OMAHA, Neb. (WOWT) – Nebraska farmers are navigating uncertainty from commodity prices to borrowing costs, and it’s starting to show up in the latest numbers on the rural economy.
Ben Steffen, a farmer in Humboldt who plants soybean, corn and wheat, said the year has been tough.
“From a personal standpoint, this is the most expensive crop we have put in the ground,” Steffen said.
Economic indicators show decline
In a new study released from Dr. Ernie Goss at Creighton University, the Rural Mainstreet Index — a leading economic barometer for farmers — fell below the break-even mark for the fourth straight month.
“We’re all struggling to pay the bills, pay the rent, and put groceries and try to put something away for our families,” Steffen said.
The study finds nearly half of rural bank CEOs say financial conditions are getting worse.
Fuel and fertilizer costs strain budgets
Mark McHargue, president of the Nebraska Farm Bureau, said a lot of farmers are struggling with the prices of fuel and fertilizer.
“I would say it is probably the producers that did not have their fertilizer and fuel booked before the Iran conflict,” McHargue said.
Steffen said he cut back on fertilizer usage to try to squeeze every value out of what he had to buy.
Crop prices weaken
The report also mentions a weakening in crop prices, leaving farmers desperate to break even.
“We’ve had promises, we’ve had press releases, we’ve had commitments, that turn into nothing,” Steffen said.
McHargue said the mental stress is talked about all the time.
“I mean you can just see it on producer’s faces,” McHargue said.
“The pressure is nonstop, and it is going to continue driving people off the farm,” Steffen said.
Younger farmers trying to build a line of credit are among the most affected. The report says equipment sales are also in the red for nearly three years.
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