Input costs for major field crops are expected to be the third-highest ever next year, only slightly below the record-high levels of the past two years, according to the USDA’s first cost of production forecast for 2024. 

While some input cost categories like fertilizer and herbicides are expected to decline, other expenses such as seed costs, labor, machinery, taxes and insurance will increase, the USDA said. 

The report forecasts a 3.6% decline in production costs for corn and a 1.4% decline in production costs for soybeans.