Borrowing costs on your operating loans will likely go up today.
The Federal Reserve is expected to raise interest rates again today in order to tame inflation.
Analysts believe that the rates will go up 50 basis points.
Those interest rates will contribute to farm margins tightening next year.
Economists at CoBank say that despite a solid ag economy over the last three years, they expect the industry to show some strain in 2023.
In addition to interest rates, high input costs and weakening demand are expected to put pressure on farm incomes and margins.
Another issue is China, which is looking to minimize its dependence on U.S. ag imports.
CoBank also predicts a mild recession in 2023.
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