Farmers haven’t significantly changed loan makeup on farms, and are sticking with variable rate loans this year compared to sixteen months ago. The number of farmers with all fixed-rate loans has held steady in the same time frame.
That’s according to the latest survey from the RealAgristudies Insights Panel, which ran late last month with feedback from over 500 farmers.
Overall, about three per cent fewer farmers have all variable rate loans, but the number with all-fixed rate debt dropped by one per cent in 2023 from the 2022 survey. Given the margin of error, neither number is statistically significant; however, the biggest difference year-over-year was farmers reporting they had had fixed rate loans “for a while.”
The August survey was a mirror of the same survey done in April 2022 to allow for comparisons year over year. In the coming week, we’ll be diving in to further analysis of more questions that were asked, including opinions on government’s role in curbing inflation, plans to purchase land, and the overall sentiment for the year ahead. Stay tuned!
Want to join the Insights Panel or see past survey results? Tap here!