So far this season, Betty Allen Farms spent tens of thousands of dollars more on diesel than they’re used to.
In just over 3 months, a couple million corn stalks
Allen says the spike in costs will eventually affect consumers. Because as the cost of farming goes up, the cost of groceries will likely follow. "Production costs across their entire bottom line are rising and have been rising for the last few years," said Shelby Myers, an economist with the American Farm Bureau Federation.The federation says farm production costs are likely to increase 6% in 2022, which follows a 12% increase in 2021. Fertilizers, seeds, and chemical prices are also contributing to the increase. But a possible saving grace for farmers like Allen is the rising price of corn.
"You see the stock market move up and down. But commodity markets are moving up and down too," he said."Price is going to fluctuate very dependently on supply and demand," Myers said.
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