Conference helps agricultural lenders navigate ND Ag prospects
MINOT, ND (KXNETName) — Agricultural lenders are an important part of our state’s economy.
They help fund farmers in North Dakota.
And to help these lenders, an annual conference is now taking place to help them navigate today’s agricultural economy.
North Dakota State University is hosting the 32nd Annual Agricultural Lenders Conference Oct. 24-27.
Farm loan officers, also known as agricultural lenders, help farmers and rural citizens get the funds they need to finance their operations, buy property, and more.
“Agricultural lenders like to get this information so they can help them, it helps them work with their customers to get more information about the current situation,” said Ron Haugen, agricultural management specialist at NDSU Extension.
The conference covers a variety of topics, including bioenergy, crop and livestock outlook, and agricultural program tax updates.
One of the bioenergy presenters talked about biofuels and also talked about the current energy crisis in Europe, which is getting worse as the war between Russia and Ukraine continues.
“Europe has been dependent on Russian energy for 60 years, 65 years, including natural gas,” said David Ripplinger, associate professor, bioproducts extension and bioenergy economist at NDSU.
Ripplinger says the European energy crisis is affecting other parts of the world with rising food, fertilizer and energy prices.
Another presenter spoke about the cattle price situation and outlook.
He says three-quarters of the cow herd in the United States is in drought, which will have both short-term and long-term effects.
“The winter wheat area is low and dry where John is from, Oklahoma. And the winter wheat crumbles and none grows, and usually at this time of year we get calf price support from that winter wheat because basically the free grazing, unlike what we have to do here by six dollars, 30 cents corn,” said Tim Petry, the livestock marketing economist.
Haugen says that in recent years the conference has been held annually in Fargo, Grand Forks, Bismarck and Minot.
He says this conference is important for lenders and some will travel over 100 miles to attend a conference session.
“So we’ve been providing this service for, as I mentioned, 32 years and they appreciate what we do and we like the involvement,” Haugen said.
The conference so far has been held in Grand Forks on Monday and Minot on Tuesday.
The agricultural lenders outlook conference will be held in Bismarck on Wednesday and in Fargo on Thursday.