KANSAS CITY, MO - The yearly Agricultural Lenders Survey is now available to view.
Ed Elfmann, Senior Vice President of Agriculture and Rural Banking Policy for the American Bankers Association told News Talk WJAG, they use the survey to get a good pulse about how the farm economy is.
Elfmann said the agricultural economy and farm income remained stressed in 2019 with limited signs of improvement in 2020.
He said the biggest thing producers are worried about right now is liquidity and income.
"They're really worried about what those sources of income might be and what it might look like going forward. Since the farm economy is in a little bit of a dip, the banking industry wants to make sure those incomes are in a good spot going forward. Now the banks themselves, they're worried about credit quality."
Elfmann said nearly half of lenders reported an increase in farm retirements in 2019 and nearly two-thirds expect the pace to pick up over the next 12 months.
To view the report in full visit ABA.Com.