Agricultural conditions in a seven-state region that includes a large swath of Missouri deteriorated more than anticipated in the third quarter, according to the latest Agricultural Finance Monitor from the Federal Reserve Bank of St. Louis.
Compared to the same quarter last year, the district saw a decline in farm household spending and capital expenditures, according to the report.
That marks the 19th consecutive quarter that farm incomes in the region have seen a year-over-year decline.
Agricultural bankers in the region also said they were slightly less optimistic about fourth-quarter farm income, according to the report.
“Small farmers are hurting because of the low prices and are usually the ones who do not have on-farm storage to allow them to hold their harvested crops,” one Missouri banker said, according to the report.
The Federal Reserve Bank’s Eighth District, based in St. Louis, includes all or parts of Missouri, Arkansas, Illinois, Indiana, Kentucky, Mississippi and Tennessee.