After several years of tough financial conditions for agriculture, COVID-19 was expected to deal another major blow to the sector. However, pandemic assistance for farmers, a bountiful harvest in the Upper Midwest and a slight recovery in commodity prices have painted an optimistic picture for the end of 2020. Additionally, Federal Reserve Bank of Minneapolis Regional Outreach Director Joe Mahon says declining farmland values halted in the third quarter. “Lenders in the region are telling us that land values increased relative to a year earlier, which is kind of a change in the trend. So this result in the third quarter was a reversal of what we’ve seen in the last couple years.” Mahon concludes by saying recent rallies in the grain markets, combined with additional government assistance program, should help farm income for the last quarter of 2020. Read the full report.
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