The combination of stronger commodity prices and government payments has reduced the demand for agricultural credit. The Federal Reserve Bank report on third quarter ag credit conditions said farm loan demand declined for the first time since 2013. Farmland values remain strong across the country with non-irrigated cropland values up two percent from one year ago in Minnesota. Those values increased one percent in North Dakota and South Dakota. The report said COVID-19 has limited the demand for new ag loans.
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