Have Farm Custom Rates Kept Price with Machinery Costs?
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Average custom rates for eight common
farming operations as reported in surveys
done in Iowa and Kansas in 1995 were
inflated to 2015 values (Iowa) and
2013 values (Kansas) using the Prices
Paid indices gathered by the National
Agricultural Statistics Service (NASS).
The projected rates were generally higher
than the average rates reported in surveys
completed in the corresponding years,
except for planting. Possible explanations
for the lag in custom rates include
uncertainty about fuel prices, improved
fuel efficiency, improved field efficiency,
adoption of larger equipment where
economies of size exist, and extension of
field hours per season.