According to 10 agricultural banks in Midwest and Plain states, farm incomes are approving. However, a healthy income does not mean healthy business in their opinions.
The Rural Mainstreet Economic Index was negative 48.4 in August, but rose to 47.6 in September. Though it’s not a large change, the increase is significant. The increase is due to higher commodities that stimulate the economy.
The number was found after conducting surveys across Colorado, Illinois, Iowa, Kansas, Minnesota, Missouri, Nebraska, North Dakota, South Dakota and Wyoming.
Agricultural banks in these states report 2010 is looking good for farmers who have seen greater success already this year. One piece of this evidence is the increase of farm equipment. Farmers are investing in their businesses and have extra money to improve equipment.
Not only are prices increasing, but farm land is worth more as well. Land in these states are worth up to $9,000 an acre.
For more information on farm loans contact Farm Plus at 866-929-5585.