Agricultural Economy

Scott Dance reported in Saturday’s Washington Post that, “Record winter snowfall across northern Minnesota, which quickly melted in a spell of unprecedented spring heat, is dramatically swelling waterways along the upper Mississippi River basin.”

In an update last week from the Federal Reserve Bank of Kansas City (“Interest Rates Rise and Farm Lending Softens”), Nate Kauffman and Ty Kreitman indicated that, “Growth in farm lending activity at commercial banks was limited in the first quarter of 2023 as interest rates climbed higher.”

DTN writer Russ Quinn reported last week that, “Average retail fertilizer prices were down again the second week of April 2023, continuing a trend that has been in place since the beginning of the year, according to sellers surveyed by DTN.”

On Wednesday, the Federal Reserve Board released its April 2023 Beige Book update, a summary of commentary on current economic conditions by Federal Reserve District. The report included several observations pertaining to the U.S. agricultural economy.

DTN writer Russ Quinn reported last week that, “Retail fertilizer continues to shift lower, according to prices tracked by DTN for the first full week of April 2023. The trend has been in place since the beginning of the year.”

Nidhi Subbaraman reported in Saturday’s Wall Street Journal that, “To stop the devastating global bird-flu outbreak that has killed over 100 million poultry, the U.S. and Europe are embracing a tactic many countries have long resisted: vaccines.”

Gwynn Guilford and Nick Timiraos reported on the front page of today’s Wall Street Journal that, “U.S. inflation eased in March to its lowest level in nearly two years, but underlying price pressures likely keep the door open for the Federal Reserve to consider another interest-rate increase at its May meeting.”

DTN writer Russ Quinn reported last week that, “All average retail fertilizer prices were down from last month in the fourth full week of March 2023, according to sellers surveyed by DTN.”

Bloomberg writer Agnieszka de Sousa reported today that, “Global food costs fell for a 12th straight month to reach the lowest level since July 2021, though there is still little sign the rout is actually feeding through to grocery shelves.”

Keith Schneider reported in today’s New York Times that, “Despite federal and state programs to convert corn into ethanol and soybeans into biodiesel to fuel cars and trucks, the United States has never before regarded farming as a primary energy producer.”

Daniel Grant reported recently at FarmWeekNow.com that, “The meteoric rise of farmland values in 2021-22 could level off this year.”

DTN writer Russ Quinn reported last week that, “All retail fertilizer prices continued to decline in the third full week of March 2023, according to sellers surveyed by DTN. Prices have been on a steady march lower since the beginning of the year.”

The Food and Agricultural Policy Research Institute (FAPRI) at the University of Missouri released its latest baseline update for U.S. agricultural markets yesterday.

Financial Times writer Joe Leahy reported earlier this week that, “China’s economic rebound is weaker than expected as consumers emerge ‘stunned’ from pandemic-led disruptions and a real estate meltdown last year, according to the head of AP Møller-Maersk.”

Bloomberg writer Sophie Caronello reported yesterday that, “Traders have been betting on corn ahead of the US Department of Agriculture’s prospective plantings report due on Friday.”

DTN writer Russ Quinn reported last week that, “Retail fertilizer prices tracked by DTN for the second full week of March 2023 continue to show lower levels. This trend has been in place for two and a half months.”

Bloomberg writer Keira Wright reported today that, “Wheat dropped following the renewal of an agreement that allows Ukraine to safely export grains out of key Black Sea ports, although the duration of the latest extension was disputed.”

DTN writer Russ Quinn reported last week that, “Retail fertilizer prices continue on their path lower, according to prices tracked by DTN for the first full week of March 2023. This welcome trend has been in place for over two months.”

In its monthly Livestock, Dairy, and Poultry Outlook report earlier this week, the USDA’s Economic Research Service (ERS) indicated that, “Changes in beef cow inventory are related to the current and future phases of the cattle cycle— the cyclical expansion (increase) and contraction (decrease) of the national beef cattle herd over time, which tends to span between 8 and 12 years.”

Gabriel T. Rubin and Nick Timiraos reported on the front page of Wednesday’s Wall Street Journal that, “Inflation eased in February but remained stubbornly high, presenting a challenge for the Federal Reserve as it confronts how to slow the economy with higher interest rates at the same time it moves to stem banking problems.”