Off “best year since 2012,” Minnesota farmer is concerned about this year’s costs
A Minnesota farmer coming off one of his best years is very concerned about 2022.
Mike Peterson farms about 1,000 acres of corn and soybeans south of the Twin Cities.
“We had a wonderful year (last year), we were blessed with small rains that came just in time. So we’re coming off one of our best years probably since 2012, but we’re going into input costs that are…it’s just hard to get your head around it.”
He anticipates spending at a minimum around 40 percent more on this year’s crop.
“The prices on the Chicago Board of Trade are favorable (but) we’re going to eat a lot of it up. So I hope we don’t throw a lot of money at this crop next spring and then we don’t get the rain. That’s my main concern.”
The Northfield farmer says because he split-applies nitrogen, he’s about as frugal as he can be on fertilizer for this year. He also plans to reduce rates on potash and phosphate.