Bidenomics: Farmers facing high interest rates and higher costs next year

Bidenomics: Farmers facing high interest rates and higher costs next year
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Farmers borrow short term money up front every year to pay for inputs and operating expenses. At harvest time when they sell their crops, they pay back their operating notes.
For the first time in 20 years, fast-rising interest rates have doubled the cost of short term operating notes, an impact a lot of farmers have never seen before.
“Farmers who are 40 or 50 years old have run cash flows and budget numbers for years, but they have never experienced the interest rate shock we have now,” said Brad Zwilling, vice president for data analysis with Illinois Farm Business...
Source: https://justthenews.com/nation/states/center-square/farmers-can-expect-high-interest-rates-and-higher-costs-next-year?utm_source=justthenews.com&utm_medium=feed&utm_campaign=external-news-aggregators