Delinquencies on agricultural loans with U.S. commercial banks had been trending in the wrong direction for more than five years. For the first time since 2015, the share of delinquent farm loans had a material four-quarter moving average decline, perhaps signaling some wiggle room in farmer balance sheets for now. Of note, the share of extremely delinquent real estate and non-real estate loans was cut in half from Q3 2020, to Q4 2020.

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