Bankers responding to the Dallas Fed’s Q2 2025 Ag Survey reported mildly improved conditions across the Eleventh District as recent rains offered partial relief, though many farmers continue to struggle financially due to weak commodity prices and carryover debt.

• Demand for ag loans declined QoQ, while fund availability rose for the first time since 2022.
• Loan renewals/extensions increased at a faster pace, and repayment rates continued to fall, though the pace of decline slowed.
• Land values for irrigated, dryland, and ranchland rose slightly QoQ; YoY, only dryland values were higher.
• Real cash rents increased across all categories in Q2.
• Interest rates declined for all loan types, with both fixed and variable real estate loan rates falling below 8% for the first time since 2022.