The two-day Emerging Issues in Agricultural Lending Symposium at MU ended Thursday. This is the second year for the symposium, which gathered a variety of agricultural lenders such as loan officers, credit analysists, regulators and board members.
The symposium brought in experts to speak to lenders on challenges the agriculture industry is currently facing and possible solutions.
Symposium Director Joe Horner says the symposium gives an opportunity for experts to share changes with lenders and for lenders to have a chance to share their ideas.
MU agricultural professor Scott Brown spoke to the lenders at the symposium about the recent increase in beef prices during the second day of the symposium.
“I'd really like to remind folks that it’s not only the drought we saw here in the Midwest in 2012, but the drought in places like Texas and Oklahoma in 2011 that have continued to cause cow inventories and cattle inventories to decline,” said Brown.
Brown also says with the recent rain this month the situation is improving, but it will take a few years to rebuild the herds.
Beef producers are currently forced to compete with lower priced meat, such as chicken and pork chops, because of cattle shortages and weather conditions over the past years.