MITCHELL, S.D. (MITCHELLNOW) The latest Monthly Rural Mainstreet Report from Creighton University shows the regional economy in negative territory for the twelfth straight month. Bankers in the survey see their farm clients dealing with tough conditions.
The report suggests farmers are experiencing a recession. Creighton University economist Dr. Ernie Goss says the Federal Reserve is expected to cut interest rates at its next meeting to be held on September 18, 2024.
Senator John Thune holds out little hope that a new farm bill will be ready before the current five-year farm bill expires on September 30, 2024. Thune says that a one-year extension of the current bill is likely and that congressional action on a new five-year bill for agricultural producers will have to wait until after the November election.