Cost of Producing Soybeans in the U.S., 1974

The cost of production for soybeans in 1974 was estimated through an enumerative survey. The average total cost, excluding land, was $69 per harvested acre of which $53 was for direct components. On a per bushel basis, total cost, excluding land, averaged $2.79 at the survey average yield of 24.7 bushels per acre, or 10 percent higher than the costs projected for a more 'normal' 1974 crop year. Land allocations were estimated by six alternative procedures with a range in the national average of $29 to $71 per acre or $1.18 to $2.90 per bushel. These costs varied substantially among subregions and among farms