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Commodity Costs and Returns Estimation Handbook
Updated 09/30/2005
A Report of the
AAEA Task Force on Commodity Costs and Returns
This handbook’s purpose is to gather in one place information on estimating
costs of and returns to agricultural enterprises. Some of the earliest formal
work in agricultural economics related to the analysis and interpretation of
cost data (H. C. Taylor). A major task of many individuals over the years has
been the preparation and distribution of detailed cost of production estimates
and projections. Undergraduate students in farm management classes have spent
many hours learning how to prepare a projected corn or rice budget. In many
states the extension service routinely prepares representative cost of
production projections for use by area producers. And in many areas farm record
associations provide annual cost of production summaries based on data collected
from members. The United States Department of Agriculture (USDA) has been
involved in the
estimation of costs and returns (CARS) to agricultural
enterprises for many years, the latest effort under the auspices of the
Agricultural Resource Management Study (ARMS). This monograph was prepared by a
Task Force organized by the American Agricultural Economics Association’s
Economic Statistics and Information Resources Committee. The mission given to
the Task Force by the committee was “to recommend standardized practices for
generating costs and returns estimates for agricultural commodities after a
careful examination of the relevant economic theory and the merits of
alternative methods. ”
This document requires
Adobe Acrobat.
(2.1 MB)
 Commodity
Costs and Returns Estimation Handbook
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