(Omaha) The U-S Department of Agriculture predicts farm income to be 20 percent lower this year. Farmland prices, however, may be telling another story.
“Farmland prices, which have been growing for the past 19 straight months, are looking very strong,” said Creighton University Economics Professor Ernie Goss. “Even though farm income is down, farmers are optimistic about the long term.”
Dr. Goss says there are several short-term challenges: lower commodity prices, lower exports to China, and a bigger crop in South America. Goss also says farmers have cut back on their equipment purchases, which has a spill-over effect on the larger economy.
