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Has the Era of Decreasing Per Acre Corn Costs Come to an End?

Since 2014, non-land costs of producing corn on high-productivity farmland in central Illinois declined from $617 per acre in 2014 to $569 per acre in 2017, a decrease of $48 per acre. Three costs – fertilizer, drying, fuel and oil – contributed more than the $48 per acre to the total non-land cost decrease, meaning that other costs increased from 2014 to 2017. Levels of fertilizer, drying, and fuel costs are highly related to energy prices. Energy prices have been rising in recent months. Rising energy prices could signal the end to declines in non-land production costs for corn.

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