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S T A T I S T I C A L R E L E A S E
F

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E

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A

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Agricultural Credit Conditions at
Survey Banks in the Eleventh District
Demand for Loans
Twenty-one percent of bankers cite an increase
in loan demand.

Quarterly Sur vey of Agricultural
Credit Conditions in the
Eleventh Federal Reser ve District

Percent
100

80

Third Quarter 2005

60

40

Quarterly Survey of
Agricultural Credit
Conditions is compiled from
a survey of Eleventh District
agricultural bankers. This
publication is prepared by
the Federal Reserve Bank
of Dallas and is available
without charge by writing
to the Research Department,
Federal Reserve Bank of
Dallas, P.O. Box 655906,
Dallas, TX 75265–5906,
or by telephoning
(214) 922-5254. It is
available on the web at
www.dallasfed.org.

For questions regarding
information in the release,
contact Laila Assanie,

The Third Quarter Survey of Agricultural
Credit Conditions indicated increased apprehension among the Eleventh District agricultural community about high fuel and fuel-related product
prices. Bankers expressed concern about the
future viability of some producers as revenue
streams continued to take a hit because of low
crop prices and high energy costs. Fears of being
unable to reach a break-even point held back
some farmers from prepping land for the 2006
crop. Moreover, producers reported that hot, dry
weather significantly reduced crop yields and
dried up pastures in many parts of the District.
On a positive note, prospects for a robust cotton
crop are promising, and yields are expected to
be second only to last year’s record harvest.
Here are additional details from the survey:
• Despite increased strain in the agricultural
environment, credit conditions remain mostly stable. Eighty-three percent of agricultural lenders
report that fund availability remains unchanged,
while 68 percent report steady loan demand.
Moreover, collateral requirements and referrals
to other banks remain mostly unaltered.
• Dryland, irrigated land and ranchland values rose sharply in the third quarter of 2005 relative to third quarter 2004, increasing 10.1 percent, 15.5 percent and 18.2 percent, respectively.
• Higher fuel prices and increased production costs depressed loan repayment rates. Six
percent of those surveyed reported lower loan
repayment, up from 2.4 percent last quarter.
• Dry conditions and low crop yields, along
with the sale of farmland for recreational use, have
limited the sale of farmland for agricultural use.
Fifteen percent of respondents expect the volume
of farm real estate loans to be lower over the next
three months, up from 8.5 percent last quarter.

20
1
0
Q1:’99

Q1:’01
Less

Q1:’03

Same

Q1:’04

Q1:’05

Greater

Percent
100

80

60

40

20

1
0
Q1:’99

Q1:’00

Q1:’01
Less

Q1:’02
Same

Q1:’03

Q1:’04

Q1:’05

Greater

Rate of Loan Repayment
Despite concerns about agricultural conditions,
86 percent of respondents stated that loan
repayment rates remain stable.
Percent
100

80

60

40

20

1
Q1:’00

Q1:’01
Less

1

Q1:’02

Funds Available for Additional Lending
Eighty-three percent of respondents said funds
available for lending have remained the same.

0
Q1:’99

(214) 922-5191.

Q1:’00

Q1:’02
Same

Q1:’03

Q1:’04
Greater

Q1:’05

S T A T I S T I C A L R E L E A S E

Agricultural Credit Conditions at Survey Banks in the Eleventh District
Renewals or Extensions of Loans
Eight percent of bankers report an increase in
requests for loan renewals or extensions.
Percent
100

Loan–Deposit Ratios at Survey Banks

80

Average actual and desired ratios
Percent

60

70
65

40

60
20

55
50

0
Q1:’99

Q1:’00

Q1:’01

Q1:’02

Q1:’03

Same

Less

Q1:’04

45

Q1:’05

Actual Ratio

Greater

40
35

Desired Ratio

Amount of Collateral
Ninety-one percent of bankers report that
collateral requirements remain unchanged.

