Iowa ag economists who are looking into their crystal balls are finding what could amount to a challenging year in 2021 for farmers.
While land prices are expected to slightly improve, farm concentration is expected to continue, big crops are seen pressuring prices, input costs are seen as going higher, and more problems are seen for farm loans.
During a webinar Tuesday, a panel of Iowa State University (ISU) Extension economists did share some good news: China and the U.S. cannot do without each other.
For that reason, the biggest buyer of U.S. ag products is expected to remain a large customer. In addition to China’s insatiable appetite for soybeans, U.S. corn and soybean product exports are growing into other parts of world, the economists say.
Wendong Zhang, ISU Extension economist, says there are a lot of factors that will determine the direction of farmers’ income next year.
“A lot is hinging on the amount of government payments. Also, a lower interest rate tends to push the land market higher. While the interest rates have been significantly lowered to combat the coronavirus pandemic’s (impact on the U.S. economy), it takes a full…
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