The Federal Reserve recognizes the benefits when lenders work prudently with troubled borrowers in a way that serves the long-term interests of all stakeholders. I would like to conclude by recognizing how fortunate we are to have so many highly skilled and experienced farmers and operators, and agricultural lenders who support them.
Modern agriculture is a sophisticated and complex business that requires skilled forecasting of supply and demand, rigorous financial and operational management, and sharp technical expertise. Our farmers and operators are pushing forward the frontiers of agriculture. The integration of robotics, data analytics, geolocation, and advanced sensors holds the promise of a new, more efficient and productive era of “precision agriculture."