Farming Costs Soar: Custom Rates Rise Amid Record Harvest Demands

A new report from University of Wisconsin agricultural economists reveals that custom farming rates have increased this year. The price hikes vary widely by task, but application costs saw some of the biggest jumps.

Dry fertilizer application rates climbed 11% to $24.91 per acre, while liquid broadcast applications surged 40% to an average of $33.43 per acre. Lime application spiked 55%, reaching an average of $31.71 per acre.

The cost of harvesting also took a hit, with combining and hauling corn or soybeans exceeding $50.00 per acre. Chopping and hauling forage costs vary widely, but the average sits at more than $780 per hour.