Look at forecast price rises from 2022 to 2023

MARY HIGHTOWER

LITTLE ROCK, ARKANSAS

   Here is a quick look at forecast price increases in farm-related expenses as they appear in the enterprise budgets developed for the 2023 growing season by the University of Arkansas System Division of Agriculture for farmers.

• Diesel and interest will be driving costs across all crops with about a 73 percent increase over 2022 in per-acre costs for both in Arkansas.
• Nitrogen is actually projected to be about 6 percent lower in 2023 relative to 2022 across all major row crops. Biram said “this is most likely driven by the alleviation of supply chain pressures across the globe as more product is moved. However, the continued war in Ukraine will continue to place upward pressure on urea and diammonium phosphate relative to 2021.” 
• Corn — Seed costs for corn are projected to be about 12 percent higher over 2022; Phosphate appears to be up about 2 percent while zinc sulfate is projected to be up about 15 percent over 2022.
• Cotton — DAP is projected to be up about 7 percent over 2022; Defoliant is projected to be up nearly 10 percent over last year.
• Rice — Insecticides and fungicides for rice are projected to be up 98 percent and 18 percent, respectively.
• Soybeans — Phosphate and potash are projected to be up 1.6 percent and 0.5 percent, respectively. Herbicides are actually projected to be down 7 percent relative to 2022 but still up 26 percent over 2021.  ∆