Full text of Agricultural Survey : Third Quarter 2007

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S T A T I S T I C A L
F

R E L E A S E
B

Agricultural Credit Conditions at
Survey Banks in the Eleventh District
Demand for Loans
Twenty percent of bankers report higher demand
for loans.

Quarterly Survey of Agricultural
Credit Conditions in the
Eleventh Federal Reserve District

Percent
100

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 Depart
ment, 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,
(214) 922-5191.

Third Quarter 2007

The third quarter survey indicated further
improvement in Eleventh District agricultural con
ditions. A higher share of bankers reported rising
loan repayment rates compared with the previous
quarter. Above-average rainfall spurred pasture
growth and boosted yields of corn and wheat.
However, the excessive precipitation resulted in
yield losses in Central and Coastal Texas. Bankers
said warm weather over the next few weeks will
bolster prospects for the cotton harvest. Cattle and
crop prices remained mostly favorable and are
helping farm incomes, but respondents said rising
land rents and high fertilizer, seed and fuel costs
are pressuring margins.
Here are additional details from the survey:
• Favorable weather has improved the out
look for 2007, increasing the rate of loan repay
ment and reducing the need for loan renewals and
extensions. Fifteen percent of bankers reported
higher repayment rates, up from 8.5 percent last
quarter. Twelve percent of bankers cited a decline
in renewals or extensions, up from 9.2 percent last
quarter.
• Good growing conditions have boosted
grain yields, and storage facilities are unable to
keep up with grain volumes. Eighteen percent of
survey respondents said demand for crop storage
loans was up, compared with 4.6 percent a year
ago.
• Demand for farm machinery loans climbed
during the third quarter. Twenty-four percent of
bankers reported greater loan volumes, compared
with 14 percent last quarter.
• While sales of farmland for recreational
purposes remain high, respondents said price in
creases are moderating and higher-priced lots are
taking longer to sell.

0
1Q01

1Q02

1Q03
Less

Same

1Q05

1Q06

1Q07

Greater

Funds Available for Additional Lending
Eighty-two percent of respondents indicate no
change in funding availability.
Percent
100

1Q01

1Q02

1Q03
Less

1Q04
Same

1Q05

1Q06

1Q07

Greater

Rate of Loan Repayment
Fifteen percent of bankers cite higher loan
repayment rates.
Percent
100

0
1Q01

1Q02

1Q03
Less

1Q04

1Q04
Same

1Q05
Greater

1Q06

1Q07

S T A T I S T I C A L
F

R E L E A S E
B

Agricultural Credit Conditions at Survey Banks in the Eleventh District
Renewals or Extensions of Loans
Twelve percent of reporters state that loan
renewals and extension requests have declined.
Percent
100

Loan-to-Deposit Ratios at Survey Banks
Average actual and desired ratios

Percent
70

65
60

55
50

Actual ratio

0
1Q01

1Q02

1Q03

1Q04

Less

1Q05

Same

1Q06

1Q07

Desired ratio

Greater

2006:3

2006:4

2007:1

2007:2

2007:3

Amount of Collateral
Ninety-five percent of bankers indicate no
change in collateral levels.
Percent
100

Distribution of Loan-to-Deposit Ratios
Banks Reporting (Percent)

2006
40

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

1Q01

1Q02

1Q03

1Q04

Less

1Q05

Same

1Q06

2007

Oct. 1

Jan. 1

Apr. 1

Jul. 1

Oct. 1

18
9
22
18
33

18
15
16
17
33

22
11
20
21
26

17
12
13
28
30

17
14
17
23
30

1Q07

Interest Rate—Fixed

Greater

Total Agricultural Loans
Agricultural loan volume continues to expand in the
Eleventh District.
Millions of dollars (seasonally adjusted)
7,300

Average Rate (Percent)
2006

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

2007

Oct. 1

Jan. 1

Apr. 1

Jul. 1

Oct. 1

9.61
9.68
9.36
8.53

9.45
9.61
9.31
8.71

9.44
9.68
9.27
8.55

9.39
9.54
9.13
8.52

9.34
9.54
9.23
8.49

6,800

Interest Rate—Variable

6,300

Average Rate (Percent)

5,,800

2006
5,300

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

4,800
4,300
3,800

’97

’98

’99

’00

’01

’02

’03

’04

’05

’06

’07

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.

