Farm income and loan repayment have declined across a seven-state region that includes most of Missouri, according to a second quarter second-quarter report published Thursday by the Federal Reserve Bank of St. Louis.
The report asked agricultural banks whether they saw a decline in farm income compared to the same period a year ago. For the 18th consecutive quarter, respondents on net reported a decline.
Demand for loans increased during the second quarter, and loan repayment slowed.
One Missouri respondent noted that lack of rain is pushing up the price of hay, and will reduce income from grain sales.
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