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SD Economy Slowing With Lower Crop Prices

(Pierre, SD) — A majority of the South Dakota Banking Commission expects that agricultural producers will be showing lower returns from crops this year.

Several members spoke about general financial conditions of the state’s farms and ranches during their meeting yesterday. Corn and soybean prices have continued to fall since 2022. Steve Hayes, former president and CEO at Dakota Prairie Bank in Fort Pierre, says that losses have been emerging among ag producers in his area, particularly with grain. State sales-tax receipts for the first five months of the current budget year that began July 1st were just over one-percent behind the similar five-month period a year ago and close to four-percent behind what the Legislature had estimated in February.

The less revenue means state government has less to spend, which was evident in Governor Kristi Noem’s recent budget address. However, according to the commission’s chair, Jeff Erickson of Sioux Falls, cattle prices remain strong, and land is holding or rising in value.

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