News  Agriculture  Crops

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.

June 29, 2023 04:11 PM • 
Alex Heider
Image of male farmer digging in the garden

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.

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