Smith: Farm Economy Looks Good

Despite the problems farmers and ranchers have had because of the pandemic, Glen Smith, chairman of the Farm Credit Administration, said the overall farm economy is in “remarkably” good shape. Smith recently added if you want to know the financial condition of the farmers, ask their lenders. FCS conducts roughly 40% of the Ag lending in the U.S.

Smith said there are several reasons for his rosy assessment. First, when it comes to the number of borrowers unable to make their payments, “right now we’re at the lowest level in 15 years, so pretty good indication we’re in good shape.”

Also in the incomes side for farmers, between the government payments to make up for trade disruptions and the rising commodity prices, “2020 ended up on an extremely positive note. And starting out in 2021 equally positive.”

And Smith added he thinks U.S. farmers will have have a record year in 2021.

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