Northeast Agriculture: A Challenging Year on the Horizon for Some Sectors; Bright Spots in Others
Farm Credit East Releases Quarterly Industry Snapshots
February 5, 2018
Despite a fairly robust general economy, 2018 looks like it may be a challenging year for many agricultural sectors, according to the recently released industry snapshots from Farm Credit East. The financial cooperative expects northeast net farm income to decline in 2018, due mainly to weak commodity prices, but there are also a number of bright spots and some improvements are in the forecast.
Cash field crops in particular are dealing with adverse pricing. Dairy prices improved somewhat in 2017, but are looking lower for 2018. On the flip side, the nursery and greenhouse industry, which have had improving economic conditions for the past few years, are expected to have relatively good results. There are also snapshots covering such industries as fruit, vegetables, commercial fishing and forest products.
Overall the snapshots show a mixed bag for Northeast agriculture, with some sectors performing well, while others are more challenged. Farm Credit East remains committed to the success of Northeast farming, fishing and forestry, and will continue to work with producers through the highs and lows of industry cycles. For a deeper dive into Farm Credit East’s outlook for any of these industries, click here to view FarmCreditEast.com's Industry Snapshots.
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Contact: Kristie Matuszewski