• Farmers borrow short term money up front every year to pay for inputs and operating expenses. At harvest time when they sell their crops, they pay back their operating notes.
• For the first time in 20 years, fast-rising interest rates have doubled the cost of short term operating notes, an impact a lot of farmers have never seen before.
• With all the expected 2023 price hikes, adding payments on a $100,000 tractor at 7% or 8% interest may not make sense, he said.

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