Farmers can estimate the cost of producing various crops in 2024 by using data published in the January edition of Ag Decision Maker. The article “Estimated Costs of Crop Production” includes average production costs for corn, corn silage, soybeans, alfalfa, and pasture maintenance. Decision tools are also available that allow farmers to enter their own numbers, so they can estimate production costs on their own farm.

Production costs are always important to know in advance of planting season, but even more so as the crop market heads into a period of tighter profit margins. The report lists specific costs commonly associated with each crop, including seed, fertilizer, machinery use, and labor. Machinery costs reflect both new and used equipment and are up 23%, based on the increase from 2020 to 2022, reported by the USDA Economic Research Service. Historical estimates of Iowa crop production are also available in the Ag Decision Maker, dating back to 2000. You can find a link to the article with this news story at KCIIradio.com.