Aerial drone image of farmland landscape in Iowa (Image: Shutterstock).

Over the last year, the cost of fertilizer, seeds, fuel and farming equipment have all risen sharply, creating major challenges for U.S. farmers and impacting net farm income. Meanwhile, supply chain issues, long-term drought and ongoing labor shortages have compounded issues.

Unfortunately, these challenges may worsen. Three-quarters of farmers polled for the Ag Economy Barometer expect farm input costs to increase by another 20% this year. Consequently, net farm income is expected to take a $9.7 billion hit, according to the USDA.

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