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Banks must be in a world of hurt.
“If New Mexico is your home and agriculture is your livelihood, then Ag New Mexico is the right choice for financing.”
“As a cooperative that is part of the nationwide Farm Credit System, Ag New Mexico has been financing agriculture-through good times and bad-for more than three generations. We can finance all aspects of your farm, ranch or agribusiness, as well as your country home or other rural property.”
AG New Mexico is listed as “CREDITORS HOLDING UNSECURED NONPRIORITY CLAIMS” in one New Mexico dairy bankruptcy of $2,856,271.00.
Needless to say the letter above is sincere, very sincere.
But, rumors are, many ag lenders for dairy are merely carrying a large number dairies until cow prices recover and they hope, banks will not be left holding the bag.