Seed prices going up is not a shock considering what commodity prices have done and how the cost of seemingly everything else has risen.
So what can you do about it?
Booking your seed early this year is the first step…
1. Early Discounts. Saving money with early discounts is even more important to help keep costs down in 2023.
2. Lock In Your Costs. Input expenses are up, but so may be your profits if you lock in your costs early. Knowing where you stand financially is very important as you set your plans for this coming season.
3. Financing. There are many financing offers on seed and crop protection products this year from suppliers, but your local banker may be your best choice. The only way to know what is best for you is to learn the details early and get locked in before any of these options dry up. Ag bankers often only have so much room for risk. Set up your meeting now.
4. New Products. Due to drought and other weather issues, supply of newer products may be more limited this year.
5. Best Germination Scores. You’ve always known that the best germination soybean lots go out first. Seed companies always push the best seed lots out first because they don’t know exactly how many units they will need and want to put their best foot forward.
6. Switch Hybrids Later. You can always switch hybrids later if needed, but order now. Just be careful with whom you book your seed. Ask questions up front BEFORE you pay. Can you switch hybrids and still get the prepay price on your new choices? Can you get your money back if you need it?
7. Spread Your Workload. Let’s face it – everyone is way too busy during and right after harvest to make the best decisions on inputs at that time. You just don’t have time to do the research or likely have the energy to pore through all the data when harvest is consuming everything you’ve got. Book seed early this year before harvest and make changes after harvest data comes in, if necessary.
There are many good reasons to book seed early this year. In most cases, there’s no risk in doing so. You will save money and have a better shot of getting the very best seed for your farm, which should result in more top-end yield and bottom-line profit, as well.