USDA is projecting 2022 will be more challenging than this year.
Despite expectations from the Ag Department’s chief economist, farm income actually increased by 23 percent this year. However, for 2022, Seth Meyer warns farmers to keep an eye on things.
He expects a bit of softening on cash receipts compared to the good prices we have seen this year, and he wants producers to be prepared.
“I think the sector as a whole is prepared quite well in terms of you know debt to asset ratios and the health of the overall farm economy,” he explains. “I do worry a little bit about this late season run on input prices.”
Meyer said that he expects price increases for fertilizer, fuel, and other inputs to continue very high in the next year.
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