Nebraska Governor Pete Ricketts announced a plan last week to stabilize the ailing farm economy and grow agriculture in the state. It included property tax reform, expanding trade opportunities and curbing regulatory reform. Nebraska’s Director of Agriculture Greg Ibach says they’re also working with the University of Nebraska to determine the financial status of the industry and where farmers need assistance.

He says currently the Department is also working with farmers on risk management and marketing.

Ibach says cow calf producers may still be slightly profitable, but most fed cattle and hog producers are now in the red after steep drops in those markets. And grain farmers have been in the low price cycle the last three years. However, so far he doesn’t think this can be termed a crisis like the 80s, especially with the low interest rate environment.

He says while the agricultural economy is struggling, farmers will survive this down cycle in commodity prices just as they have in the past.