigh Yield $498 $546 $592 $11.07 / bu.$10.92 / bu.$10.77 / bu. Break Even

4. 2012 Margin Estimate: Corn following Corn Source: Duffy & Hart ISU Extension Economics, Dec. 2011 Machinery $108 Land $258 Inputs $417 Crop Value $866 = 165 bu/A X $5.25/bu Direct Pmt. $23 $816 $889 $73 Labor $33 Average Yield165 bu/A Cost per bushel $4.94 / bu

5. 2012 Margin Estimate: Corn following Soybeans Machinery $101 Land $258 Inputs $373 Crop Value $945 = 180 bu/A X $5.25/bu Direct Pmt. $23 $762 $968 $206 Labor $30 Average Yield180 bu/A Cost per bushel $4.23 / bu Source: Duffy & Hart ISU Extension Economics, Dec. 2011

6. 2012 Margin Estimate: Soybeans following Corn Machinery $81 Land $258 Inputs $181 Crop Value $550 = 50 bu/A X $11/bu Direct Pmt. $23 $573 $27 Labor $26 $546 Average Yield50 bu/A Cost per bushel $10.92 / bu Source: Duffy & Hart ISU Extension Economics, Dec. 2011

7. Corn - Return to Land & Management Trends * - Estimated $400 $327 $159 $438 $613 Source: ISU Ext. Econ. Costs, Iowa Yields, & WASDE Nat’l Prices, Dec. 2011

8. 2012 Margin Forecast: Corn following Corn Labor $33 Machinery $108 Crop Inputs $417 Crop Value $866 = 165 X $5.25/bu Direct Pmt. $23 $ 558 $889 $ 331 Source: Duffy & Hart ISU Extension Economics, Dec. 2011

9. 2012 Margin Forecast: Corn following Soybeans Labor $30 Machinery $101 Crop Inputs $373 Crop Value $945 = 180 bu/A X $5.25/bu Direct Pmt. $23 $ 504 $968 $ 464 Source: Duffy & Hart ISU Extension Economics, Dec. 2011

10. Soybeans - Return to Land & Management Trends * - Estimated $343 $257 $203 $337 $333 Source: ISU Ext. Econ. Costs, Iowa Yields, & WASDE Nat’l Prices, Dec. 2011

11. 2012 Margin Forecast: Soybeans following Corn Labor $29 Machinery $80 Crop Inputs $181 Crop Value $550 = 50 bu/A X $11/bu Direct Pmt. $23 $ 290 $ 573 $ 283 Source: Duffy & Hart ISU Extension Economics, Dec. 2011

12. Iowa Land Value & Cash Rental Rate Trends Source: Duffy & Edwards ISU Extension Economics, Dec 2011