Author
Joe Mahon
Director, Regional Outreach
Agricultural credit conditions: Fourth-quarter 2023
| MN | MT | ND | SD | WI | Ninth District | |
|---|---|---|---|---|---|---|
| Percent of respondents who reported decreased levels for the past three months compared with the same period last year: | ||||||
| Rate of loan repayments | 36 | – | 18 | 7 | – | 20 |
| Net farm income | 76 | 100 | 55 | 36 | 100 | 40 |
| Farm household spending | 12 | – | 9 | 21 | 100 | 18 |
| Farm capital spending | 53 | 100 | 18 | 36 | 100 | 42 |
| Loan demand | 29 | – | 9 | 14 | – | 18 |
| Percent of respondents who reported increased levels for the past three months compared with the same period last year: | ||||||
| Loan renewals or extensions | 18 | – | – | 7 | – | 16 |
| Referrals to other lenders | 6 | – | 27 | – | – | 2 |
| Amount of collateral required | 6 | – | 27 | 14 | – | 13 |
| Loan demand | 53 | – | 55 | 21 | – | 40 |
| MN | MT | ND | SD | WI | Ninth District | |
|---|---|---|---|---|---|---|
| Percent of respondents who expect decreased levels for the next three months: | ||||||
| Rate of loan repayments | 35 | – | 27 | 14 | – | 20 |
| Net farm income | 71 | 100 | 73 | 86 | 100 | 78 |
| Farm household spending | 24 | – | 9 | 21 | 50 | 20 |
| Farm capital spending | 59 | 100 | 36 | 50 | 50 | 51 |
| Loan demand | 6 | – | 9 | 14 | – | 9 |
| Percent of respondents who expect increased levels for the next three months: | ||||||
| Loan renewals or extensions | 29 | – | 36 | 7 | – | 22 |
| Referrals to other lenders | 6 | – | – | – | – | 2 |
| Amount of collateral required | 6 | – | 18 | 14 | – | 11 |
| Loan demand | 76 | – | 73 | 21 | 100 | 58 |
| Operating | Machinery | Real estate | |||||
|---|---|---|---|---|---|---|---|
| Fixed | Var. | Fixed | Var. | Fixed | Var. | ||
| Q1-22 | April | 4.7 | 4.6 | 4.7 | 4.5 | 4.5 | 4.3 |
| Q2-22 | July | 5.5 | 5.4 | 5.5 | 5.3 | 5.4 | 5.1 |
| Q3-22 | October | 6.5 | 6.3 | 6.2 | 6.1 | 5.9 | 5.8 |
| Q4-22 | January | 7.7 | 7.6 | 7.3 | 7.3 | 7.0 | 7.0 |
| Q1-23 | April | 8.1 | 8.0 | 7.6 | 7.6 | 7.3 | 7.4 |
| Q2-23 | July | 8.5 | 8.5 | 7.9 | 8.0 | 7.5 | 7.5 |
| Q3-23 | October | 8.8 | 8.7 | 8.3 | 8.2 | 7.9 | 7.9 |
| Q4-23 | January | 8.8 | 8.7 | 8.3 | 8.3 | 8.0 | 8.0 |
Joe Mahon
Director, Regional Outreach
Joe Mahon is a Minneapolis Fed regional outreach director. Joe’s primary responsibilities involve tracking several sectors of the Ninth District economy, including agriculture, manufacturing, energy, and mining.