2004:3

2004:4

2005:1

2005:2

2005:3

Percent
100

DISTRIBUTION OF LOAN – DEPOSIT RATIOS

80

Banks Reporting (Percent)
60

2004
Ratio

2005

Oct. 1

Jan. 1

April 1

July 1

Oct. 1

17
13
20
14
36

19
17
18
16
30

24
12
15
21
28

23
13
19
16
29

18
16
14
15
37

40

Less than 41%
41% to 50%
51% to 60%
61% to 70%
More than 70%

20

1

0
Q1:’99

Q1:’00

Q1:’01

Q1:’02

Q1:’03

Same

Less

Q1:’04

Q1:’05

INTEREST RATE — FIXED

Greater

Average Rate (Percent)

Total Agricultural Loans at Eleventh District Banks
Agricultural lending continues to grow.

2004
Ratio

2005

Oct. 1

Jan. 1

April 1

July 1

Oct. 1

7.36
7.41
7.51
6.91

7.59
7.60
7.67
7.00

7.75
7.97
7.85
7.37

8.07
8.29
8.16
7.56

8.41
8.53
8.36
7.97

Millions of dollars (seasonally adjusted)

Feeder cattle
Other farm operating
Intermediate term
Long-term farm real estate

6,000
5,800
5,600
5,400

INTEREST RATE — VARIABLE

5,200

TW

5,000

Average Rate (Percent)

4,800

2004

4,600

Ratio

2005

Oct. 1

Jan. 1

April 1

July 1

Oct. 1

6.58
6.75
6.67
6.27

7.12
7.22
7.10
6.59

7.25
7.50
7.41
6.94

7.83
8.06
7.89
7.42

8.19
8.33
8.18
7.81

4,400

Feeder cattle
Other farm operating
Intermediate term
Long-term farm real estate

4,200
4,000

’94

’95

’96

’97

’98

’99

’00

’01

’02

’03

’04

’05

Note: Some of the volatility observed in agricultural loan levels is due
to the acquisition of several Eleventh District banks by banks
headquartered in other Reserve Districts.

2

however, cattle, cotton and corn still rank as the
top three commodities.
Many factors have impacted the profitability
and prevalence of the types of commodities
grown in the District. These include increased
use of farmland for recreation, modifications in
farm laws, depressed crop prices and soaring
input costs as well as more efficient farming
methods.
The survey also asked Eleventh District
bankers about any changes in the types of agriTexas is a leading state in U.S. agricultural
cultural commodities grown in their lending
exports. The state ranks fourth in the nation in
dollar value of agricultural exports and accounts area. As expected, bankers’ comments varied
from region to region. For example, the dairy
for 5 percent of the nation’s total—about $3.4
industry has expanded in the High Plains
billion in revenues in 2004.1
Texas produces a diverse mix of agricultural regions, and grapes have been introduced into
crops and products, including corn, wheat, rice, the mix of crops grown in the Trans-Pecos and
Edwards Plateau region. Peanut production has
peanuts, vegetables, fruits, poultry and dairy
products (Chart 1). However, cattle, cotton and markedly declined in the Cross Timbers and
Coastal Texas regions, and farmers in several
related products are by far the most prevalent
regions have switched from corn to cotton procommodities. More than half of the state’s agricultural revenues—approximately $9.5 billion— duction. Although the pattern of change differs
across regions, most bankers cited higher enercomes from cotton and cattle (Chart 2), with
gy and input costs, low crop prices or changes
cattle ranking as Texas’ top revenue-generating
agricultural commodity and cotton the state’s top in farm laws as reasons for the switch.
The following pages display a graphical
exported commodity.
The first quarter 2002 Survey of Agricultural representation by region of the data gathered in
this commodities survey, along with the comCredit Conditions contained a list of the most
important agricultural commodities in each lend- ments we received. The comments have been
ing area as reported by responding banks. As a edited for publication.
follow-up, we recently asked Eleventh District
Economic Research Service, U.S. Department of
bankers to rank the top three commodities
Agriculture, www.ers.usda.gov/data/stateexports/.
grown in their lending region.
The ranking has changed somewhat
CHART 2
from 2002. The most significant changes
Texas Top 10 Agricultural Commodities by Cash Receipts,* 2004
include the growing importance of the
Billions of dollars
dairy and equine industries in the District; 9

Commodities

THIRD QUARTER 2005
List all commodities grown in your
lending area and rank the top three in
order of importance.

