FCA board receives quarterly report on conditions in agriculture and the Farm Credit System, acknowledges 25th anniversary of 9/11 attacks
McLEAN, Va., Sept. 10, 2026 — At its informational meeting today, the Farm Credit Administration (FCA) board received a quarterly report (PDF) on economic conditions affecting agriculture and an update on the condition and performance of the Farm Credit System (System) as of June 30, 2026. FCA Chairman and CEO Jeffery Hall also recognized the 25th anniversary of the 9/11 terrorist attacks.
Economic conditions affecting agriculture
The U.S. economy continued to grow in the first half of 2026 despite headwinds from the conflict in the Middle East. The ongoing expansion of AI infrastructure helped spur both private investment and stock market gains resulting in consumer spending by wealthier households. While inflation measures cooled through the summer, the relative strength of the labor market has led the Federal Reserve to begin emphasizing price stability in setting interest rates.
The agricultural economy continues to be pressured by higher expenses, but weather-related and geopolitical supply shocks have created marketing opportunities that may help alleviate crop producer liquidity concerns in the fall. Livestock producer profits, however, have been more varied. Farmland values have continued to rise despite soft returns in recent years, driven by tight supplies, continued government support, and investment or urban pressures.
Condition and performance of the Farm Credit System
For the first six months of 2026, the System reported modest loan growth, increased earnings, and sound capital levels. Overall loan portfolio quality also remained sound, but credit risk measures continued to trend higher. Nonperforming assets increased to 1.09% of loans outstanding and other property owned as of June 30, up from 1.02% a year ago.
While producers in certain agricultural sectors continue to face difficult operating conditions, the System’s sound financial condition enables it to support the funding and liquidity needs of U.S. farmers and ranchers.
9/11 25th anniversary recognition
During the meeting, FCA Chairman and CEO Jeffery Hall offered the following statement to recognize the 25th anniversary of the 9/11 terrorist attacks:
“In the morning hours of September 11th, 2001, nearly 3,000 people lost their lives in New York City, at the Pentagon in Arlington, and in southwestern Pennsylvania. We honor the passengers and crew of United Flight 93, who courageously fought back and died in a field near Shanksville, avoiding an even greater tragedy.
“We also remember the first responders who risked, and in some cases lost their lives by bravely rushing into chaos, fire, and destruction. Their bravery reminds us of the very best qualities of the American spirit. That day and the weeks that followed additionally demonstrated how a nation, our nation, could put aside differences and come together.
“Many of us can remember exactly where we were and what we were doing when we received the news and rushed to the television to watch the horror unfold. But there is now an entire generation who are too young to have witnessed that day.
“Each year that passes, a little piece of our memory fades and there are fewer people who can tell the stories. That makes it even more important to continue telling the story of the lives lost and honor the sacrifices made and celebrate the resilience of a nation.”
Notational votes
Since Aug. 13, the FCA board has taken one notational vote. Notational votes are actions the FCA board takes between meetings.
On Sept. 9, the board approved the minutes of the Aug. 13, 2026, regular board meeting.