The amount of debt held by America's farmers has risen rapidly to 1980s-lev...
WASHINGTON - The amount of debt held by America’s farmers has risen rapidly to 1980s-levels at $409 billion from $385 billion last year, with loan demand remaining “historically high,” U.S. Agriculture Secretary Sonny Perdue said on Wednesday.
The figures reflect a level of strain on the U.S. farm belt that is comparable to the agricultural crisis of three decades ago, this time driven by lingering weakness in commodity prices, storms damaging crops and loss of key export markets such as China due to President Donald Trump’s trade disputes.
But he added: “Relatively firm land values have kept farmer debt-to-asset levels low by historical standards at 13.5 percent, and continued low interest rates have kept the cost of borrowing relatively affordable.”In the 1980s, thousands of farm operations financially collapsed after producers dealing with low crop prices fell behind on high-interest land and equipment loans.
Farm incomes and agrarian credit conditions continued to erode in the second half of 2018 and for bankers one key concern has been the amount of farmland that could come up for sale in the coming months and whether that could trigger an across-the-board drop in land prices.
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