South Central Nebraska farmer Mike Bergen says rising interest rates have made it difficult for some producers to keep a strong balance sheet.
“I think the Fed is trying to curb inflation in Washington,” he said, “but it’s a double-edged sword. It’s definitely hitting the pocketbooks of farmers in rural America.”
He tells Brownfield he’s already looking at his risk management plan for 2023. “Cash is king and staying flush is going to be very important in not overextending ourselves.”
Bergen says interest rates are the highest he’s seen in over a decade.