October Fed Beige Book Updates Ag Economy Conditions
The Federal Reserve recently released its October 2022 Beige Book, which provides as update on current conditions in the agricultural economy.
Ag conditions in the sixth district near Atlanta were mixed as cotton growers noted softening demand, while row crop production remained sold. in Chicago’s seventh district, income expectations for producers were unchanged as most operations should be profitable despite rising input costs. Production forecasts in the eighth district of St. Louis declined for corn, rice, and soybeans.
In Minneapolis’s eighth district, financial conditions remained strong even as higher input costs bite into profit margins. The tenth district of Kansas City shows strong financial conditions despite adverse developments tied to drought and input costs. The eleventh district of Dallas showed significant rainfall greatly improved drought conditions across much of the district, though it began to dry out again after the rainfall. Many eleventh-district areas had little-to-no crop production because of the drought.
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