Surveys conducted by the Federal Reserve Banks of Minneapolis and Chicago report that farmers in Wisconsin and its neighboring states, including Minnesota and Illinois, expect lower income than a year ago, according to Wisconsin Public Radio.
Despite strong corn and soybean harvests, the banks also reported lower rates of loan repayment and higher demand for extensions and new loans. Over 80% reported the lower income expectation.
According to Joe Mahon, regional outreach director for the Federal Reserve Bank of Minneapolis, the problem for farmers is a long-term slump in crop prices.
