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Changes in Agricultural Input Costs and Their Impact on Net Farm Income

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  • Taylor, Richard D.
  • Koo, Won W.

Abstract

The recent rapid increase in commodity prices is not an unique event. It has happened several times in the past. Commodity prices have always dropped, returning to a more normal level. Production costs, on the other hand, follow commodity prices up but do not follow them down. Net farm income has increased rapidly in most commodity sectors of agriculture. However, production costs have increased substantially during the past few years. Those cost increases will reduce net farm incomes in the future if commodity prices do not continue to increase.

Suggested Citation

  • Taylor, Richard D. & Koo, Won W., 2008. "Changes in Agricultural Input Costs and Their Impact on Net Farm Income," Agribusiness & Applied Economics Report 46888, North Dakota State University, Department of Agribusiness and Applied Economics.
    • Handle: RePEc:ags:nddaae:46888
    DOI: 10.22004/ag.econ.46888
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    File URL: https://ageconsearch.umn.edu/record/46888/files/AE637.pdf
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    References listed on IDEAS

    as
    1. Taylor, Richard D., 2017. "2017 North Dakota Agricultural Outlook: Representative Farms, 2017-2026," Agribusiness & Applied Economics Report 262019, North Dakota State University, Department of Agribusiness and Applied Economics.
    2. Taylor, Richard D. & Koo, Won W. & Swenson, Andrew L., 2008. "2008 North Dakota Agricultural Outlook: Representative Farms, 2008-2017," Agribusiness & Applied Economics Report 42500, North Dakota State University, Department of Agribusiness and Applied Economics.
    3. Taylor, Richard D. & Koo, Won W., 2008. "How Long Will the Agricultural Boom Last?," Agricultural Policy Briefs 228984, North Dakota State University, Center for Agricultural Policy and Trade Studies.
    Full references (including those not matched with items on IDEAS)

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    More about this item

    Keywords

    Agribusiness; Agricultural Finance;

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