Federal report shows farm income on the decline

A report by the St. Louis Federal Reserve Bank says farm income is continuing to decline within its district. The Fed says the third-quarter report released this week was the 19th straight survey in which most bankers indicated that farm income was on the decline. Bankers also were slightly less optimistic looking ahead, citing concerns over low prices for crops.Soybean prices have dropped significantly since July, when the Chinese government imposed tariffs on imports of soybeans.Bankers reported a 2.5 percent increase in crop land prices. They cited a 1.5 percent increase for pasture or ranch land.The Fed's St. Louis district includes Arkansas and parts of Missouri, Illinois, Indiana, Kentucky, Tennessee and Mississippi.