More than half of the 70 agriculture economists surveyed in Farm Journal’s Ag Economists’ Monthly Monitor believe the U.S. agriculture economy is in a recession. A majority 75% think it’s on the brink of one. This is up from 56% who responded that way last month.

Farmers face volatility in commodity prices, and many economists cite issues like financial pressure on certain crops and regions, overproduction and soft exports. While some producers with diversified operations or off-farm income are managing, highly-leveraged producers and those concentrated in row crops are struggling. The livestock sector, particularly cattle and dairy, is outperforming other sectors.

Purdue economist Michael Langemeier noted that 2023 has been one of the worst years in the last 20. He compared it to 2007, which marked the start of the ethanol boom. Though most farms have healthy balance sheets, the financial strain is mounting for others.

Read more on the Farm Journal’s Ag Economists’ Monthly Monitor here.