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Federal Report Shows Farm Income On The Decline

Federal Report Shows Farm Income On The Decline

Federal Report Shows Farm Income On The Decline

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  • Federal Report Shows Farm Income On The Decline
california-central-valley-farming-communities-struggle-with-drought
FIREBAUGH, CA - AUGUST 22: A worker kicks up dust as he drives a tractor at a farm on August 22, 2014 near Firebaugh, California. As the severe California drought continues for a third straight year, Central California farming communites are struggling to survive with an unemployment rate nearing 40 percent in the towns of Mendota and Firebaugh. With limited supplies of water available to water crops, farmers are leaving acres of farmland unplanted and are having to lay off or reduce the hours of laborers. (Photo by Justin Sullivan/Getty Images)

ST. LOUIS (AP) — A report by the St. Louis Federal Reserve Bank says farm income is continuing to decline within its district.

The Fed says the third-quarter report released this week was the 19th straight survey in which most bankers indicated that farm income was on the decline. Bankers also were slightly less optimistic looking ahead, citing concerns over low prices for crops.

Soybean prices have dropped significantly since July, when the Chinese government imposed tariffs on imports of soybeans.

Bankers reported a 2.5 percent increase in crop land prices. They cited a 1.5 percent increase for pasture or ranch land.

The Fed’s St. Louis district includes Arkansas and parts of Missouri, Illinois, Indiana, Kentucky, Tennessee and Mississippi.

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