What is in this article?:
Uncertainties abound for corn and soybean production in 2013. Potential drought, crop insurance payouts, and commodity prices are just a few major unknowns. To help growers prepare for the next year, Farm Industry News put together a buyer’s forecast of interest rates and the costs of production inputs and land. Featured here is the 2013 forecast for fuel.
The rest of the input forecasts may be found here:
While there is no crystal ball for exactly predicting future fuel prices, experts expect that fuel prices in general will remain stable in 2013 and may even be slightly lower than 2012 prices.
The U.S. Energy Information Agency (EIA) released its predictions for average fuel prices for 2012 and 2013 on Oct. 10, which show that diesel fuel prices will average $3.81 per gallon in 2013, compared to an average of $3.98 per gallon in 2012. Regular gasoline prices will average $3.61 per gallon for this year, while 2013 prices will average $3.44 per gallon, according to the EIA’s report.
These predictions should come as a relief to farmers after a tough 2012 growing season paired with high fuel prices at certain times throughout the year.