The president of Iowa Farm Bureau fears inflation is going to wreak havoc on agriculture.
Warren County farmer Craig Hill says it’s a major concern.
“We think back to the 1970’s (with) energy prices and then, of course, commodity prices always lag a little bit (from) inflationary pressure. But rising interest rates and what that has to do with capital investments and so on.”
Speaking to Brownfield at the Iowa Farm Bureau annual meeting in Des Moines, he says farmers should be able to weather inflated costs next year.
“Providing our exports continue, providing we still have an opportunity with refinement to ethanol and renewables, providing those things (are) maintained. But the concern is higher prices (for ag inputs) never seem to fade away.”
And Hill says history has proven when commodity prices eventually return to more normal levels, input costs will likely put farmers back in the red.