Farm lending remained muted in the third quarter of 2020 but increased from last year according to the National Survey of Terms of Lending to Farmers. Despite growing 15% from the previous year, total non-real estate loan volumes in the third quarter were below the 20 year trend for that period.
Despite years of persistently low commodity prices and the COVID-19 pandemic, the mood of some Ninth District agricultural bankers is surprisingly upbeat, according to a recent Federal Reserve Bank of Minneapolis survey.
Quarterly reports on surveys of bankers in three Midwestern Federal Reserve Bank districts indicate that rising interest rates and low commodity prices may impact farmers’ decisions on making larger, long-term investments in the near future. Farm equipment dealers should take note of this trend, as higher interest rates for farmers mean they will be less willing, or able, to take out a loan for capital expenditures.
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The announcement of a partnership between New Holland and Bluewhite was one of the big precision stories of the summer. West Coast New Holland dealers now have the rights to sell, distribute and service Bluewhite’s aftermarket autonomy kits.