1

8
7

CHART 1
Eleventh District Agricultural Commodities
(as reported by responding banks)

6
5
4

Number of banks

3

180

2
1

160

0
Cattle
and
calves

140
120

Cotton,
lint and
seed

Broilers Greenhouse Milk,
and wholesale
nursery

Corn

Hay

Wheat

Eggs

Sorghum
grain

* Excludes government payments.
SOURCE: Texas Agricultural Statistics Service, U.S. Department of Agriculture.

100
80
60
40
20
0

s
p
ns
ts
les
iry
um
uts
ee
rse
ea
Oa
Da
tab
an
Sh
yb
rgh
Ho
ge
Pe
e
So
So
V
NOTE: “Other” includes goats, pecans, sunflowers, milo, corn silage, timber and tree farms.
ttle
Ca

y
Ha

n
tto
Co

t
ea
Wh

rn
Co

3

gs
Ho

ry
rse
Nu

ry
ult
Po

e
Ric

gs
Eg

its
Fru

r
he
Ot

Most Important Agricultural Commodities in Eleventh District
(Reported by Responding Banks, Third Quarter 2005)*
Ranked No. 1

Ranked No. 2

Ranked No. 3

All Regions
Number of banks
160
140
120
100
80
60
40
20
0
Cattle

Cotton

Corn

Wheat

Hay

Dairy

Peanuts Sorghum Soybeans Poultry

Sheep

Horses

Region 1—Northern High Plains

Rice

Goats

Eggs

Vegetables Pecans

Chili

Nursery

Region 2—Southern High Plains

Number of banks

Number of banks

30

16
14

25

12
20

10
8

15

6

10

4
5
0

2
0
Cattle

Corn

Wheat

Cotton

Sorghum

Dairy

Hay

Cotton

Region 3—Northern Low Plains
Number of banks

10
9
8
7
6
5
4
3
2
1
0

10
9
8
7
6
5
4
3
2
1
0

Cotton

Wheat

Peanuts

Sorghum

Dairy

Corn

Wheat

Region 4—Southern Low Plains

Number of banks

Cattle

Cattle

Peanuts

Cattle

* Data for Region 10—South Texas have not been reported due to insufficient responses.

4

Wheat

Cotton

Hay

Peanuts

Sorghum

Oats

Region 5—Cross Timbers

Region 6—North Central Texas

Number of banks

Number of banks

16

20
18
16
14
12
10
8
6
4
2
0

14
12
10
8
6
4
2
0

Cattle

Hay

Wheat

Dairy

Horses

Cotton

Sheep

Cattle

Corn

Region 7—East Texas

Hay

Wheat

Cotton

Soybeans

Horses

Region 8—Central Texas

Number of banks

Number of banks

16

30

14

25

12
20

10
8

15

6

10

4

5

2

0

0
Cattle

Hay

Poultry

Dairy

Corn

Cotton

Cattle

Horses

Region 9—Coastal Texas

Cotton

Hay

Poultry

Rice

Eggs

Region 11—Trans-Pecos and Edwards Plateau

Number of banks

Number of banks

7

18

6

16
14

5

12

4

10

3

8
6

2

4

1
0

Corn

2
Cotton

Cattle

Sorghum

Corn

Rice

0

Soybeans

Cattle

Cotton

Sheep

Wheat

Hay

Nursery

Other

NOTE: “Other” includes goats and pecans.

Region 12—Southern New Mexico

Region 13 — Northern Louisiana

Number of banks

Number of banks

9

10
9
8
7
6
5
4
3
2
1
0

8
7
6
5
4
3
2
1
0

Cattle

Hay

Dairy

Wheat

Corn

Cotton

Other

NOTE: “Other” includes chili and corn silage.

5

Cotton

Corn

Soybeans

Cattle

Rice

Banker Comments

Question:
Has there been a change in the
types of agricultural commodities
grown in your region? If so, why?
Responses to the third quarter commodities survey are printed below. These
comments have been edited.