2007

Oct. 1

Jan. 1

Apr. 1

Jul. 1

Oct. 1

9.47
9.55
9.48
8.73

9.46
9.59
9.41
9.20

9.35
9.63
9.37
8.85

9.42
9.57
9.14
8.66

9.20
9.40
9.21
8.60

S P E C I A L
A

Third QuarTer 2007
List commodities grown in your
lending area and rank the top three in
order of importance.

from 2005, but cattle, cotton and corn are still
the leading three commodities.
The survey also asked Eleventh District
bankers to highlight any changes in the diversity of crops grown in their lending area. The
most significant changes include the growing
importance of corn, wheat and grain sorghum
as cash crops and the expansion of the dairy,
wildlife and equine industries in the District.
Additionally, peanut production has moved
out of the Northern High Plains, Cross Timbers
and Central Texas regions to West Texas, and
grapes have been introduced into the mix of
crops grown in the Trans-Pecos and Edwards
Plateau region. Bankers cited the increased
use of farmland for recreation, modifications in
farm laws, high grain prices and soaring input
costs as reasons for the switch.
The following pages display a graphical
representation by region of the data gathered
in this commodities survey, along with the
comments we received.

Texas is a leader in U.S. agricultural production. The state ranks second only to California in agricultural output, accounting for
just over 7 percent of the nation’s total.1 It is
third among U.S. states in agricultural exports,
generating about 5.5 percent of the country’s
total—$3.8 billion in revenues in 2006.2
Texas produces a rich mix of agricultural

crops and products (Chart 1). However, cattle
and cotton are the dominant commodities, generating more than half the state’s agricultural
revenues, over $9.4 billion (Chart 2).
In the third quarter 2005 Survey of Agricultural Credit Conditions, we published a list of
the most important agricultural commodities
in each lending area as reported by partici1
pant banks. As a follow-up, we recently asked
Bureau of Economic Analysis.
2
Economic Research Service, U.S. Department of
Eleventh District bankers to rank the top three
Agriculture.
commodities produced in their lending
CHART 2
region. The ranking has changed slightly
Texas’ Top 10 Agricultural Commodities by Cash Receipts,* 2005
Billions of dollars
9
8

CHART 1

Eleventh District Agricultural Commodities, 2007

(as reported by participating banks)

Number of banks
160

4
3
2

140

1
0

120

Cattle
and
calves
calves

100

Cotton

Broilers Greenhouse Milk
and
nursery

Corn

Wheat

Sorghum
grain

Eggs

Hay

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

80
60
40
20

NOTE: “Other” includes goats, pecans, grapes, sunflowers and crawfish.
SOURCE: Federal Reserve Bank of Dallas.

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ui
Fr

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r
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Po

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Sh
ee

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y
Nu

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ea
ns
Ve
ge
ta
bl
es

Da
ir y

es
rs
Ho

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h
So

tto
Co

he
W

ttl

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Ho
gs

Commodities

R E P O R T

S P E C I A L
F

R E P O R T

Agricultural Commodity Rankings in the Eleventh District
(Reported by Responding Banks, Third Quarter 2005 and 2007)*
Ranked No. 1

Ranked No. 2

Ranked No. 3

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

’07 ’05
Cattle

’07 ’05
Cotton

’07 ’05
Corn

’07 ’05
Wheat

’07 ’05
Hay

’07 ’05
Sorghum

’07 ’05
Dairy

’07 ’05
Peanuts

’07 ’05
Sheep

’07 ’05
Soybeans

’07 ’05
Poultry

’07 ’05
Rice

’07 ’05
Horses

’07 ’05
Vegetables

’07 ’05
Other

’07 ’05
Nursery

NOTE: “Other” includes goats, pecans and grapes.

