|Spring wheat was harvested in Kentucky to make way for a soybean crop. (Photo by Amrira Karaoud, Reuters)|
P. J. Huffstutter and Bianca Flowers interviewed 24 farmers and bankers and reviewed data from the U.S. Department of Agriculture and the Federal Reserve Bank of Kansas City. They found that some farmers are having to defer capital improvements because of higher interest rates.
"Montana farmer Sarah Degn had big plans to invest the healthy profits she gleaned for her soybeans and wheat this year into upgrading her planter or buying a new storage bin," they report. "Those plans have gone by the wayside. Everything Degn needs to farm is more expensive."