Meyer: Farm Economy Is In Great Shape
In addition to American farmers earning a record high net income this year, experts say the financial health of the farm sector is better this year both from a farm debt and farm equity measure. USDA chief economist Seth Meyer said by the time 2022 has come to a close, "Equity and assets are expected to rise she got at 4.1 and a 3.5% increase respectively so that's a good conclusion to the year if we close the book at those forecast numbers."
Plus, Meyer noted, as far as the ratios between farm debt and farm asset values and between debt and equity, those figures have fallen for the first time since 2012. Spiro Stefanou, Administrator of USDA's Economic Research Service said not only are farm asset values growing faster than debt but also, “bankruptcy rates are the lowest since 2004.”
Meyer added when looking at the entire farm sector, things are “in the best shape they’ve been in years.”
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