1. Brazil China United States Crop Budget Comparison In which areas are each of the countries most competitive and why?

2. 50 Bushels per acre$/acre$/bushel Non-land costs Seed & innoculant$ 8 $0.16 Fertilizer & lime 47 0.94 Labor 10 0.20 Herbicide & insecticide 24 0.48 Crop insurance 0 0.00 Interest on variable costs 7 0.14 Machinery 30 0.60 Miscellaneous 9 0.18 Total non-land costs $135 $2.70 Land costs 32 0.64 Total costs 167 3.34 Gross revenue Crops $200 $4.00 Government 0 0.00 Total gross revenue $200 $4.00 Brazil - Soybean Budget A

3. China - Soybean Budget B 31 Bushels per acre$/acre$/bushel Non-land costs Seed & innoculant$ 20 $0.16 Fertilizer & lime 10 0.94 Labor 69 2.22 Herbicide & insecticide 24 0.48 Crop insurance 0 0.00 Interest on variable costs 0 0.00 Machinery 12 0.39 Miscellaneous 0 0.00 Total non-land costs $111 $3.55 Land costs 42 1.35 Total costs 153 4.90 Gross revenue Crops $155 $5.00 Government 0 0.00 Total gross revenue $155 $5.00

4. U.S. - Soybean Budget C 50 Bushels per acre$/acre$/bushel Non-land costs Seed & innoculant$ 26 $0.52 Fertilizer & lime 20 0.40 Labor 20 0.40 Herbicide & insecticide 24 0.48 Crop insurance 3 0.06 Interest on variable costs 5 0.10 Machinery 47 0.34 Miscellaneous 5 0.10 Total non-land costs $150 $3.00 Land costs 140 2.80 Total costs 290 5.80 Gross revenue Crops $250 $5.00 Government 25 0.50 Total gross revenue $275 $5.50

5. $/acre BrazilChinaU.S. Non-land costs Labor 10 69 20 Machinery 30 12 47 Total non-land costs $135 $111 $150 Land costs 32 42 140 Total costs 167 153 290 Gross revenue Crops $200 $155 $250 Government 0 0 25 Total gross revenue$200 $155 $275 Soybean Budget Comparison