While the Midwest farm economy isn't growing, it continues to decline more slowly.

That's the assessment from the Kansas City Federal Reserve, which Thursday released its latest Ag Credit Survey.

The KC Fed said in the report that farm income in the seven states in the Tenth District decreased in the third quarter, but at a slower rate.

Farmland values also continued to weaken, but only marginally, the KC Fed said in the report. The value of nonirrigated and irrigated cropland declined 3 percent and 6 percent, respectively, from the previous year. In Nebraska, the decline was 6 percent for both irrigated and nonirrigated land.

Although agricultural credit conditions continued to weaken, bankers surveyed for the report indicated they do not expect the deterioration to lead to a sharp rise in asset liquidation.

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