Release Date:
Rabobank conducted its Farm & Ranch
survey
to gauge farmers' confidence among target regions in the U.S. Its research found less than 5% of farms saw an improvement in income this year, a drastic downturn compared to the same time last year when 25% saw better year-over-year income.
"U.S. farmers and ranchers continue to take a consistently conservative position when anticipating future performance, irrespective of the recent market volatility," said John Ryan, president and CEO for Rabo AgriFinance.
Higher input costs continue to be the most frequently mentioned economic challenge facing U.S. farmers. Three in five farmers rank it the primary factor that has contributed to their economic challenges. Additionally there is an increasing concern regarding reduced demand (55%) and weather conditions (57%). Nearly all surveyed (94%) are concerned about price fluctuations.