Region 1 Northern High Plains
Cotton is a new crop in our area. Corn
production is getting too costly; cotton is
an alternative.
The dairy industry is expanding rapidly in our area.
Cotton production has increased due
to new hybrids and high fuel prices. There
is less corn production because of high
fuel costs.
Most row crop production changed to
cotton due to water depletion, high energy
costs and lower profitability.
There has been a big increase in cotton and sunflowers because of the
increased cost of irrigation fuel.
Cotton is still the best fit for our
region. There has been some talk among
farmers of changing, but no other commodity has the profitability of cotton.
Energy costs could change this outlook.
Due to the cost of irrigation, corn production has declined, with some increase
in cotton and other summer crops.
Cotton has become more prevalent
due to the high cost of pumping water.
Cotton acres continue to increase in
the area (Ochiltree and Hansford counties).
It appears cotton will continue to grow in
popularity on irrigated acres. If energy
prices remain high, cotton acreage could
see an even greater increase.
Yes, because of dramatic increases in
production costs and extremely low commodity prices.

Region 2 Southern High Plains Region 11
Primarily no changes have occurred
with the crops grown, only in farming
practices: more conservation tillage, along
with the technological changes that have
occurred over the past few years. Guar
production, goat production and other
alternative crops are being looked at; however, goat production appears to be the
only one that looks promising at this time.
Predators are limiting more farmers from
going into goat production.

There has been an increase in crop
diversification. I have seen several farms
switch from crops to pecan trees and also
have seen more fruits and vegetables being
grown.
Cotton is still the No. 1 crop. However,
due to low prices, some producers are
rotating more crops: cotton and peanuts,
cotton and wheat, peanuts and wheat. The
rotation helps and allows some savings on
expenses.
There is more dairy business in our area.
We are seeing a large increase in feed
production to support the growing dairy
industry.
Dairy is new to West Texas.

Region 8 Central Texas

No. Dryland conditions limit the types
of crops that can be grown.
Sheep and goats have decreased due
to destruction from predators such as coyotes, bobcats and foxes.

Yes, increase in recreational land use
by retirees and weekenders, who want
agricultural tax exemption with the least
amount of work.
No change. Not much row crop anymore. No customers strictly farm.
Less row crops every year due to limited availability of good farmland and the
fact that most land is being used for cattle.
There has been a slight increase in nursery/greenhouse operations in the area.
A lot less peanuts are being grown
because of quota buyout and quota transfers to West Texas.
More cotton is being grown in the last
few years due to good returns.
There has been a slight decrease in
rice acreage.
Cotton has had a large increase. There
is more profit in cotton than corn.
Switched from corn to cotton production because of prices.

Region 5 Cross Timbers

Region 9 Coastal Texas

A 300,000-laying-hen operation is closing down, while a 3,000–5,000 sow (farrowing) operation is in the start-up phase.
Peanuts are no longer grown in this
area due to changes in government programs. We used to have more dairies, but
most of them are gone.
Peanut crop has gone from over
11,000 acres to less than 2,000 acres
because of non-quota peanut program.
There are very few cotton farmers in
our area. Farmers must make any profit
from cattle. The cost of farming is too high
to cut $2.75-per-bushel wheat.
No. Production has remained the same
for the last 75 years as we have no irrigation.

Rice production is dropping due to
water cost and increased production in
other states.

Region 4 Southern Low Plains

Region 6 North Central Texas
Cotton has declined in importance.
Yes. In the last three years, there has
been more cotton. Years ago cotton was
the No. 1 crop; as expenses increased,
most producers went to corn. That cycle is
again changing due to the high cost of
seed, chemicals and fertilizer.

Region 11 Trans-Pecos and Edwards Plateau
Yes, because of the cost of fuel and
labor.
Grape crops are beginning to be
farmed mostly by people moving to this
area. Few local farmers have planted
grapes.
Yes. The farm bill change made it difficult for the peanut farmers because they
were quota holders. They are not farming
peanuts anymore, and most have spent
their quota money.
More cotton and less grain are being
raised in our area. More wheat is being
grazed out by livestock.

Region 12 Southern New Mexico
Because of increased expenses like
fuel and labor, farmers are moving slowly
out of vegetable farming.

