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Thu January 29, 2009
Credit Available for Ranchers
By Peter O'Dowd
Laramie, WY – Wyoming's agricultural community is not facing the credit crunch that is affecting so many Americans.
During this global economic slowdown, mainstream American consumers face increasingly tight credit. But as farmers and ranchers in Wyoming go to their banks to finance the year's upcoming operations, few have found difficulty getting cash. Farm Credit Services of America runs a branch in Casper. The company's Bob Campbell says--worst case--Wyoming producers may see higher interest rates. "There's plenty of credit available today, and we haven't seen any pull back of available funds to borrow," he says.
Some local businessmen are still worried that might change as the markets for milk and beef soften. Global demand for those products has fallen in the past several months, putting pressure on local pocketbooks. If incomes fall further, producers worry their ability to secure credit next year might worsen along with the economy.