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KC Fed: Farm Economy Continues to be Strong
USAgNet - 05/23/2022

Agricultural credit conditions improved in the first quarter, and farm real estate values continued to increase alongside strength in the U.S. farm economy. Following a year of accelerating increases, the value non-irrigated cropland across much of the U.S. has soared in 2022 through March.

The sharp growth in land values persisted despite a slight increase in farm loan interest rates. With broad strength in farm finances, farm loan repayment rates continued to increase and credit conditions remained strong.

The outlook for agricultural credit conditions remained optimistic alongside persistently strong commodity prices. However, many lenders expected conditions to soften in coming months alongside the pressures to profit margins from higher input costs and harsh drought conditions in large portions of the country.

Farm real estate markets also remained strong, but reduced profit margins or higher interest rates could limit gains in land values in the year ahead.

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