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

Richard D. Taylor and Won W. Koo

No 44821, Agribusiness & Applied Economics Report from North Dakota State University, Department of Agribusiness and Applied Economics

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.

Keywords: Production; Economics (search for similar items in EconPapers)
Pages: 22
Date: 2008-10
New Economics Papers: this item is included in nep-agr
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Persistent link: https://EconPapers.repec.org/RePEc:ags:nddaae:44821

DOI: 10.22004/ag.econ.44821

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