The Farm Credit System posted a huge loss.

The 1986 deficit of $1.91 billion was much less than the 1985 loss by the nation’s biggest farm lender but still reflected the acute depression in agriculture. The Farm Credit System lost $2.69 billion in 1985, an unprecedented $2.17 billion of that in the fourth quarter when member institutions set aside hundreds of millions of dollars to cover possible losses. The system lost $385 million in the fourth quarter of 1986. The system is owned cooperatively by farm lenders and is comprised of 37 regional banks.