Farm input costs were up in nearly all areas in 2022. Farmers were stretched this year by high gas prices, supply chain disruptions, and in some cases product shortages. Farmers Business Network Chief Economist Kevin McNew says that next year could hold similar tests.
McNew says that the past few years have challenged the supply chain in all phases.
When thinking of ways to reduce costs on the farm, McNew says that it all starts with finding ways to lower your input costs. He says that right now is a great time to make plans for your operation for next year.
Kevin McNew says that farmers should always try and follow the national and world agriculture industry news because it can have a knock-on effect for Iowa farmers. He also says you should not overreact to day-to-day market news that changes very quickly.
For more information visit https://www.fbn.com/
