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STUDY REPORTS 80% OF MIDWEST FARMERS IN SOLID CASH POSITION
Oct. 25, 2021
By Sara Schafer, AgWeb.com
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| For nearly a year, the rural economy has shown consistent growth, according to the Creighton University Rural Mainstreet Index (RMI).
(AgWeb, Rural Mainstreet Index) |
For nearly a year, the rural economy has shown consistent growth, according to the Creighton University Rural Mainstreet Index (RMI).
For October 2021, the RMI rose to 66.1, which is up from September's 62.5. The index ranges between 0 and 100 with a reading of 50 representing growth neutral.
"Solid grain prices, the Federal Reserve's record-low interest rates, and growing exports have underpinned the Rural Mainstreet Economy," says Ernie Goss, who chairs Creighton's Heider College of Business and leads the RMI. "USDA data show 2021 year-to-date agriculture exports are more than 25% above that for the same period in 2020. This has been an important factor supporting the Rural Mainstreet economy."
Around eight of 10 bankers report farmers in their areas were in solid cash position with little need for borrowing. The remaining 18% of bankers reported farmer cash positions little changed from past years.
To view the complete report, click here.
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