There could be lower production costs next year
The chance for lower production costs is finally on the horizon.
USDA is predicting it will be cheaper to grow corn and soybeans in 2024. Prices of fertilizer, chemicals, and seed are going down. USDA says those declines will offset small increases in fuel and interest.
Estimates show an average of $856 to raise an acre of corn, which is down from $888 in 2023 and $926 in 2022.
USDA says soybeans will be the most profitable.