32
—Lancaster Farming, Saturday. January 19.1974
Outlook is Good
(Continued From Page 1).
our present customers,*’ we werelold by Commonwealth’s
Bob Bucher. “I do think, though, that farmers should be
contacting their lenders as far in advance as possible about
their loans.”
Bucher also said that interest rates this year will be up
about 15 percent, but he doesn’t think the rate will take
another jump like that next year. He noted that if the
economy slows down, and, especially, if housing starts
decline, more money will be available, especially for farm
mortages.
What’s the long-term outlook for farm lending? In Bucher’s
view, “Total loan needs of farmers will continue to increase
into the future, as fanning becomes more and more of a
capital intensive business. Just in the past year, our total
farm loans increased $6.5 million, or 36 percent. Part of
that increase comes from the fact that it costs more to farm.
This year it takes from one-third to one-half more money to
fill up a steer barn. Layer costs have gone up by 25 percent.
As costs continue to go up, so will the need for credit.”
The situation at Stanley Musselman’s National Central
farm loan operation is about what it is elsewhere, “We’ll be
taking care of our established customers without any
problems at all,” he said. “Naturally, we’re still going to be
looking at each loan on the basis of its merits, but if it’s a
good risk, we’ll have the funds to lend.”
Carl Brown said availability of fuel and fertilizer is going to
be more of a problem for PCA customers than money. “A lot
of fanners have already bought their fertilizer needs for the
year,” he commented. “We had a lot of borrowers in here
last fall who wanted money to buy early. I don’t think we’re
going to have the last-minute spring rush we’ve had in lots of
otheryears when fanners waited till the last minute to buy their
planting needs.”
Brown doesn’t anticipate any shortage of funds either, and
said FLB and PCA interests rates shouldn’t be changed too
much from the year before.
In general, credit doesn’t appear to be a problem, but it’ll
probably cost more, we were told by Merrill Mordan. Mordan
views farm credit and farming in general with a good deal of
optimism. “I think farming is just coming into its own,” he
said. “The outlook for agriculture, especially for good far
mers, is really bright over the next ten years. There are more
ag lenders coming into existence, and the whole business of
farm loans is in a state of transition. As we see the Rural
Development Act being implemented, I think we’ll see lots of
good things happening to our farmers.”
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