2016 Projected to be a Tough One for Iowa Farmers
Agriculture has seen a downturn over the last few years, and 2016 is expected to be no different.
The American Farm Bureau Federation's annual convention was held last week in Orlando, and Iowa farmers were surveyed about their conditions.
34 farmers responded to the survey. 84 percent of them expect farm income to decline this year.
Early estimation's indicate farm income dropped a staggering 38 percent last year to $56 million. Income hasn't been that low since 2002.
Iowa Farm Bureau Federation President Craig Hill said that corn producers have been selling their product for an average of $3.30 a bushel. If prices fall below $3, that will be more than the cost of production.
To combat the decline in income, farmers have been cutting costs. This means delaying equipment purchases or rationing use of fertilizers and pesticides.
Another survey recently asked Iowa farmers which Presidential candidate they'd most likely vote for. Republican Ted Cruz was the top choice, followed by Donald Trump, Marco Rubio and Democratic front-runner Hillary Clinton.