High yields, but even higher costs

TILLAGE farmers who have completed 2011 financial reviews have found that yields were high, in general, but costs (especially for fertiliser, machinery and fuel) were higher than anticipated.

Machinery is by far the largest expense (about one third of total costs), made up of running costs (fuel, repairs, etc), machinery repayments, and depreciation (of older machinery).

It is definitely worthwhile looking at machinery costs and talking to your advisor about replacements, etc.