Farmers have been bracing for an increase in interest rates all year. However, Virginia Tech Ag Economist David Kohl says producers need to be thinking more about the trajectory of the rate increase than when it will happen.

He says even a modest increase in interest rates can impact an operation in the current lower price environment agriculture is in.

Kohl says agriculture is facing changing times and the record profits in 2007 to 2012 were an aberration.

Kohl was the keynote speaker this week at the National Ag Bankers Conference in Kansas City.