anticipated needing a larger loan said it was because of unpaid operating debt. Tat percentage fell to 20 percent in 2021 and to 13 percent in 2022 before declining again to just 5 percent in 2023.
“Te sharp decline in the percentage of producers expecting to carry over unpaid operating debt is important,” said Mintert. “It supports the idea that the vast majority of producers are entering 2023 in a strong financial position despite the rise in production costs.”
CoBank 2023 Outlook Report
Te CoBank 2023 Outlook Report was released in mid-December of 2022. It examines several key factors that will shape agriculture and market sectors that serve rural communities throughout the U.S. Te top financial and economic impact issue it addressed was inflation and the probability of a recession. It noted the labor market remains very tight, consumers are still spending aggressively, and corporate profit margins have hit record levels despite high inflation. Even if a recession is coming, it will take several months for these factors to reverse course. Would businesses lay off workers following the extreme staffing challenges of the past two years? Te loss of more than 2 million workers since 2020 is contributing to higher inflation, but the void their exit has left could also cushion the economy from the worst of a downturn in 2023.
Rural communications face crosscurrents. Increasing broadband access helps insulate the industry against economic weaknesses. But challenges are emerging from a weakening economy, tightening capital markets, and aggressive network build activity across a wide range of market actors. Te biggest risk to network builds in 2023 will be the tight labor market and ongoing supply chain issues.
Other potential impact areas include: the Federal Reserve’s rate increases; Farm Bill decisions; tightening farm margins; the biofuel market; drought and water use restrictions; rural electricity and energy security; and global market instability. Read the full report at the link that follows.
https://www.cobank. com/knowledge-exchange/general/the-year-ahead-forces- that-will-shape-the-us-rural-economy-in-2023?
Tools You Can Use
Farmers.gov Dashboard Pilot: A Gateway into Farmer-Focused Data and Information, was introduced by
Farmers.Gov on January 18, 2023. It consolidates farmer-focused data sets and local agriculture-related resources from the USDA and other government agencies on a single site for easy access to the information specific to a state and/or county location. No login is required, just select your state and county to view the resources. Tis pilot
40 TPI Turf News March/April 2023
phase is only available to Iowa but will be expanded soon. Learn more at the link that follows.
https://www.farmers. gov/blog/farmersgov-dashboard-pilot-gateway-into-farmer- focused-data-and-information.
On January 12, 2023, Purdue University released the eleventh version of the Global Trade Analysis Project’s GTAP database. It captures economic flows across 160 countries and regions, 141 of which represent individual countries accounting for 99 percent of global output and 96 percent of global population.
Tese flows are categorized into 65 economic sectors: 20 in agriculture and food, 25 in manufacturing and 20 in services, reflecting five reference years (2004, 2007, 2011, 2014 and 2017). GTAP serves as a database and analytical framework for trade policy analysis and to assess issues related to climate change, land use, and other environmental policies with global repercussions. Learn more at the link that follows.
https://www.gtap.agecon.
Suz Trusty is co-editor of Turf News. Graphic source: Ag Economy Barometer/Purdue
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