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K.C. Fed: Crop prices give slight boost to weak farm economy
A survey of ag bankers in the Federal Reserve’s Tenth District—the Kansas City District—shows that while farm income remained weak in the second quarter, the pace of decline slowed somewhat.
The report says an increase in crop prices and the 2019 Market Facilitation Program announcement may have led to less pessimistic expectations about farm income in coming months. But it says severe weather and flooding could dampen the outlook for some farm borrowers in 2019.
The survey found the share of new farm operating loans denied by bankers declined slightly after reaching a five-year high a year ago. It also showed farm real estate values across the district were nearly unchanged from a year ago.
The Fed’s Tenth District includes Nebraska, Kansas, Oklahoma, Colorado, Wyoming, the western part of Missouri and the northern part of New Mexico.
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