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KANSAS CITY FED: AGRICULTURE IN THE TENTH DISTRICT FEELS INITIAL EFFECTS OF PANDEMIC
May 15, 2020
Source: Kansas City Federal Reserve news release
Agricultural credit conditions in the Kansas City Fed's Tenth District deteriorated at a slightly faster pace at the onset of developments related to COVID-19.
The survey for the first quarter of 2020, distributed in mid-March, indicated a larger decline in farm income and loan repayment rates than in recent quarters.
Looking ahead, bankers indicated their expectations were much more pessimistic. Beyond the survey period, further disruptions at meatpacking and food processing facilities and a substantial slowdown in ethanol production put heavy downward pressure on cattle and corn prices.
Through early May, cash prices for both since January had declined more than 20 percent, adding pressure to already stressed farm finances in the seven states of the District.
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