Northern Plains farmers have been facing economic stress this year from low commodity prices and the effects of the trade war. However, they’re also seeing higher costs due to increasing interest rates, which the Fed is expected to raise three to four more times in the next year. SDSU Extension Risk Business Management Specialist Matt Diersen says producers are being negatively impacted by high costs and low revenue.

He says there are some steps farmers can take when to deal with economic stresses including renegotiating land rental rates.

Diersen says farmers may have to pay more attention to managing their input costs.

Diersen says eventually farmers will have to put 2018 behind them and start planning for 2019.