USDA: Some production costs expected to drop in 2024

Some of the nation’s top crops could cost farmers less to plant next year, according to new research from the USDA’s Economic Research Service.

Farming

Production costs for some of the nation’s top crops are forecasted to drop next year, according to new data released by the U.S. Dept. of Agriculture (USDA) Economic Research Service.

The USDA’s research arm says, on average, farmers can expect to pay around $32 less per acre of corn next year. Soybeans will cost around $9 less, and wheat will be around $10 less expensive than this year.

Researchers found the largest contributor to the declines is a drop in fertilizer costs while seed and chemicals largely remain level.

Just this week, analysts at DTN found retail fertilizer prices have fallen again this month, a trend six months in the running.

LATEST STORIES BY THIS AUTHOR:

Starting Monday, April 29, the USDA will require free avian flu (HPAI H5N1) testing on all dairy cattle before interstate travel. Positive cases must be directly reported to the USDA for tracing.
However, economists say land values could falter if commodity prices fall in the New Year.
With the New Year comes new ideas, and lawmakers are still trying to find ways to fund the Farm Bill.
The United Soybean Board representatives say export and trade development is critical for increasing international demand.
It is National Farm Safety and Health Week—a time dedicated to recognizing the critical importance of safety on the farm. The National Education Center for Ag Safety (NECAS) usually hosts this week-long event during mid-September so farmers are reminded to prioritize their safety during the harvest season.
Analysts with the Propane Education & Research Council say the outlook for propane prices is positive for the fall harvest season.
Agriculture Shows
From soil to harvest. Top Crop is an all-new series about four of the best farmers in the world—Dan Luepkes, of Oregan, Illinois; Cory Atley, of Cedarville, Ohio; Shelby Fite, of Jackson Center, Ohio; Russell Hedrick, of Hickory, North Carolina—reveals what it takes for them to make a profitable crop. It all starts with good soil, patience, and a strong planter setup.
Champions of Rural America is a half-hour dive into the legislative priorities for Rural America. Join us as we interview members of the Congressional Western Caucus to learn about efforts in Washington to preserve agriculture and tackles the most important topics in the ag industry on Champions of Rural America!
Farm Traveler is for people who want to connect with their food and those who grow it. Thanks to direct-to-consumer businesses, agritourism, and social media, it’s now easier than ever to learn how our food is made and support local farmers. Here on the Farm Traveler, we want to connect you with businesses offering direct-to-consumer products you can try at home, agritourism sites you can visit with your family, and exciting new technologies that are changing how your food is being grown.
Featuring members of Congress, federal and state officials, ag and food leaders, farmers, and roundtable panelists for debates and discussions.
Host Ben Bailey hops in the tractor cab, giving farmers 10 minutes to answer as many questions and grab as much cash as they can for their local FFA chapter.