An ag economist says education is key when it comes to the current lending environment.
Matt Erickson, ag economic and policy advisor with Farm Credit Services of America says higher interest rates are forcing farmers to treat their operations more like a business. “We had prime at 3.25%,” he says. “Things were a little more easy to manage on the interest rate environment. Now we’re at 8.25 to 8.5 percent.”
He tells Brownfield pencils are going to get really sharp in 2024 and beyond.
