“It’s certainly not a time of prosperity like we saw in 2012 to 2014, but it’s also not a complete collapse of the ag economy like we saw in the 1970s and 1980s,” said Jackson Takash, Economist with Farmer Mac.

Heading into 2017, farmers are faced with more of the same: lower commodity prices depicting a dubious outlook for the new year.

“There is some level of optimism, but there is definitely a high level of concern going into the 2017 crop year,” said Alan Hoskins, CEO of American Farm Mortgage.

While 2016 wasn’t a record breaker in farm income, it panned out better than expected for many.

“The yields were exceptional, and honestly, the timing of the government payments was very helpful,” said John Gehrke, President of the National Association of Credit Specialists. “That is going to make a difference to the bottom line, which is something we didn’t’ see a year ago.”

Moods differ by region, largely dependent on yields. For AgStar, an association of Farm Credit covering portions of Minnesota and Wisconsin, their farmer customers saw bin buster yields, helping paint a rosier picture.

Read more in the AgNews Feed.