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Agricultural Economics

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Related Topics: Aquaculture, Agricultural Economics

Related Topics: Economics, Forest Management, Agricultural Economics

Enterprise Budgets

Enterprise budgets provide a detailed financial snapshot of a single enterprise, highlighting its specific inputs, outputs, costs, and returns expected within a given time period.

Related Topics: Tropical and Subtropical Fruits, Agricultural Economics

Publications

Showing 11 of 11 Publications

thumbnail for publication: Estimated Costs and Returns of Hemp Fiber and Seed Production

Estimated Costs and Returns of Hemp Fiber and Seed Production

Trent Blare, Zachary Brym, Andres Bejarano Loor, and Fredy H. Ballen

The purpose of this document is to provide a framework and provisional values to estimate the costs and returns of hemp production for fiber and seed for commercial producers in Florida. The primary objective is to illustrate the infrastructure, labor, and input costs associated with a hemp cropping system for the production of fiber, seed, or both related to the potential returns from sales of raw materials. Written by Trent Blare, Zachary Brym, Andres Bejarano Loor, and Fredy H. Ballen, and published by the UF/IFAS Department of Agronomy, November 2024.

thumbnail for publication: An Introduction to Economic Analysis of Pest Management: A Case Study of Nematode Management

An Introduction to Economic Analysis of Pest Management: A Case Study of Nematode Management

By Yi Li, Yetian Cai, Weizhe Weng, Johan Desaeger, and Zhengfei Guan

The economic performance of pest management practices is a critical factor when farmers make adoption decisions. Partial budget analysis is a widely used tool to evaluate the financial effects of different management practices in agricultural production. It provides an economic rationale for selecting the optimal treatment by evaluating the cost-effectiveness of the treatment. This publication explains how to employ partial budget analysis using a real-world example. It provides a step-by-step guide examining the costs and benefits of two different approaches, fumigation and nematicides, to manage nematodes on Florida's tomato farms.

thumbnail for publication: Estimated Costs and Returns of Hemp Flower Production

Estimated Costs and Returns of Hemp Flower Production

Trent Blare, Zachary Brym, Andres Bejarano Loor, and Fredy H. Ballen

The purpose of this document is to provide a framework and provisional values to estimate costs and returns of hemp flower production for commercial producers in Florida. Written by Trent Blare, Zachary Brym, Andres Bejarano Loor, and Fredy H. Ballen, and published by the UF/IFAS Department of Agronomy, August 2024.

thumbnail for publication: Profitability and Cost Estimates for Producing Tropical Hibiscus in South Florida

Profitability and Cost Estimates for Producing Tropical Hibiscus in South Florida

Nicholas Haley, Alexandra M. Revynthi, Hasmeen Abu, and Trent Blare

Tropical hibiscus (Hibiscus rosa-sinensis) is a bushy evergreen shrub or small tree native to the temperate regions of Asia and an economically significant crop in Florida. According to the 2017 Census of Agriculture, the market value of the ornamental industry in Miami-Dade County was $697 million, and approximately 25% of the production was in hibiscus. Demand for the cultivation of plants with minimal pesticides is rising due to concerns about potential adverse environmental and health effects. Integrated pest management, or IPM, is an alternative to conventional pesticide application. A broad-based approach, it integrates both chemical and non-chemical practices for sustainable control of pests. To help growers and other stakeholders determine the best approach to changing demands for pesticide management, this publication estimates the costs and returns of producing tropical hibiscus on an established nursery in south Florida using both traditional and IPM methods.

thumbnail for publication: Analyzing the Price Gap between Steers and Bulls in Florida: The Effect of Price Slides on the Value of Additional Pounds

Analyzing the Price Gap between Steers and Bulls in Florida: The Effect of Price Slides on the Value of Additional Pounds

Hannah Baker

Castration of bull calves on cow-calf operations usually improves profitability. On average over the last six years, Florida prices for steer calves have been 5% higher than prices for bull calves. In 2023, a year of record-high prices, steer prices averaged 6% higher, with the average discount for bulls at roughly $64 per head. Buyers pay more for steer calves because they are docile, and because steer carcasses are more valuable. Cattle producers are therefore encouraged to castrate bull calves. Bulls may weigh more than steers at the time of weaning, bringing what seems like a higher price, but there is a price slide for entering the heavier weight class. Determining the value of those additional pounds, and whether it is enough to make up for the discount is key. Using prices from 2023 (with prices projected to remain favorable for at least the next year), this publication allows producers to determine what a bull calf would need to weigh to receive the same price as a steer calf.

