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Economics and the 2022 outlook

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A new year and a new outlook. See what economists have to say about the upcoming year.

Happy New Year! Welcome to 2022! I can't wait to see what this next year holds! Did you make any New Year's resolutions? Personally, I'm hoping to say no more than I say yes, increase the amount of sleep I receive and get back to a consistent exercise schedule – a regimen I seem to abandon every year when the craziness of November and December hits. I'll keep you posted! 

Southwest Farm Press is kicking off 2022 with its Economic Outlook issue. Every January, Southwest Farm Press partners with economists and specialists from Oklahoma State University and Texas A&M AgriLife Extension to provide an economic overview of the upcoming production year.  

An economist/specialist from each institution jointly write an outlook article highlighting topics such as ag finances and ag policy to commodities such as livestock, cotton and grain. A trade and an overall U.S. economic outlook are provided as well.   

See, U. S. economic outlook and agricultural implications for 2022 

This year's outlook seems to be filled with cautious optimism. But isn't that farming every year? My farmer and I are having lots of discussions about do we buy inputs now and store them or do we wait to see if the price drops at the risk of availability? And if we are going to buy ahead, what are we going to plant and therefore need? Lately, due to the drought, we don't make next year's crop decisions this soon.

Another factor is weather. The drought has returned after a last summer's brief reprieve. That too influences what we can and can't grow. Lots of questions. We did decide to purchase Roundu;. When I asked my farmer how much it was, I immediately followed his answer with, "Do we have this insured?"  

No matter the outlook, my farmer, like many of you, is always looking for areas to cut back and increase efficiency. He'll do the same again this year. There are a lot of unknowns but that's nothing new for our industry. We'll take it a day at a time, pray for wisdom, run budgets and make the best decisions we can. It's what we do. 

As my farmer begins his 38th year producing this nation's food and fiber, Southwest Farm Press kicks off its 48th year telling the story of agriculture and providing information we intend to be helpful to this region's growers.  

What information would be helpful to you and your operation this year? What would ease your decision-making process? I don't think anyone makes more decisions in such a variety of areas like producers. And the weight of each of those decisions is heavy, especially with narrow profit margins. We want to do what we can to help lessen the load, so text or email at [email protected]. I may not be able to cover every topic, commodity or region suggested but I'll sure try! Happy New Year!  

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