Crop input costs expected to soar
Many experts are estimating that crop input costs for seed, fertilizer, pesticides and fuel for corn and soybean production this year will increase as much as 25 percent to 35 percent, says Kent Thiesse, vice president of MinnStar Bank in Lake Crystal.
That could increase per-acre production costs by $50-75 per acre or more for corn and $25-50 per acre for soybeans, he said.
This doesn’t include any potential added costs for fungicides to control soybean rust and other diseases or insecticides for soybean aphids. Thiesse said producers should look for opportunities in coming weeks to lock-in costs for seed, fertilizer, chemicals, fuel, drying gas and other expenses.