Interest rate drop will benefit farm customers

WASHINGTON, D.C. (WNAX) – The Federal Reserve dropped the prime interest rate one half percent this week.

Farm Credit Services of America Regional Vice President Wes Chambers says lowering that rate will be good for their farmer customers.

He advises producers to lock in those low rates as well as maintain their working capital.

Chambers, who oversees offices in southeast South Dakota, says the Feds move this week on the interest rates will help producers especially with their operating loans.

Chambers says while it’s been a very challenging time for farmers and ranchers in the Northern Plains, they’re doing a good job working through it and dealing with the uncertainty.