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The Lending Activity and Performance of the Farm Credit System and Community Banks Participating in Agricultural Lending
Both community banks and the Farm Credit System (FCS) play vital roles in financing U.S. agriculture, though they operate under different institutional models. The FCS is the largest agricultural lender, holding 45.82% of all agricultural debt in 2023, compared to 34.93% held by all commercial banks. As of year-end 2024, the FCS reported $81.21 billion in outstanding non-real estate farm loans and $187.95 billion in real estate farm loans.
A 20-Year Look at Feeder Cattle Production – Are There Differences Based on the Weight Purchased?
As we look at different factors involved in production of feeder cattle, we see many differences in average sale weights, average sale prices, value of feed fed and pounds of feed fed. However, when these items are combined to calculate returns above feed costs per hundredweight produced, the difference is small. It is ironic that the 500-750 group that has the majority among FBFM feeder cattle operations also has the highest returns above feed cost per hundredweight produced by more than $4.
Farm Bill in Reconciliation: What the Byrd Rule Exposes but Does Not Resolve
On June 11, the Senate Ag Committee released its legislative text for reconciliation. Largely a copy-and-paste version of the House Ag Committee’s reconciliation text, the Senate version would also make large reductions in spending on SNAP coupled with substantial increases in farm program payments and crop insurance. The legislation would effectively reauthorize the Farm Bill under the protections of the reconciliation process, which would represent a fundamental change to the Farm Bill.
2024 County Corn and Soybean Yields from the Risk Management Agency
The RMA recently released county yields for the 2024 crop year, which are used to determine area plan payments, including for the Supplemental and Enhanced Coverage Options (ECO and SCO). County corn and soybean yields for Illinois were mostly at or above trend levels. Exceptions included counties in southern Illinois for both crops, and some northern Illinois counties for soybeans. Payments from revenue-based ECO and SCO for 2024 corn and soybeans will be triggered in many counties in Illinois.
2025 Q1: Capital Adequacy of U.S. Commercial Banks Participating in Agricultural Lending
Agricultural banks reported a Tier 1 leverage ratio of 11.73% in the first quarter of 2025, an increase from 11.62% in the same quarter of the previous year. Non-ag banks had a lower average ratio of 11.16%, up from 10.93% a year earlier. While on average both types of banks met the CBLR requirement of having a ratio above 9%, agricultural banks had lower leverage ratios across all comparable asset size categories, except for those holding between $100 million and $250 million in assets.
Prospects for Swine Feed Costs in the Second Half of 2025
Average feed costs in 2024 were substantially lower than in 2022 and 2023. Moreover, a further reduction in feed costs is expected for the upcoming year. Current projections use corn prices ranging from $4.25 to $4.50 per bushel, and soybean meal prices ranging from $275 to $325 per ton. Given the volatility of feed ingredient prices, each $0.10 per bushel change in corn price changes feed cost by $0.43 per cwt. Each $10 per ton change in soybean meal price changes feed cost by $0.38 per cwt.
Latest Farm Policy News Articles
Ag Trade Deficit Reaches Record High $20 Billion Through April
From January through April, the United States imported $78.2 billion in agricultural products while exporting just $58.5 billion. This $19.7 billion deficit is the largest ever recorded for the first…
Trump Again Considering Immigration Relief for Farmworkers
President Donald Trump again is saying he wants to shield farmers from the effects of his crackdown on illegal immigration, just days after his administration reinstated workplace raids on agricultural…
Wheat Farmers Cut Losses as Harvest Lags
Farmers cut their losses early this year across the U.S. wheat belt, stretching from Texas to Montana. They were choosing to bale the wheat into hay, plow their fields under…
New USDA Sterile Fly Facility Will Combat Screwworm
U.S. Agriculture Secretary Brooke Rollins announced plans on Wednesday to open a sterile fly dispersal facility in Hidalgo County, Texas, as part of the country’s effort to fight the encroachment…
ICE Reverses Exemption of Ag from Immigration Raids
The Department of Homeland Security on Monday told staff that it was reversing guidance issued last week that agents were not to conduct immigration raids at farms, hotels and restaurants.
Iran-Israel Conflict Adds Uncertainty to Fertilizer Market
Renewed conflict in the Middle East has shuttered urea production in Iran, sending ripples through global fertilizer markets and adding to existing uncertainty around Russian and Chinese supplies.