Ag Economy Barometer Slides Two Points as Financial Uncertainly Looms

Rising input costs and uncertainty about the future contributed to a two-point drop in the Ag Economy Barometer, now at 97. 51% of survey respondents believe their farms will be in a more challenging financial situation one year from now. This marks the most negative level reached since the responses were collected starting in 2015. Inflation and input challenges continue to be at the top of farmer concerns, with 60% of respondents expecting the rate of consumer items to exceed 6% a year from now and 63% expecting higher input costs in 2023. 19% of producers responded that they intend to change their crop mix in the upcoming year, while 46% indicated a shift to a higher percentage of soybeans and 21% to corn.

While land prices and farmland values remain a bright spot, farmers remain skeptical that the June levels will continue to rise.

Read more on the latest Ag Economy Barometer results.