WASHINGTON — The increase in crop and livestock prices have generated significant profits for many farmers, which some are using to buy additional land. Growing demand has driven land values to record highs in many areas. Whether farmers are using cash or borrowing money, buying land should include a well-researched financial plan.
In today’s world of Agriculture, things are changing at a rapid pace. Some farms are becoming larger than ever imagined while others are drawing to an end. Agriculture has come a long way in just the last 10 years due to lower interest rates and higher commodity prices. The days of small scale family farms are beginning to disperse as larger operations take over.
Fast Facts About Agriculture in the United States
The farmer has to be an optimist or he wouldn't still be a farmer. — Will Rogers
Being an ag lender, I get the privilege of talking with several farmers in many different locations with many different sizes of operations. This also means different soils, different yield potential, and different costs and returns. No matter how different they can seem sometimes, they all share one common goal: profit.