Defeat at home to Sunderland last night has Leeds sitting in 15th place on the Premier League table, six points ahead of the bottom three.
Asked about Farke's deal, Lowy told BBC Leeds: "We have not yet stayed in the Premier League.
"We are not yet secured and so we're not talking about it. It's like the same thing last year that really bugged me.
"We were on a run-in to win the league or to win the Championship and everyone's talking about should Daniel be the manager next year or not.
"To talk about Daniel's contract now is just not on the table. Not for him and not for us. We have one goal."
Farke's current deal runs to 2027.
Lowy also discussed the impact of Dominic Calvert-Lewin, who arrived as a free agent from Everton after the season had kicked off.
He added, "You see DCL in training, you see him on the pitch, he's incredibly fit, he's playing fantastic football. As he got up to fitness you could see it's just at Everton he didn't have the platform.
"But you could see the ability, and the team that we have saw DCL's ability. We thought the risk was minimal, and the upside was huge.
"He has a great relationship with Daniel, he has a great relationship with the club, the fans love him."