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Farm loan delinquencies greatest in 9 years as costs slump

Farm loan delinquencies greatest in 9 years as costs slump

WICHITA, Kan. (AP) — The nation’s farmers are struggling to cover straight back loans after many years of low crop rates and a backlash from international purchasers over President Donald Trump’s tariffs, with a key federal government system showing the best standard price in at the very least nine years.

Many agricultural loans come due around Jan. 1, in component to offer manufacturers plenty of time to offer crops and livestock also to let them have more flexibility in timing interest payments for income tax filing purposes.

“It is starting to be a severe situation nationwide at least within the grain crops — those who produce corn, soybeans, wheat,” said Allen Featherstone, mind for the Department of Agricultural Economics at Kansas State University.

Whilst the government that is federal delayed reporting, January numbers reveal a complete increase in delinquencies for many manufacturers with direct loans through the Agriculture Department’s Farm Service Agency.

Nationwide, 19.4 per cent of FSA direct loans were delinquent in January, when compared with 16.5 % when it comes to exact same thirty days a 12 months ago, stated David Schemm, executive director of this Farm Service Agency in Kansas. In the past nine years, the agency’s January delinquency rate hit a higher of 18.8 % last year and dropped to the lowest of 16.1 per cent whenever crop prices were considerably better in 2015. Continue reading Farm loan delinquencies greatest in 9 years as costs slump