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Some production costs are shifting higher

The lead economist for the National Corn Growers Association says she’s interested to see if USDA’s forecast for lower farm production costs in 2024 holds true.

Krista Swanson tells Brownfield the price of diesel fuel and anhydrous have increased since the latest update from USDA and…

“I’m not expecting a lower interest cost for 2024.”

Swanson says the timing of input purchases remains important for farmers.

“Farm to farm, there will be a big difference depending on when inputs are purchased that have a lot of price variability. Regardless, margins are tight with prices where they’re at right now, especially for the farmers who purchased fertilizer at a higher price in 2023.”

USDA will update its farm income forecast in late November or early December.

Brownfield interviewed Swanson at the Ag Outlook Forum in Kansas City.

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