OMAHA (AP) – American farmers and ranchers were borrowing more at the end of last year as their operating expenses and feed costs increased.
The Federal Reserve says farmers and ranchers nationwide borrowed $94.7 billion in the fourth quarter. That’s up from $54 billion the previous year. The Fed says farmers were borrowing more to buy farm equipment, and some farmers were pre-paying for seed and fertilizer they’ll use this year. Livestock operations were borrowing more because feed and livestock costs increased.