Will The Convergence Between Artificial Intelligence And Precision Agriculture Lower Farming Costs?

Summary

• After input costs rose 80-250% during the supply chain shocks associated with the coronavirus crisis and the Ukraine War,[1] crop production costs hit record levels in 2022.
• Coupled with labor shortages,[3] net farm income in the US is likely to drop 18% this year, according to U.S. Department of Agriculture (USDA) forecasts.
• Moreover, because US crop yields have plateaued during the past five to six years, farmers are seeking innovative ways to lower costs and improve profitability.

piranka

By Daniel Maguire, ACA, Research Associate

Crop production in the US is facing significant cost pressures. After input costs rose 80-250% during the supply chain shocks associated with the coronavirus crisis and the Ukraine War,^[1] crop production