OMAHA - Bankers are reporting worsening farm finances and the overall Rural Mainstreet Index stands below growth neutral for the sixth straight month, according to a Creighton University news release.

Over 40 percent of bankers name falling farm commodity prices the biggest risk for community banks and 44 percent say the positions of farmers in their area has weakened over the past six months.

Ernie Goss of Creighton’s Heider College of Business said higher interest rates, weaker agriculture commodity prices and a credit squeeze are having a negative impact on the rural index.

Jeff Bonnett, CEO of Havana National Bank in Illinois, said commodity prices that are $1.50 to $2 per bushel of corn are less than break-even and are not sustainable.

The index watching the price for farmland remained above growth neutral at 64. The Nebraska index is at 60 and Iowa is over 61.

According to trade data from the International Trade Association, regional exports of agricultural goods and livestock for 2023 were $12.1 billion, which is down 8.7 percent from the prior year.

The index for the sale of farm equipment has fallen for the eighth time in the past nine months.

The press release says rural bankers remain very pessimistic about economic growth for their area over the next six months.

Nebraska’s exports are down 35 percent from $1.35 billion in 2022.