By Andi Anderson
Farmers, gear up for the 2024 growing season with the Ag Decision Maker's latest insights. The recently released "Estimated Costs of Crop Production" report provides invaluable data on corn, corn silage, soybeans, alfalfa, and pasture maintenance.
Notable findings include a 5-7% decrease in corn and soybean production costs, driven by lower input expenses compared to 2023. While land costs remain stable, there's an uptick in labor and machinery expenses.
The report, accommodating variations in soil conditions, outlines specific costs associated with different crops and rotations. Machinery costs, encompassing both new and used equipment, have risen by 23%, reflecting trends observed from 2020 to 2022. Notably, labor is treated as a fixed cost due to its predominantly operator, family, or permanent hired labor nature.
For effective farm bill decisions, Ag Decision Maker offers tools aiding farmers in selecting optimal programs like Price Loss Coverage and Agricultural Risk Coverage. The deadline to choose a farm bill program with the USDA Farm Service Agency for 2024 is March 15.
Plan wisely, as the economic outlook for 2024 aligns prices with production costs, capturing profits sporadically throughout the year. Explore historical estimates, dating back to 2000, and utilize Ag Decision Maker's resources for informed and prosperous farming.
Photo Credit: gettyimages-eugenesergeev
Categories: Iowa, Crops, Government & Policy