Increase in Farm Income, Input prices, no surprise in 2013
St. Louis--Farm income increased in the fourth quarter of 2013 (relative to a year earlier), according to the latest Agricultural Finance Monitor, published by the Federal Reserve Bank of St. Louis. Likewise, quality farmland prices in the fourth quarter were also up from a year earlier.
The survey for the report was conducted Dec. 11 through Dec. 31, 2013. The results presented are based on the responses from 49 agricultural banks within the boundaries of the Eighth Federal Reserve District. The Eighth District includes the state of Arkansas and portions of Illinois, Indiana, Kentucky, Mississippi, Missouri, and Tennessee.
Farm income increased in the fourth quarter of 2013 compared with the same period a year earlier. However, farm income levels in the first quarter of 2014 are expected to be lower than a year earlier stated the report. By contrast, a majority of respondents reported that capital equipment spending in the fourth quarter was below year earlier levels.