# Cattle operating loan rates in Wyoming

> Wyoming cattle operating loans generally run 8.25% to 10.75% APR in early 2026, with Farm Credit Services of America and regional banks at the low end and FSA direct loans below market for eligible borrowers.

**Headline:** 8.25% – 10.75% APR

## Key Figures

| Metric | Value |
| --- | --- |
| Farm Credit System (FCSAmerica) | 8.25% – 9.50% APR, variable |
| Commercial banks (WY community/regional) | 9.00% – 10.75% APR |
| FSA Direct Operating Loan | 5.375% APR (fixed, Mar 2026) |
| Typical term length | 12 months revolving; 1–7 yr intermediate |
| Typical LTV on cattle collateral | 65% – 75% of appraised value |

## Detail

Wyoming's ag operating credit market is split between the Farm Credit System, led in the state by Farm Credit Services of America, and community and regional banks such as Points West Community Bank, Pinnacle Bank, and First Northern. FCSAmerica's variable operating rates sit near 8.25% to 9.50% APR in early 2026, while commercial banks in the Kansas City Fed's 10th District (which includes Wyoming) report average non-real-estate operating loan rates around 9% to 10.75%, per the Q4 2025 Ag Credit Survey.

Collateral expectations on Wyoming cow-calf operations are conservative. Lenders typically advance 65% to 75% of appraised value on bred cows, pairs, and feeder cattle, with brand inspection and a first-position UCC filing on the livestock. FSA Direct Operating Loans, priced at 5.375% fixed in March 2026, are materially below bank rates but are capped at $400,000 and limited to applicants who cannot obtain adequate commercial credit. FSA guaranteed loans, in which the agency backs up to 95% of a bank note, are a more common path and usually reduce the effective coupon by 50 to 150 basis points.

Loan structure in Wyoming is tightly tied to the cow-calf cash-flow calendar. Operating lines are generally written as 12-month revolving notes advanced in spring to cover winter-feed payoff, branding, vaccinations, summer grazing leases on BLM and state trust land, and hauling. Principal paydown is scheduled for October and November, when calves move through sale barns in Torrington, Riverton, and Worland. Intermediate-term notes of one to seven years are used separately for breeding-stock purchases and equipment, amortized against projected weaned-calf revenue rather than the operating line itself.

## Frequently Asked Questions

### Which lenders dominate ag operating credit in Wyoming?

Farm Credit Services of America serves most of Wyoming alongside community banks like Points West, First Northern, and Pinnacle Bank, plus USDA FSA for beginning and underserved ranchers.

### Can Wyoming ranchers use FSA guaranteed loans to lower rates?

Yes. FSA guarantees up to 95% of a commercial loan, which typically shaves 50–150 basis points off a bank's quoted rate and extends amortization on breeding stock.

### How does Wyoming's seasonal calf sale cycle affect loan structuring?

Most WY cow-calf operators draw on operating lines in spring for feed, vet, and grazing fees and pay down in October–November after fall calf sales, so lenders structure 12-month revolving notes aligned to that cycle.

## Sources

1. USDA FSA Farm Loan Programs – Interest Rates (2026) — https://www.fsa.usda.gov/resources/programs/farm-loan-programs
2. Farm Credit Services of America – Rates and Loan Products (2026) — https://www.fcsamerica.com/products/loans
3. Kansas City Fed Ag Credit Survey (10th District incl. WY) (2025-Q4) — https://www.kansascityfed.org/agriculture/ag-credit-survey/

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Source: Vellum — https://vellum.app/cattle-operating-loan-rates/wyoming