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The United States' agricultural economy had a good couple of years, with crop prices at record or near-record highs.

But this year, as interest rates rise, banks are to farmers and are falling. Farmers also have to deal with high costs for inputs like seeds and fertilizers.

鈥淚 expect that to spill over into farmland purchases by the farmer,鈥� said Ernie Goss, a regional economist at Nebraska鈥檚 Creighton University. 鈥淭he farmer, like the rest of us, is going to have to be prepared for higher interest rates.鈥�

The U.S. Department of Agriculture predicted that in 2023 after increasing the past two years. are expected to decline too.

Overall, however, the rural economy in the Midwest and Great Plains, which is closely tied to the agricultural economy, is still doing well, according to Creighton University鈥檚 latest , released this month.

鈥淲hat I expect and what our survey is pointing to is somewhat slower growth in the rural economic growth that we track here at the university, but it's still going to be positive,鈥� said Goss.

However, consumers should also expect food prices to stay high due to inflation.

USDA, Economic Research Service

Increases in land values are also starting to slow down, said Paul Schadegg, senior vice president at Farmers National Company, an agricultural landowner services company.

鈥淭hey were still increasing, but at a much more moderate rate,鈥� he said of land values, attributing some of the slow-down to rising interest rates.

have made it difficult for new young farmers to get into the industry, but this plateau might change that.

鈥淭here can be an opportunity for a new beginning farmer, or it could be for investors also,鈥� said Schadegg.

New opportunities for young farmers could be outweighed as the Federal Reserve continues to raise interest rates, though. Higher interest rates will affect farmers' ability to take out loans for equipment and real estate, said Wade Simpson of Ag Resource Management, an agricultural finance company.

鈥淚t鈥檚 going to put a strain on farmers to look at what they need to do,鈥� Simpson said, 鈥渁nd how how they need to do it.鈥�

Simpson said farmers need to prepare for these economic changes.

鈥淚t's understanding their budget, understanding their crop insurance coverages and not over leveraging, not over borrowing,鈥� he said.

Simpson said keeping crop insurance affordable in this year鈥檚 upcoming Farm Bill will be key to making sure farmers can stay in business, especially through extreme weather brought by climate change.

Rep. Randy Feenstra, a Republican from Iowa, said he and other members of the House Agriculture Committee are considering for beginning farmers. He and Rep. Angie Craig, a Democrat from Minnesota, also introduced the earlier this year, which provides better access to crop insurance for beginning farmers and veterans.

鈥淎griculture touches everybody's life, far more than we ever realize,鈥� said Simpson, 鈥渁nd that's why it's important that we're able to work with the farmers, even in the tough times and dark times.鈥�

This story was produced in partnership with , a collaboration of public media newsrooms in the Midwest. It reports on food systems, agriculture and rural issues.