OMAHA, Neb. (AP) The Federal Reserve says farm income continued to decline across the Plains and western states this fall because crop prices remain weak.
The Federal Reserve Bank of Kansas City, Missouri, says more than half the bankers in the region say that farm income is lower than last year because the ongoing trade dispute has hurt crop prices.
The drop in #farm income in the 3rd quarter was sharpest in states with higher concentrations in corn & soybeans. https://t.co/lQFjLlI80C #Ag #Agriculture pic.twitter.com/3twFMKWWjt
— Kansas City Fed (@KansasCityFed) November 19, 2018
The bankers say farmers are borrowing more money because their costs are increasing at the same time that they are bringing in less income.
The 10th Federal Reserve District covers Kansas, Nebraska, Oklahoma, Wyoming, Colorado, northern New Mexico and western Missouri.
