Tough stretch in farm economy may extend for years to come

United Soybean Board / CC

UNDATED (KELO.com) — U.S. farmers are several years into an economic downturn, and some experts say it could last several more years.  The Iowa Farm Bureau reports net farm income dropped by 53% between 2022 and 2024, with increased input costs taking most of the blame.  Iowa Farmers Union President Aaron Lehman says that means farmers must continue to tighten their belts.  “That piece of equipment that you would normally swap out or try to improve-you put off that purchase.  The soil inputs that you use to increase your long-term soil fertility, you cut back on.”  Lehman says the tough conditions are pushing many potential next generation farmers away from farming, which is leaving farmland that’s been held by families for generations to go on the auction block.