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Farmers encouraged to keep eye on expenses as inflation slows

An ag banker says farmers need to maintain strong balance sheets even as inflation has slowed. 

Barry Benson with Nebraska-based First National Bank of Omaha (FNBO) tells Brownfield…

We do have to look to sharpen our pencils, make sure that we’re controlling costs where we can,” he says. “We always preach liquidity. Liquidity is king and cash is king in these times. So you want to make sure that you have some dry powder to be able to take advantage of opportunities as they come along.”

He says there is still uncertainty about whether interest rates will come down.

“Within the last two or three weeks, there was the sell down in the market about a week or week and a half ago, and we’ve recovered a few of those losses or declines. Some of that concern was in regards to upcoming potential for a recession,” he says.

He says the ag economy continues to be challenged by rising input costs and the cost of farm labor.