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Amid strong farm economy, some dire signs
http://www.msnbc.msn.com/id/24227498/
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“…from the beginning of 2003 to the end of 2008, total farm debt will have increased by about $52.8 billion, or more than 30 percent.
Recent reports filed by agricultural lenders shows (sic) the government's expectations are playing out in reality.
Farm Credit Services of Mid-America, which provided $12 billion in agricultural loans for farmers in Indiana, Ohio, Tennessee, and Kentucky last year, noted in its annual report for 2007 that high crop prices "have created a much more risky and volatile agriculture economy."
The group's lending was up 15.2 percent over the loan volume of the year before.
Omaha-based Farm Credit Services of America, which served 70,000 farmers in Iowa, Nebraska, South Dakota and Wyoming last year, reflected similar increases in farm lending.
Harl said the current farm economy reminds him of about 1974 or 1975 — several years before the boom went bust….”
http://www.msnbc.msn.com/id/24227498/
------------------------------------------------------------------------------------------------------------------------------
“…from the beginning of 2003 to the end of 2008, total farm debt will have increased by about $52.8 billion, or more than 30 percent.
Recent reports filed by agricultural lenders shows (sic) the government's expectations are playing out in reality.
Farm Credit Services of Mid-America, which provided $12 billion in agricultural loans for farmers in Indiana, Ohio, Tennessee, and Kentucky last year, noted in its annual report for 2007 that high crop prices "have created a much more risky and volatile agriculture economy."
The group's lending was up 15.2 percent over the loan volume of the year before.
Omaha-based Farm Credit Services of America, which served 70,000 farmers in Iowa, Nebraska, South Dakota and Wyoming last year, reflected similar increases in farm lending.
Harl said the current farm economy reminds him of about 1974 or 1975 — several years before the boom went bust….”