Region 1— Northern High Plains

Region 2— Southern High Plains

Number of banks

16
14

8
6

5
0

2
’07
’05
Cattle

’07
’05
Wheat

’07

’05
Corn

’07
’05
Cotton

’07
’05
Dairy

’07
’05
Cotton

Region 3—Northern Low Plains

’07

’05
Corn

’07
’05
Peanuts

’07
’05
Sorghum

Region 4 — Southern Low Plains

Number of banks

8
7

6
5

3
2

1
0

’07
’05
Cattle

’07
’05
Cotton

’07
’05
Cattle

’07
’05
Wheat

’07
’05
Peanuts

’07

Hay

’05

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

’07
’05
Cattle

’07
’05
Cotton

’07
’05
Wheat

’07
’05
Sorghum

’07

Hay

’05

S P E C I A L
F

R E P O R T

Region 5 —Cross Timbers
Number of banks

8
6

2
’07
’05
Cattle

’07

Hay

’05

’07
’05
Wheat

’07
’05
Dairy

’07
’05
Nursery

’07
’05
Cattle

Region 7—East Texas

’07
’05
Corn

’07
’05
Wheat

’07
’05
Cotton

’07
’05
Hay

’07
’05
Horses

Region 8— Central Texas

Number of banks

8
6

2
’07
’05
Cattle

’07
’05
Hay

’07
’05
Poultry

’07
’05
Dairy

’07
’05
Corn

Region 9— Coastal Texas

’07
’05
Cattle

’07
’05
Corn

’07
’05
Hay

’07
’05
Cotton

’07
’05
Rice

Region 11 — Trans-Pecos and Edwards Plateau

Number of banks

16
14

8
6

1
0

Region 6— North Central Texas

Number of banks

2
’07
’05
Cotton

’07
’05
Corn

’07
’05
Cattle

’07
’05
Sorghum

’07
’05
Rice

’07
’05
Cattle

’07
’05
Sheep

’07
’05
Cotton

’07
’05
Other

’07

Hay

’05

NOTE: “Other” includes goats, pecans and grapes.

Region 12—Southern New Mexico

Region 13 — Northern Louisiana

Number of banks

8
7

1
0

1
’07
’05
Cattle

’07
’05
Wheat

’07

’05
Corn

’07
’05
Dairy

’07

Hay

’05

’07
’05
Corn

’07
’05
Cotton

’07

’05
Soy

’07
’05
Cattle

S P E C I A L
F

Question:

Has there been a change in the
types of agricultural commodities
grown in your region? If so, why?
District bankers’ responses to the third
quarter 2007 commodities survey are printed
below. These comments have been edited.

Region 1 — Northern High Plains
Farmers began growing cotton two
years ago. Dairies are becoming a part of the
ag community.
There has been a shift from cotton to
corn, sorghum and silage because of high
grain and forage prices.
Cotton has come to our area over the
past three years, and we now have a gin.
There are more acres of grain and corn
due to price increases.
With the increase in grain prices, we
have seen many dryland cotton acres shift to
milo or wheat.
Cotton has been added in the past two
years.
We have seen an increase in dairy due
to the construction of the new Hilmar cheese
facility. There is a lot of out-of-state interest
in relocating to the Texas Panhandle.
Peanuts once were one of the primary
crops in this region. Due to price declines
and growth in the feral hog population,
peanuts have almost disappeared.
More alfalfa is being grown for the
dairies.
Cattle production remains constant.
Corn acres have increased.

Region 2 — Southern High Plains
More corn and sorghum are being
planted.
More milo is grown in this region.
We are seeing less cotton and more
sorghum.
There has been some movement from
cotton to grain crops due to prices and early
moisture. In a dry year, it will revert to
cotton.
Dairy will soon be No. 1, and it (along
with ethanol) is pulling the resurgence of
corn in the area.
Dairy has increased.

Region 3 — Northern Low Plains
More wheat and sorghum are grown
because of variable market conditions.
Cotton acres are declining, and corn and
sorghum are increasing.
Grain prices have increased wheat and
sorghum acres. There has been a decrease in
cotton acres.

Region 4 — Southern Low Plains
Due to the increase in sorghum prices
and lower production costs, the number of
acres being planted has almost doubled
compared with previous years.

