The farmer’s cost of production is expected to reach record highs in 2027. According to the American Farm Bureau Market Intel Report, total production costs have more than doubled for major crops in the last ten years. Those costs are up 165 percent for soybeans; 146 percent for corn and 106 percent higher for wheat. The biggest hit to the checkbook has been due to higher energy and fertilizer prices. Higher costs for seed, chemical, labor, machinery and cash rents are cited as reasons for all-time high farm production costs forecast for next year.
