This past week, a panel of experts testified before the House Ag Committee regarding the severe economic challenges facing agriculture. Net farm income is forecast to decline by $43 billion from 2023 to 2024. This would be the most significant two-year decline in history. At the same time, production expenses are forecast to increase by $17 billion.

House Agricultural Committee Chair G.T. Thompson shared that the total farm sector debt will be the highest the U.S. has witnessed since at least 1970 by the end of 2024.

President of the Minnesota Corn Growers Association Dana Allen-Tully said plummeting crop prices, high production costs, doubling interest rates, natural disasters and tightening credit are depleting working capital. Securing loans may be a challenge. For farmers to break even this year, she estimates national corn yields must be 219 bushels per acre and soybeans 56 bushels per acre. These are higher than the 10-year average.

Read more on the severe economic challenges facing agriculture here.