The Minneapolis Fed’s second-quarter agricultural credit conditions survey, conducted during July, indicated that farm incomes fell from April through June relative to the previous year. Spending on capital equipment and farm household purchases also decreased. Falling incomes pushed the rate of loan repayment down slightly, while renewals and extensions increased on balance. Farmland values continued to slide, while cash rents rose slightly. The outlook for the third quarter was for continued contraction. However, a lot will depend on weather conditions through the end of the growing season.