While production costs are predicted to be lower for farmers in 2024, interest costs may increase. NDSU Extension Ag Finance Specialist Bryon Parman does not anticipate interest rates themselves to be higher but net farm income has backed off creating a need for some producers to borrow more money. “We’re also not coming off of a record farm income like we were last spring,” said Parman. “We’ve seen production costs come down some, but data shows more lending and borrowing on non-real estate loans.” Lower grain prices are also contributing to the issue.
News Categories
Latest RRFN Podcasts
Subscribe to RRFN
Get a weekly digest from RRFN to stay up-to-date on all the latest news in agriculture.