Ag producers are concerned about growing equipment costs
RAPID CITY, S.D. (KEVN) - The Black Hills Stock Show kicks off tomorrow at a crucial time for the ag industry. There are growing concerns about the continued rise in prices of agricultural goods and services.
Despite the rural economy remaining strong, bankers and ag producers are concerned about the rising costs of running and maintaining a farm or ranch. They say inflation is causing the price of everything from equipment, to fertilizer to go up.
Sam Seymour is a rancher and owner of Seymour Cattle Care. He said that the global supply chain crisis is also to blame.
“We can’t get help, we can’t get the product to build things, and when you do get it, the price is unreasonably high,” Seymour said.
As the price of farm equipment continues to rise, so does the price of feed for cattle, another necessity in maintaining a ranch.
Seymour said that this can have an effect on keeping the cattle where they need to be.
“I know there are cattle that will actually go down the road to owners that have enough feed,” Seymour said. “So, these poor guys are struggling to get by.”
However, economists say there’s still a growing number of agricultural exports that help the regional economies.
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