Elevated Input Costs: How do they compare as USDA forecasts the third highest levels?

Input costs are expected to remain elevated into next year for most crops like corn, soybeans, and wheat.

USDA’s Cost of Production forecast for 2024 shows inputs will be at the third highest levels of all time and only slightly behind record levels seen last year. A GOP Senate Ag Committee analysis shows crops like corn will cost around $856 per acre to produce, soybeans at $613, and wheat at $416.

This all comes at a time when commodity prices are expected to fall. Corn is projected to fall 27 percent, wheat around 15 percent, and soybeans 13 percent. This could mean producers might see prices below break-even levels this year and next.

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