R E P O R T

Windmills for electricity are becoming
an important source of revenue for landown
ers.
There has been a shift from cotton to
more wheat and sorghum due to the better
grain prices.

Region 5 — Cross Timbers
Peanuts have moved to West Texas.
Producers have stopped growing pea
nuts due to the expense. Vegetable produc
tion has also declined.
Less cotton and more hay is grown.
Cotton has declined in production.
Wheat is being grown primarily for cattle
grazing.
Five to 10 years ago, there was a large
decrease in the acres of peanuts grown here.

Region 6 — North Central Texas
Less cotton and grain sorghum and
more corn are being planted.
Not as much cotton is being grown due
to the boll weevil eradication program.
More corn is being grown due to price
and production costs.
Cattle operations have increased.

Region 7 — East Texas
Cotton was the primary crop for the
past 15 years, but chemical and fertilizer
costs have increased production costs, affect
ing profitability.
More corn than wheat is being grown.

Region 8 — Central Texas
Because of prices, less cotton and more
corn and milo are being planted.
Houston and Austin landowners have
switched to raising horses.
Cattle numbers are down due to last
year’s drought. Egg production is up slightly.
More corn is being planted as a result of
the price increases.
There has been less farming (corn,
sorghum, rice, cotton) and more ranching
(cattle, hay, horses).
More turf grass is being grown due to
our proximity to San Antonio. We are seeing
fewer peanuts as their production has moved
to West Texas.
Rice and cotton acreage are shrinking.
Corn and grain sorghum are expanding.
Most property has been purchased for
recreation or investment. These properties
are being rented to ranchers for cattle or
hay production to maintain the owner’s ag
exemption.
More cotton has been grown in the past
three years.

Region 9 — Coastal Texas
There has been a shift from cotton to
corn and milo due to escalating prices as a
result of current biofuels-friendly government
policy.
Corn production has increased.

Region 10 — South Texas
Wildlife and recreation are replacing con
ventional agricultural commodities.
Peanut acreage is down sharply due to
changes in government programs.

Region 11 — Trans-Pecos and Edwards Plateau
Grape vineyards have been installed in
McCulloch and the surrounding counties.
Cattle numbers have been increasing as
rains have brought the grass back. Producers
are cautiously growing herds back toward
previous levels.
More farmers are planting corn due to
the positive response to ethanol.
The largest commodities had always been
peanuts and cattle. As of 2006, no peanuts
have been planted. Wine grapes have been
planted in the past five years.
Angora goats have decreased in number
dramatically, as have sheep, primarily due to
difficulties in finding shearers and problems
with predators. Meat goat production and hair
sheep (for example, Dorper) have increased
since no shearing is involved.
Angora goats and Boer Spanish goats
have decreased because of predators and
labor costs. Grains are replacing some cotton
because of high grain prices and the cost of
growing cotton.
There has been a change from cotton to
feed plants. Sheep numbers are declining, and
goat numbers are rising.

Region 12 — Southern New Mexico
A considerable amount of farmland has
been taken out of production and used for
home sites over the past several years.
Cotton production is lower and sorghum
(dryland) production is higher due to prices.
Hay is lower due to drought conditions.
Ag producers continue to struggle, and
very few operations are meeting cash flow
successfully. Real estate equity remains strong
due to development pressures.
Much less red chile is being grown
because there are too many labor-related
problems with it.
Lots of silage is being grown for the
expanding dairy industry.

Region 13 — Northern Louisiana
We are seeing a reduction in cotton due
to increases in the cost of fertilizers and other
operating costs.
Producers are using Roundup Ready vari
eties as opposed to conventional ones.
We have seen a big change from cotton
to corn.
Corn has replaced cotton as king over
the past few years. Cattle operations have
been growing during the past 10 years.
Groups 3 & 4 soybeans have revived the soy
bean market.

