"Labor and machinery variances are just awesome," according to the latest corn and soybean cost of production benchmarks presented by John McNutt, LattaHarris and Moe Russell, Russell Consulting Group at the FBS Ag Software Success Summit on August 20, 2019 in Moline, Illinois.Other observations by McNutt and Russell:
- "Even though machinery costs have effectively doubled since 2010 they are more profitable (because of precision farming technology)."
- "We're constantly studying (economic) depreciation."
- “You can’t manage what you don’t see.”
- "What amazes me is the variability of the data. The outliers on the bottom side in most cases don’t know what their data is or if they have it they don’t analyze it and look at it. You’d think in the last 20 years we would have gotten more sophisticated about knowing where we’re at and headed, but but we still have a long, long way to go."