Region 13 Northern Louisiana
Region 7 East Texas
Cotton remains the most cash flowproducing commodity in the immediate
area, but large cotton acreage is being
diverted to corn and soybeans because of
cost and the lack of ginning facilities.
Poultry production has increased
because a large producer has expanded.

6

Cattle are becoming more prevalent in
this region. Cotton and corn fluctuate as
the No. 1 and No. 2 crops.

S T A T I S T I C A L R E L E A S E

CROPLAND—DRYLAND

Rural Real Estate Values
October 1, 2005

Region

Number of banks reporting land values.
2
Prices are dollars per acre, not adjusted for inflation.
3
Not adjusted for inflation.
n.r.—Not reported due to insufficient responses.
1

Eleventh Federal Reserve District
1

Percent Changes3
in Values from
Previous Previous
Quarter
Year

DISTRICT

153

844

2.4

10.1

TEXAS
Northern High Plains
Southern High Plains
Northern Low Plains
Southern Low Plains
Cross Timbers
North Central Texas
East Texas
Central Texas
Coastal Texas
South Texas
Trans-Pecos and
Edwards Plateau

136
23
19
9
11
14
18
8
17
7
n.r.

846
331
405
365
488
790
1,530
871
1,512
1,016
n.r.

2.4
1.9
1.0
– 1.7
– 1.3
2.3
5.6
– 1.7
2.2
0
n.r.

10.2
10.0
3.2
1.5
3.9
10.6
15.2
4.8
9.6
3.2
n.r.

Northern Louisiana
Southern New Mexico

3

Average
Banks1
Value2
Third Quarter 2005

9

766

4.1

20.6

11
6

880
320

1.8
7.8

8.9
6.3

12
N E W

M E X I C O

2

CROPLAND—IRRIGATED

L O U I S I A N A

4

5

13
6

7

T E X A S

11

Region

8
9
10
1
2
3
4
5
6
7

8
9
10
11
12
13

Northern High Plains
Southern High Plains
Northern Low Plains
Southern Low Plains
Cross Timbers
North Central Texas
East Texas

Central Texas
Coastal Texas
South Texas
Trans-Pecos and Edwards Plateau
Southern New Mexico
Northern Louisiana

Average
Banks1
Value2
Third Quarter 2005

Percent Changes3
in Values from
Previous Previous
Quarter
Year

DISTRICT

108

977

3.2

15.5

TEXAS
Northern High Plains
Southern High Plains
Northern Low Plains
Southern Low Plains
Cross Timbers
North Central Texas
East Texas
Central Texas
Coastal Texas
South Texas
Trans-Pecos and
Edwards Plateau

91
21
19
8
7
6
3
4
10
5
n.r.

888
658
785
670
740
1,405
2,184
1,091
2,019
1,177
n.r.

2.5
1.5
– 0.2
1.2
0.5
4.5
4.0
– 0.4
0.4
3.8
n.r.

14.2
15.0
7.8
15.7
– 0.2
13.7
– 28.1
5.8
6.7
24.0
n.r.

7

1,638

7.2

34.9

9
8

1,068
1,814

1.9
6.7

3.4
25.9

Northern Louisiana
Southern New Mexico

RANCHLAND

Region

Eleventh District Real Land Values
Irrigated land, dryland and ranchland values
continue to rise in the third quarter.
2000 dollars per acre
900
800
Irrigated

700

A
G

600
Dryland
500
400
300
200
’94

’95

’96

’97

’98

’99

’00

’01

’02

’03

’04

’05

7

Percent Changes3
in Values from
Previous Previous
Quarter
Year

DISTRICT

172

721

3.1

18.2

TEXAS
Northern High Plains
Southern High Plains
Northern Low Plains
Southern Low Plains
Cross Timbers
North Central Texas
East Texas
Central Texas
Coastal Texas
South Texas
Trans-Pecos and
Edwards Plateau

155
23
18
9
10
16
21
16
20
6
n.r.

897
246
241
286
465
970
1,559
1,114
2,066
970
n.r.

3.1
2.0
5.4
4.5
4.7
3.9
2.7
2.8
4.0
– 2.8
n.r.

