The impact of high input prices will continue to impact farmers and rural economics into 2024, according to a recent survey of 50 agricultural economists. Most economists agree the next 12 months will present more financial challenges for agriculture.
The first survey of its kind, published by the University of Missouri and Farm Journal, collected insights from both the public and private sectors across the varying geography and realms of agriculture yielded the following highlights:
- U.S. agricultural financial health is trending lower and is expected to decline over the next 12 months.
- Production costs, geopolitical challenges, global competition and ongoing drought and demand headwinds are the primary reasons why.
- The majority of surveyed economists expect farm income to drift lower, landing closer to the five-year average in 2024.
- High production expenses remain the biggest challenge in 2023.
- Economists expect crop prices to decline this year and in 2024.
- Beef cow supplies are expected to decline this year.
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