Crop Insurance Boosts Farm Incomes In Fourth Quarter

Photo courtesy of AP (Nati Harnik)

Despite the crop-decimating drought of 2012, Midwestern farmers took in more income than expected thanks to record crop insurance pay-outs, according to a survey released today by the Federal Reserve Bank of St. Louis.

On average, lenders across the survey area said that fourth-quarter income and spending were higher than the same quarter in 2011.

The survey, dubbed the Agricultural Finance Monitor, was based on responses from agricultural banks in seven Midwestern states, including Illinois and Missouri.

Read more in the St. Louis Post-Dispatch

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