Farmers National Co. reports an increase in land sales in 2019.
A spokesperson for the self-proclaimed national leading agricultural landowner services company says it is seeing an increase in the number of farmland sales by financially stressed producers due to multiple years of reduced income.
Despite the slower land market and cautious buyers, Farmers National Company is experiencing a 29 percent increase in the number of acres sold by the company compared to last year, and 22 percent over two years ago.
The company says agricultural land values have been surprisingly resilient over the past two years despite the continuation of depressed farm incomes.
However, concerns are building in the land market primarily surrounding the financial health of farmers and ranchers.
The U.S. farm economy is in its sixth year of a downturn with overall net farm income for 2019 projected to be down 50 percent from 2013.
Working capital has declined almost 70 percent since 2012 and inflation-adjusted farm debt is at the highest level since the 1980s.