Farm Credit Services of America mobilizes to help S. Dakota producers impacted by drought
August 9, 2017
OMAHA, NEBRASKA — Farm Credit Services of America (FCSAmerica) today announced the mobilization of staff and financial resources to support the cooperative's producer-owners impacted by drought.
More than three-quarters of South Dakota is in moderate to severe drought and much of the remainder of the state is struggling with abnormal dryness. Yield expectations are down as a result, and acreage enrolled in USDA's Conservation Reserve Program (CRP) has been released by USDA for grazing.
"This drought is a hardship for South Dakota's agricultural producers. It is one more potential impact to farm incomes already affected by low commodity prices," said Doug Stark, FCSAmerica's president and CEO. "Our financial cooperative exists to ensure farmers and ranchers have a dependable lender to see them through tough times. We're putting our financial strength to work for our customers."
FCSAmerica serves more than 10,000 farmers and ranchers in South Dakota, the vast majority of whom have seen crops and pastures impacted by drought. Bob Schmidt, FCSAmerica's senior vice president for the state, said local teams are working with customers to identify strategies to help them manage through the challenges.
“This drought is a hardship for South Dakota’s agricultural producers. It is one more potential impact to farm incomes already affected by low commodity prices.” Doug Stark, FCSAmerica president and CEO
"Many of our South Dakota team members have agricultural backgrounds that, paired with years of lending experience, provide a unique understanding of our customers' current needs," Schmidt said. "We encourage all those affected by the drought to visit their local FCSAmerica office to discuss their credit. Our crop insurance agents also are available to meet with customers."
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FCSAmerica has customers in areas of Iowa, Nebraska and Wyoming who also are seeing damage to crops and pastures. The cooperative is monitoring developments and responding to emerging needs.
About Farm Credit Services of America Farm Credit Services of America is a customer-owned financial cooperative proud to finance the growth of rural America, including the special needs of young and beginning producers. With $26.9 billion in assets and $4.9 billion in members' equity, FCSAmerica is one of the region's leading providers of credit and insurance services to farmers, ranchers, agribusiness and rural residents in Iowa, Nebraska, South Dakota and Wyoming. Learn more at http://www.fcsamerica.com.
–Farm Credit Services of America