S T A T I S T I C A L
F

Rural Real Estate Values

R E L E A S E

B A N K
CROPLAND—DRYLAND

October 1, 2007
1

Number of banks reporting land values.
Prices are dollars per acre, not adjusted for inflation.
3
Not adjusted for inflation.
4
Bankers in East Texas have been reporting significant
increases in land values.
n.a.—Not published due to insufficient responses but
included in totals for Texas and district.

Region

Eleventh Federal Reserve District
1
3
12
N E W

M E X I C O

L O U I S I A N A

1
2
3
4
5
6
7

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

8
9
10
11
12
13

Percent Change3
in Value from
Previous
Previous
Quarter
Year

17.7

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

115
22
16
7
10
11
14
5
15
7
n.a.

1,157
387
443
449
634
988
2,036
1,345
2,202
1,284
n.a.

5.2
1.1
2.3
5.8
3.2
3.2
10.8
0.1
7.3
1.8
n.a.

17.3
7.8
6.9
5.4
16.8
14.7
27.2
14.8
13.2
26.8
n.a.

1,107

7.8

7.3

5
8

318
1,117

4.9
0.5

–7.2
24.0

CROPLAND—IRRIGATED

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

4.8

DISTRICT

1,146

Region

128

T E X A S

DISTRICT

Southern New Mexico
Northern Louisiana

Average
Banks1
Value2
Third Quarter 2007

Southern New Mexico
Northern Louisiana

Average
Banks1
Value2
Third Quarter 2007

Percent Change3
in Value from
Previous
Previous
Quarter
Year

1,238

2.3

11.3

78
20
16
6
7
4
n.a.
3
10
4
n.a.

1,161
902
857
820
821
1,851
n.a.
1,989
2,526
1,506
n.a.

1.6
2.3
0.2
1.7
3.4
3.6
n.a.
2.3
2.1
4.8
n.a.

13.0
20.8
2.4
11.2
13.5
12.8
n.a.
32.64
2.0
28.9
n.a.

1,709

4.2

– 5.2

7
7

1,942
1,387

6.2
4.2

0.2
22.8

RANCHLAND

Eleventh District Real Land Values
Farmland values continue to rise in third quarter 2007.
2000 dollars per acre
1,200

Irrigated

1,000

Dryland

800

Ranchland

600
400
200
0
’97

’98

’99

’00

’01

’02

’03

’04

’05

’06

’07

Region

Average
Banks1
Value2
Third Quarter 2007

Percent Change3
in Value from
Previous
Previous
Quarter
Year

DISTRICT

141

1,110

3.4

13.5

126
19
13
7
10
13
15
13
16
6
n.a.

1,393
311
335
447
726
1,502
2,049
1,967
2,973
1,154
n.a.

3.6
1.5
8.4
8.1
6.5
6.7
5.7
5.7
5.7
4.2
n.a.

13.0
11.6
17.6
22.3
30.9
31.7
18.3
43.04
13.4
8.4
n.a.

1,343

2.4

7.5

8
7

297
947

0.9
12.0

20.6
27.0

Southern New Mexico
Northern Louisiana

S T A T I S T I C A L
F

Third Quarter
2007 Comments
District bankers were asked for additional
comments concerning agricultural land values
or credit conditions. These comments have
been edited.

Region 1—Northern High Plains
The 2007 wheat crop turned out to be
a bumper crop, with excellent yields and
high prices positively impacting farmers’ cash
flows. Corn and sorghum silage yields are
above average this fall.
Grain prices continue to hold land prices higher. Additionally, recreational hunting
on ranchland has driven values higher.
The wheat crop is amazing, with great
prices.
Ranchland is being sold for nonagricultural purposes due to high prices.
The abundant summer moisture has producers expecting good yields for corn, milo
and cotton. Corn prices remain at record levels due to demand for ethanol. Several ethanol plants are being built in the High Plains.
Land prices in dairy areas such as Muleshoe
and Dalhart are at record levels. Overall, the
remainder of the year looks promising except
for feeder cattle because margins remain thin.

Region 2 — Southern High Plains
Farmers have shut off irrigation wells
because rainfall has been good. We need a
warm September and a late freeze for the
cotton crop to mature. This could be our
third-best cotton crop ever.
The warm weather over the past month
has matured the crop nearing harvest stage.
With the seasonal moisture, the cotton crop
looks excellent. A favorable fall season will
result in another bumper cotton harvest.
Cotton and peanuts are in good shape.
We need plenty of sunshine and warm days
to complete this crop year.

