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USDA says 2018 was year 4 for declining incomes
The USDA says farmers in 2018 had one of their worst years financially on record.
“It remains one of the weakest years for net farm income we’ve seen.”
USDA analyst Greg Lyons says last year was the fourth year farm incomes declined.
Cortney Cowley with the Federal Reserve Bank of Kansas City says off farm incomes are also down and bankers in their quarterly survey report “higher loan demand, lower repayment rates, and a higher demand for renewals and extensions.”
During the USDA’s Ag Outlook Forum, Cowley said stable farmland values and equity have kept many farmers from bankruptcy.
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