For the second year the number of lenders sending notices under Minnesota’s Farmer Lender Mediation program was lower than at any other point in nearly ten years. University of Minnesota Extensions Chief Financial Officer David Werner says requests sought by debtors paid $ 70.3 million compared to $ 92 million a year ago.
Werner says the success rate they saw through mediation was very high compared to past years.
He says one thing they’re watching that could have an effect on mediation are crop prices and yields.
Werner says debt is vulnerable to volatility in the agricultural economy.