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Minnesota farmer anticipates tighter margins in 2024

Most farmers expect profits to be more elusive in 2024.

Rob Tate grows corn and soybeans near Cannon Falls in southeast Minnesota and says corn futures have weakened considerably.

“Last year we had a spring crop insurance price, February average was $5.91 on corn.”

He tells Brownfield the December contract is more than 90 cents off those levels as harvest winds down.

“You’re probably looking at $160 less revenue just based upon that. I don’t know that we’ve seen $160 drop in our input side of the equation, so it’s going to be a tighter margin is what I’m anticipating.”

Tate chalks it up to a cyclical ag economy and says he’s not surprised by the current price environment.