Down on the farm.
Over the past 5 years, prices for corn, soybeans, and wheat have experienced mixed changes, with wheat and soybeans showing slight gains and corn seeing a modest decline:
• Wheat: Up 2.4% over the last 5 years, moving from $7.34 to $7.52 per bushel (as of October 2026).
• Soybeans: Up 7.3% over the last 5 years, moving from $11.95 to $12.83 per bushel (as of October 2026).
• Corn: Down 7.6% over the last 5 years, dropping from $5.23 to $4.83 per bushel (as of October 2026).
Fuel Price Changes
• Diesel Prices: Farm diesel and on-highway diesel prices have surged significantly. While diesel hovered around $2.80 to $3.81 per gallon during various baseline periods, regional spikes—such as during conflicts in 2026—pushed diesel past $5.35 per gallon in many areas.
• Percentage Increases: Farm diesel prices have seen sharp short-term jumps of 30% to 46% during acute supply shocks, adding thousands of dollars per farm in annual operating and harvest expenses compared to prior years.
• On-Farm Impact: For average crop farms (such as those tracked in the Midwest and Plains), annual diesel outlays have climbed by tens of thousands of dollars, forcing producers to switch to more fuel-efficient equipment or reduce field passes.
Fertilizer Price Changes
• Nitrogen (Urea, Ammonia, UAN): Nitrogen products hit historic peaks during the 2022 global energy crisis, stabilized somewhat, and then spiked again by 30% to over 47% following mid-2026 trade and shipping chokepoints. Urea prices rose from roughly $455 per ton earlier in the cycle to near $700–$917 per ton depending on the region.
• Phosphates (DAP, MAP): Phosphate prices experienced steep multi-year climbs compounded by import tariffs and countervailing duties (such as on Moroccan imports). Gulf diammonium phosphate (DAP) prices climbed roughly 36% in under a year to nearly $800–$917 per ton, while monoammonium phosphate (MAP) reached around $960 per ton.
• Potash: Potash prices rose roughly 21% globally compared to prior baseline years, pressured by supply concerns and Canadian import/tariff risks.
• Overall Burden: According to American Farm Bureau Federation (AFBF) surveys, roughly 70% of U.S. farmers report that fertilizer prices are so high they cannot afford to buy all the product they need for full production.
• U.S. Cropland Cash Rent: Up 15% overall since 2020, reaching an average of $160 per acre in 2026 (down slightly by 0.6% or $1 from the peak the previous year).
• Minnesota Cropland Rent: Statewide weighted average rent reached $212.66 per acre, marking an 18.14% increase over a 5-year period.
• Regional Variations (5-Year / State Trends):
• Most states saw rent increases in the mid-teens to low 20% range.
• Some states experienced much sharper jumps, such as Massachusetts (38%), New York (33%), and Maryland (27%).
• A few areas like California and Hawaii saw reported averages drop roughly 25% from earlier peaks, though they remain among the highest-rent markets in the country.
• Wheat: Up 2.4% over the last 5 years, moving from $7.34 to $7.52 per bushel (as of October 2026).
• Soybeans: Up 7.3% over the last 5 years, moving from $11.95 to $12.83 per bushel (as of October 2026).
• Corn: Down 7.6% over the last 5 years, dropping from $5.23 to $4.83 per bushel (as of October 2026).
Fuel Price Changes
• Diesel Prices: Farm diesel and on-highway diesel prices have surged significantly. While diesel hovered around $2.80 to $3.81 per gallon during various baseline periods, regional spikes—such as during conflicts in 2026—pushed diesel past $5.35 per gallon in many areas.
• Percentage Increases: Farm diesel prices have seen sharp short-term jumps of 30% to 46% during acute supply shocks, adding thousands of dollars per farm in annual operating and harvest expenses compared to prior years.
• On-Farm Impact: For average crop farms (such as those tracked in the Midwest and Plains), annual diesel outlays have climbed by tens of thousands of dollars, forcing producers to switch to more fuel-efficient equipment or reduce field passes.
Fertilizer Price Changes
• Nitrogen (Urea, Ammonia, UAN): Nitrogen products hit historic peaks during the 2022 global energy crisis, stabilized somewhat, and then spiked again by 30% to over 47% following mid-2026 trade and shipping chokepoints. Urea prices rose from roughly $455 per ton earlier in the cycle to near $700–$917 per ton depending on the region.
• Phosphates (DAP, MAP): Phosphate prices experienced steep multi-year climbs compounded by import tariffs and countervailing duties (such as on Moroccan imports). Gulf diammonium phosphate (DAP) prices climbed roughly 36% in under a year to nearly $800–$917 per ton, while monoammonium phosphate (MAP) reached around $960 per ton.
• Potash: Potash prices rose roughly 21% globally compared to prior baseline years, pressured by supply concerns and Canadian import/tariff risks.
• Overall Burden: According to American Farm Bureau Federation (AFBF) surveys, roughly 70% of U.S. farmers report that fertilizer prices are so high they cannot afford to buy all the product they need for full production.
• U.S. Cropland Cash Rent: Up 15% overall since 2020, reaching an average of $160 per acre in 2026 (down slightly by 0.6% or $1 from the peak the previous year).
• Minnesota Cropland Rent: Statewide weighted average rent reached $212.66 per acre, marking an 18.14% increase over a 5-year period.
• Regional Variations (5-Year / State Trends):
• Most states saw rent increases in the mid-teens to low 20% range.
• Some states experienced much sharper jumps, such as Massachusetts (38%), New York (33%), and Maryland (27%).
• A few areas like California and Hawaii saw reported averages drop roughly 25% from earlier peaks, though they remain among the highest-rent markets in the country.
61-69, M