Farm Credit East CEO Mike Reynolds, along with Farm Credit Council CEO Todd Van Hoose and Farm Credit Services of America CEO Mark Jensen, briefed policymakers today [Oct. 21st] on agricultural credit conditions.
During this briefing, CEO Reynolds commented, “While COVID-19 has certainly disrupted the industry across the Northeast region Farm Credit East serves, many producers have fared better than originally expected and credit quality remains acceptable.”
CEO Reynolds noted the severe disruptions the dairy industry faced at the onset of the coronavirus pandemic have largely been resolved, but the industry still faces structural challenges with milk pricing and processing capacity.
“There is still much uncertainty regarding the pandemic’s overall impact and the agriculture industry remains stressed,” Reynolds continued. “Farm Credit East will continue to monitor credit conditions and is equipped with the tools and capital to work with customers during this challenging period.”
This briefing took place virtually on Wednesday, October 21. Attendees included staff from the House and Senate Ag Committees along with agriculture and rural stakeholder groups.