The sharp increase in production costs combined with fluctuating crop and livestock prices, changing environmental and tax policies along with COVID uncertainties are impacting a farmer’s outlook on the economy. The November Purdue University/CME Group’s Ag Economy Barometer declined by five points from the previous month due to pessimism from farmers in the near and long-term. Forty-three percent of farmers taking the monthly survey expect farm input prices to increase by more than 16 percent in 2022. In addition to rising fertilizer costs, farmers also face price increases for farm machinery, seed and fuel prices.
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