Page 14 2024 Fall Farm Outlook Lincoln Daily News Oct 2024 As any farmer knows, there are many ups and downs when it comes to finances. Various factors such as input costs, lower income, and high interest rates can have a negative impact on a farm’s productivity. One input cost which has risen significantly in recent years is the cost of fertilizers. Lindsey Robinson, in a blog on the top challenges for modern agriculture in 2024 says, “These elevated costs are not only eroding profit margins but also hindering their ability to invest in crucial areas like advanced agricultural technology, soil health improvement practices, and essential crop diversification strategies.” Added to rising input costs is the likelihood of lower incomes. In an October 7 NPR report, Will Bauer said midwest farmers “will see decreased incomes this year, as the U.S. agriculture industry will likely have a down year compared to the last two.” The prediction Bauer has is that “Net farm income will fall 4.4% in 2024 — or $6.5 billion less than in 2023 — which is a much Facing financial challenges on the farm rosier projection than the U.S. Department of Agriculture initially predicted in February.” Other factors also impact income. Conterra Ag’s May 2024 article “At a Crossroads: American Farmers Under Stress” says, “Environmental challenges, such as extreme weather events, further compound the situation, posing risks to crop yields, livestock health, and infrastructure.” Furthermore, Conterra Ag notes, “These difficulties can disrupt infrastructure and supply chains, affecting the distribution of inputs such as feed, water, and veterinary services, as well as the transport of agricultural products to market.” Pressures such as “trade disputes and tariffs disrupt traditional markets and reduce demand for U.S. agricultural exports” which can also adversely affect farm incomes. Another adverse effect on incomes is higher interest rates. The higher interest rates mean farmers may put off purchasing more land. Tim Johnson, an area vice Continued --
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