Boosting Farmers' Income in Ubon Ratchathani Province: An Examination of Cost-Benefit Analysis in Green Soybean Production

Abstract

 The objective of this study is to examine the costs and returns of green soybean farmers in Ubon Ratchathani province, focusing on a specific sample group of 22 participating farmers. In-depth interviews were conducted to analyze data on cost-benefit and sensitivity. The study found that the production costs mainly consisted of direct labor costs, direct raw material costs, and manufacturing overhead, including land preparation, seed costs, packaging costs, and equipment depreciation, accounting for 30.86%, 13.89%, and 9.17% respectively. The income sources were revenue from the sale of fresh pods (5,151.60 Baht), revenue from processing (7,128.00 Baht), and revenue from seed sales (2,235.60 Baht). When compared to the total costs of 9,979.20 Baht, the operating profit per rai was 4,536.00 Baht. The cost-benefit analysis using a discount rate of 7% revealed a net present value of 48,608.92 Baht, an internal rate of return of 116%, and a benefit-to-cost ratio of 5.67. The payback period was estimated to be 10 months. Furthermore, when analyzing the sensitivity that may arise from declining sales, increased costs, and decreased production. It was found that there was still a worthwhile investment. This results in efficient use of land, increasing income, and if farmers can form a group, they can reduce the cost of raw materials and labor, resulting in sustainable returns.