Pierre, SD, USA / DRGNews
Feb 12, 2021 6:43 AM
The agriculture economy rebounded in the fourth quarter of 2020, according to the latest Ag Credit Survey from the Kansas City Federal Reserve Bank.
The average price of grains increased more than 20 percent from the previous quarter and reached six-year highs in December. Livestock prices, while still less than a year ago, also improved from lows reached earlier in the year.
Government payments provided broad support through the year, and, together with recent price increases, the near-term outlook for the farm sector improved dramatically.
The survey represents conditions in the Federal Reserve’s Tenth District, including Colorado, Missouri, Kansas, Nebraska, New Mexico, Oklahoma and Wyoming. A majority of bankers in the District indicated that farm income was higher than a year ago for the first time in eight years, boosting liquidity and loan repayment capacity and providing renewed support for farm real estate.
[상보] 뉴욕증시, 시장 과열 해소 노력·반발 매수에 상승…다우 0 99%↑
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Fewer new loans to farmers continued to drive a pullback in agricultural lending activity. The Kansas City Federal Reserve Bank reported this week that stronger prices for agricultural commodities, alongside continued support from government payments, may have reduced financing needs for some farmers and contributed to the slower pace of lending. A historically low number [.]