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High interest rates, inflation pressure farm income

High input costs continue to put the squeeze on farmers across the country.

Eastern Illinois farmer John Yeley says rising interest rates and inflation have caused him to spend less on fertilizer. “I got a bulk tank at home that can hold two semi loads,” Yeley said. “I looked up what I spent two years ago when I filled that tank and it cost me $18,000 for two semi loads. Now, one semi load would cost me $30,000.”

He tells Brownfield he expects more volatility in 2023. “Something is going to have to give one of these days,” Yeley said. “I’m afraid we’re going to have all of these really expensive inputs bought, and if the market tanks, you’d still have all of these high input prices and nothing to help pay for them. That’s going to put some guys in some trouble, and it won’t take long to do it, I think.”

Yeley says the price of farm equipment is another concern.