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Minnesota farmer says rising interest rates impact bottom line

Southeast Minnesota farmer Rob Tate says rising interest rates will impact his bottom line.

“It will have some influence, as there’s some short-term borrowing needs on any operation at times. That’s another input that’s going to cost you a little bit more.”

The Cannon Falls corn and soybean grower tells Brownfield he’s talking to fertilizer and seed suppliers about prices for 2023.

“Obviously things are going to cost more (but) crop prices are still up, so you’re still trying to manage the margin in the end.”

Tate, a Minnesota Corn Growers Association board member, says he’s taking steps to manage cost of production both on the input side as well as making some future crop sales.