2022 Spring Farm Outlook

Page 10 Spring 2022 Logan County Farm Outlook LINCOLN DAILY NEWS March / April 2022 Spring 2022 Logan County Farm Outlook LINCOLN DAILY NEWS March / April 2022 Page 11 chain woes aren’t projected to disappear in 2022, this year could mark a turning point. Companies and suppliers are making big investments to add capacity and are increasingly adopting new technology that will drive efficiencies and lower costs.” In “The Big Challenge for Supply Chains in 2022,” it says a business must “be resilient and capable of adapting to major disruptions so that it can develop long-term strategies and solutions to these complex challenges.” These strategies and solutions are key to business sustainability. As the article ‘Understanding Components and Parts Shortages’ says, “No matter what the future holds for component supply, it’s important to have a robust supply chain strategy, complete with sourcing plans and strong supplier relationships, in order to protect your own operations. And if good times are around the corner, it still is prudent to plan ahead for the next component or parts shortage and big disruption.” When facing various challenges in the agricultural industry, resilience, preparedness and adaptability are important. [Angela Reiners] Resources: Jabil. Understanding Parts and Components Shortages (and How to Survive them). https://www.jabil.com/blog/understanding- component-supply-shortages.html Purdue University CME Group. “Ag Economy Barometer Declines, Producers Concerned About Rising Costs and Supply Chain Disruptions.” February 1, 2022 https://ag.purdue.edu/commercialag/ ageconomybarometer/ag-economy-barometer- declines-producers-concerned-about-rising- costs-and-supply-chain-disruptions/ World Economic Forum. “The Big Challenge for Supply Chains in 2022.” January 2022. https://www.weforum.org/agenda/2022/01/ challenges-supply-chains-covid19-2022/ USDA Economic Research Service. “Fertilizer prices spike in leading U.S. market in late 2021, just ahead of 2022 planting season.” February 9, 2022. https://www.ers.usda.gov/ data-products/chart-gallery/gallery/chart- detail/?chartId=103194 Zimmerman, Sarah. “2022 Supply chain outlook features shortages, high delivery costs.” January 31, 2022. https://www.supplychaindive. com/news/supply-chain-outlook- 2022-shortages-labor-rates- capacity/618052/#:~:text=Shortages%2C%20 labor%20constraints%2C%20limited%20 storage,could%20mark%20a%20turning%20 point.