By Blake Jackson
Missouri farmers are expected to earn $4 billion in income this year, down from the record $5 billion in 2022 but still above the state's long-term average, despite facing significant challenges.
A new report by the MU Rural and Farm Finance Policy Analysis Center cited the pressures farmers have faced as they continue to produce despite extreme weather, high interest rates, market instability, and declining crop income.
At least 85% of Missouri counties are experiencing drought conditions, with 9% facing extreme drought. These conditions have generated an abnormally dry summer and fall, a trend that many attribute to climate change.
The policy analysis center's Monthly Monitor report for July highlighted these conditions as a critical factor in Missouri farm productivity.
Scott Brown, the interim director of the policy center, said this year's weather has taken a toll on farmers. Farmers are expected to harvest around 532 million bushels of corn in Missouri this year, an amount relatively close to the 2020 harvest of 561 million bushels. However, the yield per acre is expected to be much lower, at 145 bushels per acre compared to 171 bushels per acre in 2020.
Despite the challenges, Brown said crops have fared better this year than in 2012, when Missouri faced one of its worst droughts in 25 years and only harvested 75 bushels of corn per acre. A less severe drought and improvements in crop technology are to thank for this year's harvest.
Financial concerns also present a major challenge for farmers. High interest rates and rising fuel prices have put stress on both farmers and those who buy their products, cutting into farm income.
Crop insurance programs currently in place in Missouri, including the Agriculture Risk and Price Loss Coverage program, have reduced the impact of these problems. However, how they are implemented moving forward will depend on the language in the next farm bill.
Photo Credit: gettyimages-lishanskyphotography
Categories: Missouri, Business, Crops, Corn