The latest Rural Mainstreet Index has fallen below growth neutral for the eighth consecutive month, according to the April RMI survey. Despite the challenges faced by farmers due to low commodity prices and farm income, a surprise in the April report revealed that farm loan delinquency rates are decreasing instead of increasing. Creighton University economist Ernie Goss explained that farmers are still able to repay their loans on time, even in the current economic climate. However, farm equipment sales continue to decline, with farmers hesitant to make purchases due to higher interest rates and uncertainty surrounding agricultural commodity prices.
The survey also showed that farmland prices have been increasing for the 53rd consecutive month. Goss highlighted the ongoing struggles in the agricultural sector and the impact it is having on rural economies. The findings of the April RMI survey paint a picture of a challenging environment for farmers and agricultural businesses in the surveyed states.