Ag economist says don’t wait too long to make decisions for next year
Skyrocketing fertilizer prices have some Midwestern farmers dragging their feet as they plan for the 2022 growing season.
Ag Economist David Widmar with Agricultural Economic Insights says farmers shouldn’t wait too long. “Not making a decision now is in effect making a decision,” he says. “You want to be very careful and you also need to ask yourself what would cause me to change my mind and get me off the fence and help me make a decision as I head into 2022.
He tells Brownfield farmers have so many decisions to make this year it can be paralyzing, which creates its own unique set of challenges. “It’s a question of how do I make these decisions of what to plant and when to plant them,” he says. “The stakes are going up and there’s always this looming uncertainty where commodity prices will be in six to twelve months or where fertilizer prices will be in six to twelve months.”
Widmar says at the end of the day farmers need to be very specific as they review their budgets and figure both costs and revenue projections.
AUDIO: David Widmar, Agricultural Economic Insights