A survey of farmers in Illinois shows many feel the overall financial health of their farms will remain the same next year as it has this year. The survey of Illinois Farm Bureau members found that 59 percent say they expect financial health to remain the same as in 2017, while 33 percent say they expect the overall financial health of their farms to decline in 2018. Combined, 92 percent of respondents say financial health of their farms will decline or merely remain the same. Illinois Farm Bureau senior economist Mike Doherty says commodity prices, input costs, and the overall farm economy are all factors that have been deteriorating farm income, adding that “farm income is unlikely to improve.” Meanwhile, 52 percent of the 275 respondents expect 2018 farm expenses to be higher than they were in 2017, while 48 percent expect them to be lower.
In response to the farm economy, 85 percent of the farmers plan to delay equipment purchases; and 26 percent plan to reduce hired labor costs, negotiate lower cash rents, and buy less expensive seed.
Source: NAFB News Service