Economic Tidbits

State of Nebraska Farm Ecomomy

Happy New Year from Tidbits! The ball has dropped in Times Square meaning it’s time for Tidbits’ assessment of the state of Nebraska’s farm economy. Last year, Tidbits described 2021 as odd due to the ongoing pandemic, rolling blackouts, increasing input costs, creeping drought, a December derecho, and supply chain bottlenecks. The Merriam-Webster dictionary defines odd as “differing markedly from the usual, ordinary, or accepted” or “not regular, expected, or planned.” After 2022, which brought extreme drought, roaring inflation, Russia’s invasion of Ukraine, escalating input costs, and continued supply chain troubles, describing events affecting Nebraska agriculture as odd is no longer appropriate. Odd seems to be the new normal. Yet despite it all, Nebraska producers emerge from 2022 financially sound and are firmly rooted to take on 2023. This week’s Tidbits will take stock of current farm financial conditions. Next week we will look towards what 2023 might bring.

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