News

Seed prices going up

A Purdue University agricultural economist expects seed prices in 2013 to be higher.

Alan Miller, farm business management specialist anticipates the price for seed corn to be up by 5 to 7 percent, soybean seed up 7 to 10 percent and wheat seed could see an increase of more than 10 percent.

Compared to previous years, Miller says those 2013 increases are higher.

“If you look back over the last four or five years, something in the three to five percent range, in terms of annual increase year-over-year in seed prices has been more of what we’ve been seeing,” said Miller. “Looking at 2013, before the drought, if you would have asked me what was going to happen to seed prices I would have been looking for something in that range.”

Fortunately, Miller says farmers should earn enough from their 2013 crop to make up for the costlier seed.

But with the potential for tight seed supplies, the farm business management specialist adds, “one of the things I would urge farmers to do, is to be talking to their seed dealers, making sure their seed dealers have a good idea of what they think they are going to need for this next crop in the way of seed.”

Audio: Alan Miller, Purdue University (5:25 mp3)