A look at forecast prices in farm-related expenses as they appear in the enterprise budgets developed by the University of Arkansas System Division of Agriculture for farmers shows small and large increases for the 2023 growing season.
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, according to a Division of Agriculture news release.
Nitrogen is actually projected to be about 6 percent lower in 2023 relative to 2022 across all major row crops.
"This is most likely driven by the alleviation of supply chain pressures across the globe as more product is moved," said Hunter Biram, extension economist for the University of Arkansas.
"However, the continued war in Ukraine will continue to place upward pressure on urea and diammonium phosphate (DAP) relative to 2021."
Other projections include:
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.
Enterprise budgets are available at https://www.uaex.uada.edu/farm-ranch/economics-marketing/farm-planning/budgets/crop-budgets.aspx .
To learn about extension programs in Arkansas, contact a local Cooperative Extension Service agent or visit www.uaex.uada.edu. Follow the agency on Twitter and Instagram at @AR_Extension.
The University of Arkansas System Division of Agriculture offers all its Extension and Research programs and services without discrimination.
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