American Farm Bureau’s Chief Economist Dr. Bob Young is optimistic about 2017.
He was asked, ?With the rural community suffering from low commodity prices and overall depressed economic conditions, how long might these circumstances go on for farm families that are seriously feeling the effects of this situation?? Young indicates the economy in rural America may in fact moderate some during this year – assuming that the weather cooperates. But his advice is to hope for the best, but plan for the worst.
While all eyes have been on the damage being assessed in Kansas from recent winter storms, the verdict is still out on what impact it will have on wheat prices. But regardless what it is, Dr. Young says not to expect any dramatic changes in the market.
“On the wheat side – just an awful lot of wheat out there in the world right now,” Young shrugged. “I think there’s just enough supplies there, just hard-pressed to see a whole lot of price moves come out of that.”
In order to literally and figuratively weather the storm of these tough economic times in the ag sector, Young advises producers to carefully manage their expenses and keep their pencils sharp.
“It’s watching what’s going on, on the personal expense side,” he advised. “Folks that have been in business this long in agriculture know that.”
This interview was conducted in Washington, D.C., by Ron Hays of the Radio Oklahoma Network.