thumbnail for publication: The United States Orange Industry: Declining Production and Climbing Imports

The United States Orange Industry: Declining Production and Climbing Imports

A. Malek Hammami, Yi Li, and Zhengfei Guan

The US orange industry has been grappling with declining production since the early 2000s due to the outbreak of the Huanglongbing disease and various other challenges. To meet the market demand, the United States increasingly relies on imports, notably those from Mexico and Chile. This publication further explores the factors contributing to this trend and discusses potential solutions. 

thumbnail for publication: A Review of Strawberry Production and Price Trends from 2010 to 2022

A Review of Strawberry Production and Price Trends from 2010 to 2022

Tara Wade, Kelvin Amon, Zhengfei Guan, and Wael Elwakil

This publication provides information on conventional fresh strawberry acreage, volume, and pricing for California and Florida from 2010 through 2022. It is one of a series of EDIS publications that illustrate trends in Florida’s five most economically important specialty crops, excluding citrus: strawberries, bell peppers, tomatoes, watermelons, and sweet corn. The information in this publication will be useful to producers, Extension agents, and others interested in trends concerning specialty crop commodities. It serves as a single location where valuable information about the specialty crop market and production trends can be found.

thumbnail for publication: Is a Viable Hemp Industry in Florida’s Future?

Is a Viable Hemp Industry in Florida’s Future?

Trent Blare, Martha Rivera, Fredy H. Ballen, Zachary Brym

Disease and foreign competition have made many growers question the viability of traditional commodity crops such as tomatoes, citrus, and avocados. Industrial hemp appears to be an attractive alternative, as the 2018 Farm Bill permitted its production. Florida has followed several other states in approving permits in 2020 to allow production of industrial hemp. Markets for industrial hemp products were promising in the first years of production, but market prices started to decline dramatically in 2020 with many growers unable to sell all their product. In this publication, we examine the hemp value chain with a focus on opportunities in the Florida market. Better coordination between regulators, processors, financial institutions, research and Extension services, and the retail sector to build confidence, harmonize policies, and lower transaction costs would help the industry flourish and ensure growers, consumers, and hemp-related enterprises can benefit from this emerging market.

thumbnail for publication: Imperfect Competition Yields Profits Beyond the Farm Gate

Imperfect Competition Yields Profits Beyond the Farm Gate

Kimberly L. Morgan and Jessica Ryals

<p>The purpose of this publication is to look at the other side of the profit equation to explore opportunities for Florida’s small and medium-sized farmers to find ways to improve revenues. We can do this by identifying markets where farmers have some measure of control over how much to charge for their food products. Economists describe markets in which businesses may set their own prices as “imperfectly competitive.” The authors aim to answer these common questions: Why are markets considered imperfect? What does this mean to farmers and buyers? What are the added costs and benefits to farmers who decide to sell into imperfect markets?</p>

thumbnail for publication: An Introduction to Economic Analysis of Pest Management: Concepts of Partial Budgeting Analysis

An Introduction to Economic Analysis of Pest Management: Concepts of Partial Budgeting Analysis

Yetian Cai, Yi Li, Weizhe Weng, and Zhengfei Guan

Pests have long posed a serious challenge in agricultural ecosystems, inflicting substantial economic losses on a global scale. In agricultural production, pests are often associated with crop yield losses, leading to a reduction in farm profits. This initial publication in the An Introduction to Economic Analysis of Pest Management series aims to educate agricultural producers, Extension agents, and researchers in other disciplines about partial budgeting analysis. Partial budgeting analysis is a fundamental tool widely used to analyze the economic viability of adopting various pest-management strategies. 

thumbnail for publication: A Review of Fresh Market Sweet Corn Production and Price Trends from 2010 to 2022

A Review of Fresh Market Sweet Corn Production and Price Trends from 2010 to 2022

Kelvin Amon, Tara Wade, Anna Mészáros, and Tori Rumenik

This publication provides information on conventional fresh market sweet corn acreage, volume, and pricing for the top four producing states: California, Florida, Georgia, and New York. (Other states produce a substantial amount of processed market sweet corn but are not the focus here.) This is one in a series of Ask IFAS publications focused on trends in Florida’s five most economically important specialty crops (excluding citrus): fresh market sweet corn, bell peppers, tomatoes, watermelons, and strawberries. This information will be useful to producers, Extension agents, and others interested in trends concerning specialty crop commodities. This publication serves as a unique source summarizing important information about the specialty crop market and production trends.