By Todd Neeley
DTN Staff Reporter
OMAHA (DTN) — Though agriculture is experiencing pressures on a number of fronts, the head of the Farm Credit Administration told federal lawmakers on Tuesday the overall credit system remains in good shape.
Glen R. Smith, chairman and chief executive officer of the FCA, said during a hearing before the House Subcommittee on Commodity Exchanges, Energy and Credit that, despite all the challenges in the industry, most farms are holding their own.
Because the general economy in the United States is good, Smith said farm families are seeing the benefits.
“Although overall farm finances have declined in recent years, most farms remain financially strong,” he said.
“A strong economy and labor market are helping support the incomes of these producers as well as larger producers. Many producers continue to find ways to cut costs and make the most of the marketing opportunities when prices rise temporarily.