In the fourth quarter of 2018, the number of non-real estate farm loans was up eight percent from a year ago. In addition, the size of individual loans increased. The Federal Reserve’s Agricultural Finance Outlook says the year-over-year volume of operating loans rose more than $10 billion or 22 percent. Due to the strong demand for farm loans, liquidity at agricultural banks trended lower and collateral requirements continued to tighten. Loan delinquency rates edged higher, but remain low from a historical perspective.