The Federal Reserve Bank of Chicago recently released its May agricultural market newsletter, and it included data on agricultural conditions in Iowa. Nationwide Senior Economist Ben Ayers said the report highlighted some persisting struggles that Iowa farmers are dealing with.
While this tighter ag economy will likely cause producers to hold back on investments like machinery purchases, Ayers said there is still some opportunity to get some profits this year.
Ayers said it good that there is not a big squeeze on the economy as a whole right now, but producers still need to be prepared for the ever-changing market conditions.
Ayers added that, while interest rates will remain elevated for 2024, there’s a light at the end of the tunnel in the form of potential relief as we head into 2025.
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