Seed costs squeeze soybean farmers

May 21, 2024

By Farms.com

A new report by the Economic Research Service (ERS) reveals a concerning trend for U.S. soybean farmers - The cost of seeds has risen dramatically since 1997. The ERS data shows a staggering increase of over 260% in soybean seed costs, significantly outpacing the overall growth in production costs (157%).

In 1997, the average cost of soybean seeds per acre for U.S. farmers was just $19.72. However, by 2023, that figure had climbed to a much higher $71.03 per acre. The report identifies the period between 1997 and 2010 as a time of particularly rapid seed cost increase, with a 200% jump during those years.

The ERS attributes this price surge to advancements in seed technology, such as improved planting methods, seeding equipment, and seed quality. Additionally, the report highlights the introduction of genetically modified (GMO) soybean seeds in the mid-1990s. While initial adoption rates were low, they rose rapidly, reaching a range of 60% to 96% by 2002.

The rising cost of soybean seeds presents a challenge for U.S. farmers. While technological advancements can offer benefits, they also come with a financial burden. Farmers must carefully weigh the potential advantages of these advancements against the increased seed costs they entail.

Video: Learning to Wrench From Dad the Hard Way

Harvest is a week out and the farm picked this week to fall apart. The truck needs a battery, the barn curtain's got a problem, and the corn and beans are telling us we're out of time to get it all fixed.

So it's a full day of wrenching. Tork supervises while I get the truck back running, then we're out at the hog barn where one rusted up part has the whole curtain system hung up. Ladder work, cable work, and a little dad-and-son disagreement about the right way to do it. We close it out walking the fields, shelling beans and checking corn, because whether everything's fixed or not, harvest starts when harvest starts.

Chapters: 00:00 Everything breaks the week before harvest 01:00 Tork supervises while I fix the truck 12:30 Out to the barn to find the curtain problem 14:30 One rusty part hung up the whole curtain 20:00 Running the curtain cable from the ladder 24:00 Walking the beans and corn before harvest 26:30 Wrapping up

We're a 6th generation family farm in southeast Iowa showing the real ups and downs of pig farming and row crop farming. No script, just the work. Subscribe and follow along.

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