Farmers Business Network released its 2023 Ag Chemical Price Transparency Report which highlights the extreme price variation facing farmers. The report collected information from 37 states and accounts for over 800 insecticides, fungicides, and herbicides.
â€œThe last two years have seen extreme fluctuations in chemical pricing for farmers,â€ says Kevin McNew, chief economist and VP of FBN Research. â€œProviding more transparency enables producers to make more informed buying decisions to drive ROI from every input dollar.â€
Across 236 different chemical products, there was a 15 percent variance, on average, between the average list price of a product and the price farmers actually paid for it. For example, the average list price for Roundup PowerMAX 3 in June 2022 was $60 per gallon, but farmers paid between $45-$73 during that time.
FBN says extreme farmer-to-farmer variability suggests that chemical markets make it challenging for farmers to get uniform costs for ag chemicals.