As a farmer it is never easy to predict what your income is going to be for a given year. There are always differing external factors that are affecting the market and of course the weather always plays a big role in whatever a farmer has to deal with in a given growing season.
Seth Myers, the chief economist for USDA, says farm income should be strong this year despite a lot of instability across the board from geopolitics to weather.
Commodity prices have climbed for several months, due in large part to global demand for U.S. commodities.
Myers says that prices have scaled back from the start of the Russian invasion, but the prices are still strong. Myers says farmers are anxious about the future due to a number of reasons.
He says there is also some anxiety about the future of the livestock markets.
That’s Seth Myers, the chief economist for USDA, at the recent Ag Outlook Forum in Kansas City.
