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Ag Economy Outlook

Ag Economy Outlook

Photo: WNAX


As farmers wrap up this year’s harvest, they are already beginning to look ahead for the next crop season.  However, the economic climate for agriculture is different heading into 2023.  Many farmers within the region suffered yield reductions due to the ongoing drought, they are facing high inputs costs for fuel, fertilizer, seed, and crop protection products, and on top of that interest rates are higher.  Dan Poppe is a Senior Vice President and Ag Loan Officer with Elkhorn Valley Bank and Trust headquartered in Norfolk, Nebraska.  He says he is telling his farmer clients to remain optimistic and to be in constant communication with the lender.  Land values and cash rental rates are increasing, along with both new and used equipment, but Poppe says farmers are still interested in upgrading and expanding their farming operation if the numbers add up.  Poppe was asked if economic conditions could burst sending agriculture into a recession crisis like what had occurred in the 1980’s?

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