OMAHA, Neb. (AP) - Many farmers in the region are starting off the year in weaker financial shape than a year ago.
The Federal Reserve Bank in Kansas City, Missouri, says farm income declined again in the first quarter because crop prices are relatively low while expenses are up.
Corn prices were about 27 percent lower than a year ago at the end of April, and wheat prices were about 30 percent lower than last year.
The low grain prices help improve profits for livestock producers, but when corn is selling for less than $4 a bushel it’s hard for farmers to break even.
The 10th Federal Reserve District in Kansas City covers Kansas, Nebraska, Oklahoma, Wyoming, Colorado, northern New Mexico and western Missouri.