Federal Reserve Makes Observations on Ag Economy

Last week, the Federal Reserve Board released its August Beige Book update, which summarizes the Fed’s commentary on current economic conditions. The report included several observations on the U.S. agricultural economy. In the Sixth District around Atlanta, demand for agricultural products remains strong. Hot weather and dry spells damaged crop yields, particularly corn. In the Seventh District of Chicago, ag income prospects for 2022 were little changed as most producers will likely turn a profit. In the Eighth District of St. Louis, conditions got moderately worse since the previous report, and finding enough quality labor is listed as the biggest concern. Agricultural conditions in the Ninth District around Minneapolis strengthened modestly since the previous report, and 80 percent of farm lenders said incomes in their area increased in the second quarter compared to last year. In the Eleventh District around Dallas, overall drought conditions slightly improved after some significant rain in August.

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