21.4
12.6
11.3
20.5
13.8
17.7
9.3
16.7
14.2
6.3
n.r.

15

832

2.8

36.3

8
9

789
212

1.4
3.5

4.1
– 9.6

Northern Louisiana
Southern New Mexico

Ranchland

Average
Banks1
Value2
Third Quarter 2005

S T A T I S T I C A L R E L E A S E

Third Quarter
Comments
District bankers were asked for any additional comments concerning agricultural land
values or credit conditions. These comments
have been edited.

Region 1— Northern High Plains
High energy costs are a concerning factor
as we begin budgeting for the 2006 irrigated
crop production.

Region 2 — Southern High Plains

land is $75 for crop production and $25 for
goose hunting. On the increase in loan referrals
to other lenders, some of our customer lines are
getting too large for our bank lending limit.
The price of fuel and other products is
having a negative effect on agriculture in this
region.
Cotton crop conditions are excellent on
the Southern Plains. However, escalating energy and fertilizer prices are causing much concern. Above-average yields are required to
break even because of continued depressed
crop prices. Feedlot closeouts have not been
positive this summer.
The purchase of real estate by farmers and
ranchers for agricultural purposes is almost
nonexistent.

Region 5 — Cross Timbers
We currently have the best cotton crop
that has ever been grown in this part of the
country. The warm weather in September
matured the cotton crop nicely; harvesting is
set to begin the first week of October, with the
balance being harvested by the first week of
November. Wheat has been planted; however,
the majority was dry sowed. We are needing
rainfall. Cattle are doing nicely. Pastures are in
the best condition of the past eight years. A
large portion of the area received abundant
rainfall in late July through early August, a total
of 10 to 15 inches.
Fuel, utility and chemical costs are impacting the producer’s bottom line. Without an increase in commodity value, next year could be
a cash flow dilemma.
The time for the cotton crop harvest is
approaching fast. The crop is estimated to be
as good as last year’s, which was the best crop
in many years. The peanut harvest has begun,
with very good yield prospects. Overall, another excellent year is anticipated.

Region 3 — Northern Low Plains
The dryland and irrigated cotton crops
are both above average. The peanut harvest
will begin in the next few weeks.
Cotton, peanut and sorghum crops are
looking good. Our cow calf operators are
pleased. Land prices continue to escalate. If
prices for crops were good, our worries would
shift to long term.

Region 4 — Southern Low Plains
Cotton prospects look better than they
did this time last year. Higher fuel prices are a
concern for all farm-related activities.
The cash rent for ranchland is $7.50 for
livestock grazing and dove, quail, hog and
deer hunting. The cash rent on irrigated crop-

Cattle prices are good. We had rain
through the summer. Wheat is being planted.
Fuel and fertilizer costs have made farming
for crop production a thing of the past in our
area.
Our area received record rainfalls in
August; however, rain is needed at this time to
sow wheat. Hubbard Creek Lake is now 8 feet
low compared with 21 feet low one year ago.

Region 6 — North Central Texas
Production yields for corn are down 15 to
30 percent due to the dry, hot spring. This,
combined with low prices, is having a negative impact on the farm economy.
We are very concerned about the price of
oil and gas. Hay is in short supply as the area
is very dry and in need of rainfall. We are
worried that a harsh winter could further increase oil prices. Land values are dependent
on what gas and cattle prices do. If we have a
harsh winter, gas prices could soar and land
prices could drop drastically. Hopefully, the
cattle market can weather the storm.
This will be a default year. Production in all
crops is down 25 percent because of low commodity prices and increased production costs.
While we expect some carryovers from 2005,
it will be very difficult to cash flow any operation. I feel there will be some farmers quitting
on their own and some quitting because they
cannot get financing for the 2006 crop.
Input costs are severely impacting profit
margins. Base commodity prices have not kept
pace with input costs.

Region 7— East Texas
The availability of funds remains stable;
however, drought conditions, commodity

8

prices and low yields resulting from the dry
conditions have limited the sale of property
for production purposes. Cattle prices have
remained stable, but low water levels and dry
pastures are causing a problem for ranchers as
costs are increasing regularly.

