The soybean seed market in the USA is booming: prices have risen by 260% since 1997, with total production costs up by 157%!

According to information provided by the Agriculture news portal, the cost of soybean seeds in the USA has increased by over 260% since 1997. At the same time, total soybean production costs have risen by 157%. These data were obtained from the Economic Research Service of the US Department of Agriculture and were published on May 17.

Researchers Brin Sveringen and Kate Waiknor of the Economic Research Service reported that in 1997, American farmers spent an average of $19.72 per acre on soybean seeds. Over time, these expenses have significantly increased, reaching $71.03 per acre in 2023, representing a growth of over 260%.

The highest increase in soybean seed costs was observed between 1997 and 2010, when the cost of seeds increased by 200%. Experts attribute the reason for such cost increases to changes in planting methods, planting technologies, and seed quality. They note that technological advancements have played a significant role in the increase in soybean seed costs.

In the mid-1990s, seed companies began offering genetically modified soybean seeds to American farmers. The introduction of such seeds into agriculture occurred gradually. In 1997, the adoption rate of genetically modified seeds ranged from 8% to 21% in different regions. However, by 2002, the share of such seeds had reached 60%, and then increased to 96%. By the end of 2006 and in subsequent years, genetically modified seeds were planted on at least 93% of all land in the US regions.

Representatives of the US Department of Agriculture note that possibly, partially due to technological advancements and improved seed quality, the cost of soybean seeds has increased in recent years.