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Inflation and Conservation, Part 2: When is Inflation “Not Just” Inflation?

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  • Coppess, Jonathan
  • Majumdar, Inder

Abstract

As farm incomes tumble from the 2022 peak, and all-time record levels, talk of recession ripples through farm country; harvest-time concerns become amplified by a survey of agricultural economists, half of whom responded that they think the farm economy is already there (McCullough, October 23, 2024; NAFB News Service, October 23, 2024; Farm Policy News, October 22, 2024; Morgan, October 21, 2024; Lotts, September 30, 2024; Peters, September 9, 2024; USDA-ERS, September 5, 2024). Much of the catalyst is the recent decrease in crop prices, pushed down by expectations for a large harvest and colliding with a continuation of high costs for the inputs needed to produce next year’s crop (farmdoc daily, October 8, 2024; September 24, 2024; September 17, 2024; September 10, 2024). The situation also revives discussions about the cost squeeze challenge for farmers (farmdoc daily, September 26, 2024). As previously noted, however, all the talk of inflationary and cost challenges for farmers ignores the implications for the costs of conservation (farmdoc daily, May 23, 2024). This article follows up on the previous discussion for added perspective on the potential impacts high costs can have for those farmers seeking to adopt conservation practices such as cover crops.

Suggested Citation

  • Coppess, Jonathan & Majumdar, Inder, 2024. "Inflation and Conservation, Part 2: When is Inflation “Not Just” Inflation?," farmdoc daily, University of Illinois at Urbana-Champaign, Department of Agricultural and Consumer Economics, vol. 14(193).
    • Handle: RePEc:ags:illufd:358414
    DOI: 10.22004/ag.econ.358414
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