The economic slowdown has affected the farm community as prices for commodities have dropped significantly over the past several weeks. However USDA Chief Economist Joe Glauber says there are some factors that may help offset the downturn in prices, specifically the lower price of oil and energy.
"I think that will be a relief to farmers as we should see prices for other energy related inputs fall somewhat, fertilizer prices in particular," Glauber says. "There's no question that with the lower grain prices and lower prices in general that returns should be off somewhat from the really high returns we saw last year."
Glauber says it may take some time but the lower input costs could help producers stay out of the red.