How does Granular estimate revenue and cost data?
Manually entering data can be time consuming, so Granular Insights estimates many costs for you. These estimated values appear instantly in Granular Insights when you view your operation. Below are detailed descriptions of where these estimated values come from and how they're used in Granular Insights.
Crop prices are calculated using the Chicago Board of Trade (CBOT) current future price when looking at the prior year's yield data. Corn uses the December futures price and soybeans use the November futures price. For example, when looking at the 2018 Corn Yield, the default CBOT crop price uses the December 2019 futures price.
CBOT prices update at the end of each day with the current futures price. This occurs around 2:30pm CST, Monday through Friday.
Input and Land Costs
Our data science-driven estimates leverage publicly available data and proprietary modeling capabilities and data sources (e.g., near daily satellite imagery). These estimates are not meant to replace actual farm-level data, but instead, provide a more personalized average. Specific details can be found below:
- Default seed prices are set nationally to $269/bag (80,000 seeds/bag) for corn and $53.90/bag (140,000 seeds/bag) for soybeans.
- Input costs are estimated using local university crop budgets and simple data science models. We match your operation with the closest university budget, and if no local university budget is present, a default budget is applied.
- Land cost is based on a variety of different data sources, including estimated yields, crop rotations, and land costs in the general area.
- The "Other" inputs section is available to factor in all of the line items that don't fall into the defined categories such as crop insurance, machinery and labor.
Input and land cost estimates update annually when new university budgets are published.
University Budgets Included in Granular Estimates
- University of Arkansas
- University of Illinois
- Iowa State University
- Kansas State University
- University of Kentucky
- University of Maryland
- University of Minnesota
- University of Missouri
- University of Nebraska
- North Dakota State University
- Ohio State University
- Oklahoma State University
- Penn State University
- Purdue University
- South Dakota State University
- Texas A&M University