Economist: Crop prices to drop in 2013

Farmers and ranchers in Idaho could expect to see less money for their crops this year.

On Thursday morning, Wells Fargo Bank hosted an agricultural business presentation.

The goal was to inform farmers on how to prepare their finances in the current economic state.

According to Michael Swanson, the Wells Fargo agricultural economist, crops like sugar beets, barley, and wheat will see a drop in prices because of better weather this winter. This could allow for a better chance for a good harvest.

Swanson also cautions on buying land. Although interest rates are low now, they could change in the future.

“We’re reminding them once again, how much leverage, how much debt do you want to have. It’s easy to move up living expenses and it’s hard to move them down,” said Swanson.

Idaho ranks 21st nationally for agricultural production within the United States.