September of 2006 was a memorable time for my wife and me. That was when Hoosier Ag Today went on the air. HAT was a leap of faith for us and for those who backed us. A lot has happened during the past five years including business success, making new friends and reconnecting with old ones.

It has also been amazing to see what has happened in agriculture in the past half decade.

When HAT did its first market report corn was above $4, soybeans were above $7, and farmers were asking how long would the boom last? My wife was also asking, “Will this business venture last?”

The answer to both questions is yes. Four-dollar corn has become $7, and soybeans have consistently topped $13.

The ethanol industry that had just started the boom in corn prices in 2006, and many questioned how far renewable fuels would go. Oil prices were around $60, and Dr. Chris Hurt at Purdue questioned if the ethanol industry could survive without government subsidies if oil prices remained at these levels.

Well, oil prices haven’t visited the $60 in years; ethanol subsidies will end next year and the industry is doing quite well. The question in 2006 was “Will we go from boom to bust?” The answer has been that we have gone from boom to boomer.

In 2006, land prices had not begun to heat up, and input costs had yet to explode. Since then, land prices have reached levels never dreamed of by even the most visionary banker, and input costs have jumped to levels that would destroy any balance sheet.

Yet, despite these unexpected changes, farmers have adopted and adapted and responded to market incentives which is something only possible in a capitalistic free market economy.

During the past five years, the world and U.S. economies have spiraled downward, seemingly out of control. This stands in sharp contrast to the farm economy. But, can this continue? That is the question being asked today.

Not only fears about the U.S. economy, but also worries about the world financial situation could bring the high flying ag economy to its knees. In the past five years, farmers have used innovation and inspiration to prosper in a volatile farm economy.

During the next five years, U.S. and world leaders will need to demonstrate inspiration and innovation to correct the current economic situation.

Their success or failure will determine the future of the U.S. and world farm economies. It may also determine if Hoosier Ag Today will get to celebrate a 10th anniversary.

The views and opinions expressed in this column are those of the author and not necessarily those of Farm World. Readers with questions or comments for Gary Truitt may write to him in care of this publication.