Ed Elfmann, ABA’s senior vice president of agricultural and rural banking, recently joined the AgriTalk podcast to discuss the state of banking for farmers and ranchers. He also discussed ABA’s participation at a House Agriculture Committee hearing on financial conditions in farm country.
Lenders have a deep understanding of the needs of farmers and ranchers because, in many cases, they are in the same business.
Though the GOP sweep of the House and Senate portends good things for bank-friendly policy, there is still a lot of work to do on both sides of the aisle. Agriculture issues should see movement in new Congress.
Agricultural lenders expect only 58% of borrowers will remain profitable this year compared to 78% last year, according to the 2024 Ag Lender Survey produced jointly by ABA and Farmer Mac.
The banking industry is strong but being “crushed” by overregulation, ABA Chair John Asbury told attendees at ABA’s Agricultural Bankers Conference.
With commodity prices falling and producer expenses rising, it's a difficult moment for America's agricultural economy.
Five-year Farm Bill passage in 2024 remains on table but uncertain.
