Farmer Mac reports that 65 percent of its past-due loans are related to ethanol

In Washington, the Federal Agricultural Mortgage Corporation, or Farmer Mac, Today it announced a net income of $33.5 million for the first quarter, reversing a loss of $8,3 million in Q1 last year. However, the company said that it is setting side $3.5 million to cover future potential bad loans relating to ethanol and reported that 65% of the Farmer Mac’s past-due loans, $58.5 million worth, were related to the ethanol industry.

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