Region 3 — Northern Low Plains
With good maturing weather, the cotton
crop will be well above average. Grazing is
well above average for cattle.

Region 4 — Southern Low Plains
The cotton crops look excellent. The
majority of new landowners are from large
cities or out of state, causing land values to

R E L E A S E
B

increase at a rapid pace. Cropland values are
lower than ranchland values. In some areas,
land values have doubled in the past two
years. The market has not slowed, but land
available for sale is limited.
Buyers from outside the service area are
buying land for recreational use and driving
producers out.

average decrease. The corn yield is very
good. Milo was a disaster due to the rain.
Cotton prospects are also poor due to excessive rain.
Generally, credit conditions are very
good; however, a watchful eye must be cast
upon the real estate market, given the subprime debacle.

Region 5 — Cross Timbers

Region 9 — Coastal Texas

Rainfall conditions are much better than
a year ago.
Most ag buyers have been forced out of
the market due to the high land prices being
paid by recreational buyers.
Recent above-average rainfall has August and September looking like spring, with
green grass and full lakes and stock tanks.

A promising crop yield potential has
turned into only average yields and quality losses along the Texas Gulf Coast due to
excessive rainfall during the harvest season.
Input prices (fertilizer, chemicals, land rent)
have advanced across the board, making it
a breakeven proposition going into the 2008
crop year.

Region 6 — North Central Texas

Region 11 —Trans-Pecos and
Edwards Plateau

The cost to grow corn has increased by
20 to 25 percent over the past two years as a
result of seed, fuel and fertilizer costs.
Land is very hard to find, and what is
available is very expensive.
We are having a good year in Williamson County. Corn yields are some of the best
we have ever had. Grain storage is limited,
due to the volume of grain and availability of
storage. There are fewer harvest workers this
year, as they are behind schedule in the Valley, delaying their normal movement north.
Hay is in abundance. Some producers are
trying to ship hay out of state but are limited
by shipping costs. Pastures are still lush, with
plentiful grass going into the fall months.
We have had a very good corn crop.
Cattlemen are making lots of hay.

Ag land sales continue to go mostly to
nonagricultural producers. The good rains
have continued. Although low, beef prices
are still way above average.
High fuel costs and increased operating
expenses have kept demand for operating
credit steady. Fortunately, cattle, sheep and
goat prices remain strong, and range conditions in the Texas Hill Country are better than
most folks can remember. Real estate sales
seem to have slowed somewhat.
There has been some increase in stocker
cattle loans due to an exceptional year.

Region 7— East Texas
Row crops are evolving in a diversified
industry, with various grain products being
used not only for food and fiber, but also as
a renewable energy source. This could be a
positive change for the current credit available and also for land values and commodities values.

Region 8 — Central Texas

Region 12 — Southern New Mexico
Increased grain prices have led to a
spike in prices of irrigated and dryland farms.
Investors purchasing ranches for recreational
purposes have caused ranch prices to skyrocket.
Agriculture will slowly decline in this
area. Input costs are rising, while prices remain the same. Competition from Mexicangrown products has continued to increase.
Irrigated land is significantly more valuable
when it is closer to population centers.
The market has not had enough sales to
really measure.

Region 13— Northern Louisiana
Rural land loans are about the same.
There are fewer listings on the market, causing somewhat of a slowdown. High-endpriced land is staying on the market longer.
Cattle prices remain good. Volume at local
auction barns is picking up. The drier weather has helped farmers. The corn harvest is
about 50 percent completed.
The first rice crop yielded a 15 percent

This year’s corn and early soybean yields
were excellent. The drought in midsummer
did not hurt most yields, but it did make
some bankers very nervous. The cotton harvest is just now starting and has the potential
for an above-average crop yield. Irrigation is
vital to the crop’s ability to survive.

Full text of Agricultural Survey : Third Quarter 2007

FRASER