WASHINGTON - Farm income expectations in key Midwestern states for the third quarter have been badly dented by the harsh drought, according to a report released by the Federal Reserve Bank of St. Louis on Thursday.
Crops have been stunted by withering heat across the U.S. heartland, with corn and soybean yields hit hard. Hay and cattle farming have also suffered significantly.
Based on an Agricultural Finance Monitor survey of 88 agricultural banks in its district, with the exception of the Memphis, Tennessee, region, the St. Louis Fed's measure of farm income expectations slumped to 81 in the third quarter of 2012, versus 140 in the same period last year.
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