The Farm Credit Illinois Jacksonville regional office recently made a $500 investment in the Cass-Morgan County Farm Bureau’s Ag in the Classroom program. The donation is part of the financial cooperative’s ongoing support of rural communities and agriculture. In 2016, FCI invested more than $245,000 in youth, community, and ag literacy initiatives throughout its 60-county marketplace. [Read more…]
News, Articles & Updates
In January 2017, Farm Credit Illinois held two day-long Farm Credit College educational workshops hosting more than 180 farmers featuring Dr. Shannon Ferrell, Professor of Agricultural Economics at Oklahoma State University. Dr. Ferrell discussed the challenges of farm transition planning and various tools and strategies to consider.
This is the first in a series by Dr. Ferrell dedicated to answering questions raised by FCI members. The articles support FCI’s mission of Helping Farm Families Succeed today and tomorrow as mature generations consider not only their last principal payment, but their grandchildren’s first.
Read the four-page, printable article,
Having “The Talk” About Farm Transition Planning.
Be sure to read future issues of Essentials for articles by Dr. Ferrell on additional transition subjects including tax issues, transition mechanics, and an heir – or lack thereof – apparent.
Heavy spring rains in late April and early May erased drought in the central U.S., but also flooded fields forcing many to replant a large percentage of their crop. June followed with the other extreme as many in Illinois received less than 75% of their normal rainfall.
The Federal Open Market Committee (FOMC) of the Federal Reserve (Fed) met June 13-14 and voted to increase the federal funds rate by 0.25%. The move was once again anticipated following strong hints by Fed officials in public appearances, making the market impact minimal. Similar to the last hike, Neel Kashkari, president of the Federal Reserve Bank of Minneapolis, voted to leave the rate unchanged. The FOMC cited a recent pickup in household spending, expanding business investment, and moderating job growth as the primary drivers of current economic conditions. Effective June 14, the prime rate increased to 4.25%.
The Fed voted to continue re-investing maturing Treasury securities, agency debt, and agency mortgage-backed securities, explained in a previous edition of INTERESTing Times. However, the FOMC issued a plan describing intent to begin reducing its balance sheet later this year by gradually reducing re-investment as those securities mature. While no firm date was established for the initiation of this action, the bond market anticipates the Fed will begin in late 2017.
The FOMC will start with a reduction in its re-investment policy at a level of $6 billion per month in the Treasury market and $4 billion per month in the agency and mortgage-backed securities market, with increases every three months until it hits $30 billion per month in Treasurys and $20 billion per month in agency and mortgage-backed securities. [Read more…]
Farm Credit Illinois recently hired three new employees – Samantha Donahue, of Bloomington, Aimee Poskin, of Champaign, and Kim Redenius, of Ashkum.
Donahue was hired as a credit assistant in the credit services division at the cooperative’s central office in Mahomet. She grew up in Livingston County and graduated from Prairie Central High School before receiving her bachelor’s degree in economics from Illinois State University. Prior to joining the Farm Credit team, she worked for nine years as a commercial appraisal specialist at Heartland Bank in Bloomington. Donahue and her husband Keith have two daughters – Emma (10) and Maggie (4). [Read more…]
Agriculture Future of America (AFA) and AgriBank, Farm Credit Illinois’ funding bank, selected Madison Mitchell, of Mahomet, for a prestigious scholarship program. Mitchell is one of two scholars chosen from a pool of applicants across the 17-state AgriBank District.
The William J. Collins Scholarship is part of the AFA Leader and Academic Scholarship program which gives children of Farm Credit employees within the AgriBank District – planning to pursue agricultural careers – access to premier personal and professional development and financial assistance for their college education. This year’s outstanding students are pursuing agriculture-related, four-year degrees and passionate about the future of the agriculture industry. [Read more…]
The agricultural economic reset is now in its fourth year for many commodities. Uncertainty regarding international trade, immigration policies, and consumer preferences have left many in agriculture feeling challenged or even defeated. Yet, some see opportunity. As a general observation, about 40 percent of managers are proactively positioning the business, 30 percent are procrastinating on needed adjustments, and another 30 percent are in denial, blaming misfortune and holding onto the hope for better days to come. For business owners and managers, the difference maker is making decisions not only for economic survival, but to position for opportunity as well. Let’s take a look at some of the difference makers for these businesses. [Read more…]
The class of 2017 Farm Credit agriculture scholars was recognized at a scholarship luncheon at Farm Credit Illinois (FCI) in Mahomet Thursday, June 1.
A total of $48,000 of scholarships were awarded to 24 high school seniors pursuing an agriculture-related major and career. Each scholar receives $2,000 to use toward their education. Twenty-two of the students attended the recognition program. [Read more…]
As a member-owned cooperative, Farm Credit Illinois is constantly striving to meet the needs of its membership through new products and services. FCI is now offering a rural appraisal service.
At the suggestion of FCI members who often found it challenging to hire an available certified appraiser to provide a timely appraisal, FCI is now offering a rural appraisal service. Appraisals can assist members and their extended families with estate planning and settlements and real estate transactions for both buying and selling properties.
Available at a competitive price to all FCI members – including borrowers and crop insurance customers – these high quality, confidential appraisals are backed by the most comprehensive sales database in the territory and completed by experienced state certified general appraisers. [Read more…]