(An Iowa News Service story) – A new report by Iowa agriculture experts says the current economic downturn could stretch years into the future, and advises farmers to pinch pennies, control what they can, and rely on methods they’ve used in the past to weather financial storms. Iowa’s agricultural economy is several years into a
downturn, and as input costs increase, profits are being eroded.
The report by the Iowa Farm Bureau says net farm income fell 53-percent between 2022 and 2024, a result of increased input and output costs. Central Iowa farmer and president of the Iowa Farmer’s Union says ag producers don’t have any new methods to turn to at this point, and must continue to tighten their belts.
Lehman says dire conditions for farmers make it especially difficult to convince younger people to
enter the profession, and make it increasingly difficult to transfer land to the next generation who may
not want to take a risk in the profession, often leaving farmland that has been in families for
generations to go on the auction block.
Lehman adds that uncertain economic conditions are trickling down to Iowa farms from
Washington, leaving farmers unable to plan, largely due to erratic tariffs imposed by the Trump
administration.
Lehman says the unstable trade picture is eroding the reputation of U-S farmers that have always been seen as reliable, and will wind up sending historically friendly trade partners elsewhere – if it hasn’t already.
