(Fargo) — The Federal Reserve Bank of Minneapolis says it was a surprisingly good end to 2020 for farmers. Lenders reported a better than expected year. Farm incomes grew thanks to surge in crop prices, and other financial indicators improved. However those contacted by the bank for the survey said they remained concerned about volatility going forward. Farmland values increased on average from a year earlier, and cash rents ticked up as well.
The Fed says the outlook for the beginning of 2021 is positive, with survey respondents predicting further growth in farm incomes and spending.