A new year means new opportunities for everyone. When it comes to the agriculture industry, success is in the forecast for 2024. Ever-expanding tech trends, increasing support for conservation efforts, and the potential for lower interest rates over the course of the year are creating the perfect foundation for anyone trying to break into the industry. Discover why 2024 is a great year to start a farm with this quick overview of all the opportunities that await.
Potential Interest Rate Cuts
Rising interest rates have made purchasing and owning farmland tough lately, but the Federal Reserve has announced potential rate reductions in 2024—with more to possibly follow in 2025 and 2026. With three cuts totaling 0.75 percent indicated for 2024, the decrease can help offset rising operating costs and give farmers some extra breathing room. This makes 2024 the year to keep an eye on the market and get in with a farmland loan with a good interest rate.
Tech Trends Are More Accessible Than Ever
There are some huge innovations on the horizon that have the industry excited, like fully autonomous or robotic farming systems. But those aren’t necessary to find success on your farm. As big commercial operations wait for the next generation of technology, farm businesses of all sizes can enjoy the bounty of much more accessible technology.
Dependable tablets with efficient and intuitive apps for farm management, weather data, and more help you streamline management and handle backend operations with more ease and less stress than generations past. Keep an eye on Farm Management Software, compliance programs, local weather station integrations, and other useful tools that you can take advantage of on your farm.
Sustainable Farming Is Gaining Attention
Environmentally responsible businesses are growing in every industry, and agriculture is no exception. With conservation practices becoming more important than ever, farmers who prioritize sustainable and eco-friendly operations are steadily climbing ahead of their competitors.
In some states, governments are partnering with farms to fund and expand conservation efforts. Meanwhile, techniques like planting cover crops, preserving soil health, and revitalizing natural water sources all help farmers enjoy a healthier and more bountiful harvest. It’s a massive trend that will continue to prove lucrative and essential in the coming years, making this the perfect time to join in.
With so many exciting trends and opportunities throughout the industry, 2024 is a great year to start a farm. Let Farm Plus Financial set you up for success with a competitive farmland loan. Learn more about our ag loans in Oregon or talk to a team member to explore loan options in other states today.