Farm machinery costs remain elevated and aren’t expected to decrease, said Gary Schnitkey, Extension farm management specialist with the Department of Agricultural and Consumer Economics at the University of Illinois, during a recent FarmDoc webinar.

The supply chain impacts of COVID-19, general inflation, labor constraints and a more conservative approach from machinery manufacturers suggest costs will likely remain high. As a result, farmers may need to reassess machinery management strategies in the years ahead, Schnitkey said. 

A report from the University of Illinois and Ohio State University outlines the ...