Market Analyst Offers Encouragement and Strategy for Weathering Tight Margins [Video]

Low prices for row crop farmers and higher input costs have had a material impact on farmers’ bottom lines as well as mental health. According to the most recent USDA Economic Research Service report, net farm income is forecast at $140.7 billion for 2024, down 4.1% (or $6 billion) from the previous year. When adjusted for inflation, net farm income is projected to decline $9.5 billion.

First, it is important for farmers to understand that they are not alone in their economic struggles. Second, it is also important for those who associate with farmers to understand the financial challenges that producers, particularly row crop farmers, are currently facing. This is where the mental aspect comes in. Be patient when listening to farmers and let them talk about their challenges. They know and understand they are in a business that doesn’t provide guarantees. It is important to be patient and empathetic …