We have discussed the challenges, the black swan events, and the geopolitical challenges facing today’s markets. The Ag economy is under pressure like it hasn’t been since the 80s. However, we have one thing they didn’t have four decades ago. We have the lessons learned from the 1980s to help us navigate these times.
The other side of the equation is that we have a different set of challenges than we had in the 80s, and the prices are better. However, it’s inputs and uncertainty in a global marketplace that has us concerned this time around.
We have spent the last few days hearing from Dr. Sam Funk, CEO and economist for AgServe.com. We talked about the challenges we face, and how farmers can protect themselves while trying to make a profit for their family businesses. While that can get to be a little tough to hear after a few days, Dr. Funk wants producers to know that for every challenge that has been thrown their way, there are things going right. There are challenges being met and overcome. This is also the time for farmers to think about the next step in the family operation.
Dr. Funk talks about what Iowa farmers need to consider as the plans for 2023 move along.
If you missed the first segments of this series, you can find them on these links:
Part One: Are the 1980s back in the Ag economy?
Part Two: The global marketplace
Part Three: Challenges at home