Inflation impacting next generation farmers: Struggling with rising costs

Last Updated on April 20, 2024 by Robert C. Hoopes

Small farms across the country are facing an uphill battle as inflation and rising costs continue to squeeze their profits. Some farms may not survive to be passed down to the next generation, leaving families like Andrew Boerding’s in fear of losing their livelihood.

Boerding, a 6th generation farmer, is concerned about the future of the family farm as input costs such as fuel and machinery skyrocket, cutting into their already slim profits. The recent passing of a California law has further increased costs for small pork producers, adding to the financial strain.

According to recent data, U.S. farm real estate values have risen to $4,080 per acre in 2023, making it even more difficult for small farmers to compete. Missouri Farm Bureau president also noted that the competition for acres is squeezing out family farms, adding to the challenges faced by the industry.

The American beef industry is also at a record low, with a 7% decline in family farms. In response, Missouri has passed a new state law to incentivize beginning farmers in an effort to preserve the farming communities for future generations.

Despite the challenges, efforts are being made to support small farms and ensure their survival. It remains to be seen whether these measures will be enough to help struggling farmers like Boerding keep their family farms afloat for generations to come.