Department of Agriculture predicted that farm income would decrease in 2023 after increasing the past two years. “The farmer, like the rest of us, is going to have to be prepared for higher interest rates.” “I expect that to spill over into farmland purchases by the farmer,” said Ernie Goss, a regional economist at Nebraska’s Creighton University. Farmers also have to deal with high costs for inputs like seeds and fertilizers. The United States' agricultural economy had a good couple of years, with crop prices at record or near-record highs.īut this year, as interest rates rise, banks are lending less money to farmers and agricultural equipment sales are falling.
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