The number one priority for farmers is feeding the world. Unfortunately, the number of people who are food insecure worldwide is on the rise.
During a panel discussion at the recent American Farm Bureau Federation Annual Convention in Puerto Rico, AFBF Chief Economist Roger Cryan told attendees that global food insecurity is rising.
For the past 40 years farmers and producers have had a fairly stable environment for helping to provide the world with its food supply. Unfortunately, 2023 should feature more hurdles and turmoil says Cryan.
One of the biggest challenges in 2022 to the world food supply was the Russia-Ukraine conflict. Production inputs from the area were suddenly made unavailable which created many knock-on effects.
This year will also continue to feature two of the biggest roadblocks that farmers and producers have dealt with recently. Inflation and rising interest rates are not going away according to AFBF Chief Economist Roger Cryan.
Of course, there are also a lot of positives at the start of the new year for U.S. farmers and ranchers. United States agriculture is dealing with record production costs but at the same time is enjoying high grain prices and record farm income.
AFBF advises farmers to plan, know your break-even points, manage controllable variables and preserve working capital.
