A slower pace of farm financing activity continued in the third quarter.
Amid ongoing weakness in the agricultural economy surrounding developments related to COVID-19, the volume of non-real estate farm loans remained subdued.
Loans for operating expenses increased by 15 percent from last year but were less than the three preceding years. The number of new loans originated to farmers declined for nearly all loan types. Government payments and lending programs likely continued to offset both declines in farm revenues and financing needs.
Source: Kansas City Fed