Federal Reserve says that U.S. farm income continues to decline, includes Wyoming farms

A new report from the Federal Reserve suggests that income has continued to decline throughout the Midwest and Rocky Mountain regions this fall because crop prices remain weak.

The Federal Reserve Bank of Kansas City, Missouri said that over half of the bankers in the region reported that farm income is lower in 2018 than 2017 because of the ongoing trade dispute.

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The bankers say that farmers are borrowing the money more because costs have increased.

According to WBKO St. Louis, the prices of soybeans have dropped significantly since July after the Chinese government imposed tariffs on the imports of soybeans. Bankers say there was a 2.5% increase in crop land prices and a 1.5% increase for pasture or farm land in the midwest.

The survey was conducted for the 10th Federal Reserve District covering Wyoming, Colorado, Nebraska, Kansas, Oklahoma, New Mexico, and Missouri.

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