(Western Ag Network) November 15, 2023 — On today’s Daybreak Ag Report from the Western Ag Network, Russell Nemetz looked at new data for crop prices.
“Some new data shows that prices paid for crop seed have increased significantly faster than the prices that farmers receive for crop commodities between 1990 and 2020. During that period, the average prices that farmers paid for all seed rose by 270%, while the crop commodity price index rose by only 56%,” said Nemetz.
“Now, for crops planted predominately with genetically modified (GM) seed – like corn, soybeans, and cotton – those seed prices rose by an average of 463% between 1990 and 2020. During this period, GM seed prices peaked in 2014 at 639% above 1990 levels. Despite their higher cost though, GM crop varieties have provided significant productivity gains for farmers, in part through higher yield, but also by lowering farm production costs across the board.”