Global financial melt-down has changed Pennsylvania's agricultural banking
Posted: April 13, 2009
Suggested Intro:
AS BANKERS GATHER FOR NEXT WEEK'S PENNSYLVANIA AG BANKING CONFERENCE, AN EXPERT IN PENN STATE'S COLLEGE OF AGRICULTURAL SCIENCES SAYS GLOBAL FINANCIAL PROBLEMS ARE MAKING AG BANKING A LOT HARDER THAN IT USED TO BE. MORE FROM GARY ABDULLAH:
Story:
(:16) HIGH PRODUCTION COSTS MEAN THAT FARMERS COUNT ON AG BANKERS TO FINANCE EACH YEAR'S CROP. AND PENN STATE AGRICULTURAL ECONOMIST LOU MOORE SAYS THAT SLASHED FEDERAL PRICE SUPPORTS AND SHAKY COMMODITY PRICES ARE FORCING AG BANKERS TO LOOK FOR NEW WAYS TO KEEP FARMERS PROFITABLE:
Moore Actuality:
(:18) "WHEN WE HAD BIG GOVERNMENT PROGRAMS, WE COULD ALMOST INDICATE THAT THE PRICE OF CORN WAS GOING TO BE THE GOVERNMENT SUPPORT PRICE PLUS TEN OR FIFTEEN CENTS. NOW, YOU HAVE TO SAY, WELL, THE PRICE OF CORN IS GOING TO BE SOMEWHERE BETWEEN THREE AND EIGHT DOLLARS A BUSHEL. THE VOLATILITY HAS MADE IT REALLY IMPORTANT THAT WE REALLY GET TO OUR AG BANKERS SO THAT THEY ARE AWARE OF WHAT'S GOING ON IN THEIR OWN BANK."
(:15) THESE AND OTHER CHALLENGES WILL BE THE FOCUS OF THE 43RD ANNUAL PENNSYLVANIA AGRICULTURAL BANKERS CONFERENCE BEING HELD NEXT WEEK AT PENN STATE. YOU CAN GET MORE INFORMATION ONLINE AT AG-SCI DOT P-S-U DOT E-D-U SLASH CONFERENCES. FROM PENN STATE, I'M GARY ABDULLAH15) THESE AND OTHER CHALLENGES WILL BE THE FOCUS OF THE 43RD ANNUAL PENNSYLVANIA AGRICULTURAL BANKERS CONFERENCE BEING HELD NEXT WEEK AT PENN STATE. YOU CAN GET MORE INFORMATION ONLINE AT AG-SCI DOT P-S-U DOT E-D-U SLASH CONFERENCES. FROM PENN STATE, I'M GARY ABDULLAH.
