Farm Income Down 20-Straight Quarters

The Midwest and the Mid-South parts of the country saw farm income decline in the fourth quarter of 2018.  In spite of the pressure on farm incomes, the value of quality farmland, ranchland, and pastureland rose.

Those observations come from the latest Agricultural Finance Monitor, which is published by the Federal Reserve Bank of St. Louis.  Lenders continued to report declining farm incomes compared to a year earlier.  The last quarter of 2018 was the 20th-straight quarter of lower farm incomes.

Farm income expectations improved slightly in the first quarter of 2019.  The past surveys done by the Fed showed expectations of dropping farmland value.  In spite of that, quality farmland value rose 3.4% in the fourth quarter of last year when compared to 2017.  Cash rents for quality farmland rose 2.9% in the fourth quarter.

If you have a story idea for the Washington Ag Network, call (509) 547-1618, or e-mail gvaagen@cherrycreekradio.com