A USDA report released June 30 shows that farm input costs continue to rise, putting additional financial pressure on farmers and ranchers. The study, called the Agricultural Prices report, looked at farm input costs in the month of May 2022 compared to input costs both one month prior and one year prior.
USDA collected data for the May Prices Paid Index by randomly contacting more than 8,500 farms nationwide with an average response rate of 75% to 80%. The report found that farmers across America continue to face rising costs for feed, fertilizer, fuels and other inputs. In May, the price of livestock feed increased 0.8% from April and 15% from May 2021. Although concentrates fell in price, that was more than offset by higher prices for complete feeds, feed grains, supplements, hay and forages.