Projected Cost of Production for Soybeans tool for 2026 available

Jon LaPorte<laportej@msu.edu> and Eric Anderson<eander32@msu.edu>, Michigan State University Extension - April 01, 2026

A new cost of production Excel-based tool for soybeans is now freely available online for the 2026 growing season.

Screenshot of a Michigan State University Extension document titled “2026 Soybean Projected Cost of Production.” It lists template authors Jon LaPorte and Eric Anderson with contact emails. The page explains three soybean cost projections: Base Projection (50-bushel yield with nutrient removal recommendations), Build-Up (50-bushel yield using soil test data and potential nutrient build-up costs), and Push Production (75-bushel yield with nutrient removal recommendations). Notes clarify that nitrogen is included only due to the example product and is not recommended for soybeans. — Screenshot of a portion of the Excel-based 2026 Projected Cost of Production for Soybeans tool.

Farm profitability is a bottom-line priority for farmers and is a challenge in any year, but particularly in times when input costs are on the rise and grain prices are flat or falling. When margins are tight, farmers need to know their cost of production to determine what inputs and practices are profitable and which ones may need to be put on hold. The new 2026 Projected Cost of Production for Soybeans tool from Michigan State University Extension is intended to serve as a starting point for discussions on both expected income and expenses for individual farms.

There are three versions of the cost of production tool included in a single downloadable Excel file:

The Base Projection version provides an estimate for farms seeking to minimize costs without sacrificing yield. It uses a yield goal of 50 bushels per acre with aligning chemical plans and assumes a fertility plan based solely on rate of nutrient removal.
The Build-Up version is the same base model as the Base Projection but includes added fertility based on sample soil test results that recommend additional fertilizer inputs to build up soil test levels.
The Push Production version provides an estimate for farms seeking to push maximum yield output. It uses a yield goal of 75 bushels per acre with aligning chemical plans and fertilizer inputs based solely on rate of nutrient removal.

Screenshot of a spreadsheet titled “Fertilizer Calculator.” It shows columns for entering fertilizer costs and nutrient amounts, with multiple dollar values listed (e.g., $489.00, $550.00, $823.00) alongside corresponding numeric entries (e.g., 0, 10, 375, 38, 1.4). Some cells are blank or marked with dashes. The bottom row labels nutrients as N, P, K, and S. — Screenshot of the fertilizer calculator in the “build-up” section of the 2026 Projected Cost of Production for Soybeans tool.

Screenshot of a spreadsheet titled “Chemical Calculator.” It lists herbicides and additives with associated costs and application rates, including Boundary (Generic), Liberty Ultra, Roundup PowerMax 3, and Dual II Magnum. Additional rows include other chemicals and adjuvants with some blank or zero entries. A second section lists fungicides such as Cobra (for white mold) and Endura, along with costs and ounces per gallon rates. Units shown include pints, ounces (per gallon or pound), and quarts. — Screenshot of the chemical calculator in the “push production” section of the 2026 Projected Cost of Production for Soybeans tool.

Income values are derived from price projections from composite grain buyers across Michigan and yield data for Michigan from the U.S. Department of Agriculture’s (USDA) National Agricultural Statistics Service (NASS). Expenses are based on the latest Illinois production costs report from USDA’s Agricultural Marketing Service (AMS), compositive prices from Michigan retailers, five-year average benchmark data from the FINBIN database (finbin.umn.edu), and current price trends. The example expenses are based on recommendations from various resources at Michigan State University (MSU). Resources include:

MSU Weed Control Guide
Tri-State Fertility Recommendations and supplemental data from msu.edu
Crop Protection Network

Note: products used in the examples are for illustrative purposes only and not considered an endorsement by Michigan State University Extension.

Screenshot of a spreadsheet section titled “Break-Even Calculations.” It includes a labeled row for “Net Return (Profit) Break-even,” with adjacent cells left blank for data entry. — Screenshot of the break-even calculator in the “base projection” of the 2026 Projected Cost of Production for Soybeans tool.

At the time of publishing, the Base Projection budget estimates a break-even price of $10.90 per bushel or a break-even yield of 49.49 bushels per acre. The Push Production budget estimates a break-even price of $8.98 per bushel or a break-even yield of 61.19 bushels per acre. Individual farm values and break-even values will differ based on production practices, timing of purchases, and/or value of soybeans at time of sale. All versions of the tool can be edited by individual farms to create budgets for their own operations.

The 2026 Projected Cost of Production for Soybeans tool can be found in the cost of production section on the MSU Extension Farm Management website, and a link to the tool will be located on the Michigan Soybean Committee website.

This article was published by Michigan State University Extension. For more information, visit https://extension.msu.edu. To have a digest of information delivered straight to your email inbox, visit https://extension.msu.edu/newsletters. To contact an expert in your area, visit https://extension.msu.edu/experts, or call 888-MSUE4MI (888-678-3464).

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