Growth in farm lending activity slowed in the third quarter of 2019. Following 9 consecutive quarters of year-over-year growth and a particularly notable increase a year ago, the volume of total non-real estate farm debt declined nearer to the historical third-quarter average. The primary contributor to the slowdown from sharp increases a year ago was a decline in the average size of farm operating loans. Despite a slowdown in the pace of debt accumulation, weaknesses in the sector persisted, continuing to pressure farm cash flows and agricultural credit conditions.