Inflation strikes fear as farmers plan for 2022


Inflation strikes fear as farmers plan for 2022

Many crop farmers are concerned about escalating costs.

Bob Worth grows corn and soybeans near Lake Benton in southwest Minnesota.

“I’m scared. I mean when you start looking at your input costs (and) what they’re going to be (compared to) 2021, our fertilizer costs are well over $100 an acre higher on corn and about twice as high when we fertilize soybeans.”

He says seed costs are surprisingly stable, but the price of fuel and certain chemicals has more than doubled.

“Everything is costing us (more). The only thing that’s not as high as it was in the 80’s is the interest rate. The interest rate is the lowest its ever been, and that’s good for anybody that’s borrowing money.”

But the vice president of the Minnesota Soybean Growers Association says it’s going to take a lot of money to make a profit in 2022.