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Ag economist: (mostly) lower input costs for 2024

An ag economist with University of Missouri Extension says input costs are mostly lower for Missouri farmers for the 2024 growing season.

Ben Brown says overall, input costs are down 12% year-over-year.

“That’s largely driven by lower, variable costs like fertilizer, chemicals and seed. Fertilizer and chemicals more so than seed.”

But he says ownership costs are increasing.

“Those machinery expenses continue to increase and remain sticky,” says Brown. “Labor costs remain sticky and we’ve seen a doubling in the interest expense from 2023 to 2024 due to higher operating interest rates.”

Brown says the declining input costs combined with a better production year ahead outweigh a bearish outlook for U.S. soybean prices.