US Corn and Soybean Farmers Face Ongoing Financial Pressure
Corn and soybean farmers in the US are facing continued financial pressure despite recent improvements in commodity prices, according to a new survey.
The National Corn Growers Association (NCGA) and American Soybean Association (ASA) conducted a survey of 1,200 farmers, which found that nearly two-thirds of growers are moderately or very concerned about the farm economy.
About 46% of respondents said they are more concerned about their farm financial situation than they were a year ago. The recent increase in grain prices has not alleviated concerns over high input costs for these farmers.
NCGA Chief Economist Krista Swanson notes that stronger corn prices can improve sentiment, but farm profitability doesn't reset with one market move or crop year.