Region 8 — Central Texas
We are seeing a slowdown in feeder cattle loans. Higher cattle prices would help
everyone.
Few farmers are preparing land for the
2006 crop. Most are waiting due to the poor
price outlook and high fuel and fertilizer
prices, and 10 to 20 percent are talking about
quitting farming.
With row and rice crops gathered and
prices offered, we see many of our farmers
with carryovers. Many of our farmers will not
be able to continue at these prices.

Region 9 — Coastal Texas
Farming is facing a critical time. Input costs
are too high compared with commodity prices.
Government subsidy programs are not adequate.

Region 11 — Trans-Pecos and
Edwards Plateau
Real estate agents are having trouble
finding ranches to list. There are lots of buyers,
but not many sellers. Rain has been ample in
most places, but it hasn’t been nearly as good
as last year.
Most ranches have more grass than they
have had in many years. However, the lack of
rainfall in recent months, coupled with the
higher than normal temperatures, has resulted
in extremely dry conditions. While there has
been some increase in sheep and goats, overall livestock numbers remain substantially below the past 10- to 20-year averages. Mohair
incentives and prices have brought back some
interest in raising angora goats. Ranch labor
and improvement costs remain challenges to
further increases in livestock numbers.

Region 12 — Southern New Mexico
Moisture levels continue to be good, and
fall crops should support a stable land market.

Most Important Agricultural Commodities in Eleventh District
(Reported by Responding Banks, Third Quarter 2005)*
Ranked No. 1

Ranked No. 2

Ranked No. 3

All Regions
Number of banks
160
140
120
100
80
60
40
20
0
Cattle

Cotton

Corn

Wheat

Hay

Dairy

Peanuts Sorghum Soybeans Poultry

Sheep

Horses

Region 1—Northern High Plains

Rice

Goats

Eggs

Vegetables Pecans

Chili

Nursery

Region 2—Southern High Plains

Number of banks

Number of banks

30

16
14

25

12
20

10
8

15

6

10

4
5
0

2
0
Cattle

Corn

Wheat

Cotton

Sorghum

Dairy

Hay

Cotton

Region 3—Northern Low Plains
Number of banks

10
9
8
7
6
5
4
3
2
1
0

10
9
8
7
6
5
4
3
2
1
0

Cotton

Wheat

Peanuts

Sorghum

Dairy

Corn

Wheat

Region 4—Southern Low Plains

Number of banks

Cattle

Cattle

Peanuts

Cattle

* Data for Region 10—South Texas have not been reported due to insufficient responses.

4

Wheat

Cotton

Hay

Peanuts

Sorghum

Oats

Region 5—Cross Timbers

Region 6—North Central Texas

Number of banks

Number of banks

16

20
18
16
14
12
10
8
6
4
2
0

14
12
10
8
6
4
2
0

Cattle

Hay

Wheat

Dairy

Horses

Cotton

Sheep

Cattle

Corn

Region 7—East Texas

Hay

Wheat

Cotton

Soybeans

Horses

Region 8—Central Texas

Number of banks

Number of banks

16

30

14

25

12
20

10
8

15

6

10

4

5

2

0

0
Cattle

Hay

Poultry

Dairy

Corn

Cotton

Cattle

Horses

Region 9—Coastal Texas

Cotton

Hay

Poultry

Rice

Eggs

Region 11—Trans-Pecos and Edwards Plateau

Number of banks

Number of banks

7

18

6

16
14

5

12

4

10

3

8
6

2

4

1
0

Corn

2
Cotton

Cattle

Sorghum

Corn

Rice

0

Soybeans

Cattle

Cotton

Sheep

Wheat

Hay

Nursery

Other

NOTE: “Other” includes goats and pecans.

Region 12—Southern New Mexico

Region 13 — Northern Louisiana

Number of banks

Number of banks

9

10
9
8
7
6
5
4
3
2
1
0

8
7
6
5
4
3
2
1
0

Cattle

Hay

Dairy

Wheat

Corn

Cotton

Other

NOTE: “Other” includes chili and corn silage.

5

Cotton

Corn

Soybeans

Cattle

Rice