We sat down with Mark Yeager to discuss this years corn and cotton crops. We discussed what he's seeing and what he anticipates down the road in 2023.
Q: What percentage increase did you see in your cost to plant your 2022 crops?
A: Costs were up roughly 75% over 2021.
Q: Where did you see the biggest increase in price?
A: It was primarily the cost of fertilizer. Of course we saw increases in the cost of labor and fuel as well.
Q: Are you optimistic about prices going down when it comes time to plant the 2023 crop?
A: No, I am not optimistic about next years prices going down significantly.
Q: We've all seen the extensive drought in the news, how were the yields on your corn crop this year?
A: Our corn yield was down by half compared to last year due to the drought.
Q: Has the drought impacted the cotton crop?
A: The cotton crop has been anywhere from average to excellent depending on where the rain fell. The cotton is opening earlier than normal primarily due to the lack of rain in the summer months.
Q: What are you looking for now as we move into cotton harvest?
A: We're trying to make sure we don’t rush the harvest but we need good warm weather and no rain so we can get the crop out without damage.
Q: What are you seeing in the markets?
A: The commodity markets have been volatile, naturally fears of recession and poor economic lookout effect price negatively.
Q: Shouldn't having this commodities in short supply raise the prices?
A: The bad economy cancels out the impact of having shorter supply currently in the market.
Q: What does the corn harvest look like on a national level?
A: The USDA says the corn yield will be down this year. Typically if the USDA is predicting a bad crop, it's usually worse than that.
Q: What about the outlook on cotton?
A: The cotton crop across the US is in bad shape due to drought.
Q: Do you have any plans to change how you operate your farm next year?
A. No plans to change next year. We will likely plant 1/3 corn and 2/3 cotton. We will likely plant 1/3 corn and 2/3 cotton.
Final Thoughts: It’s been a trying year when it comes to cost. We have a lot more in the crop which is much more stressful. Fuel costs are still extremely high. The anxiety of trying to prepare for any regulations on our equipment and the coming green movement is top of mind.
As we go into our 2022 harvest season we welcome your prayers for a safe and successful end of the year!