Agricultural Economy

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.”

DTN writer Russ Quinn reported last week that, “Retail fertilizer prices tracked by DTN for the last week of February 2023 continue to move lower. This trend has been in place for a couple months.”

In an update last week from the Federal Reserve Bank of Kansas City, “Growth in Farmland Values Slows Amid Higher Interest Rates,” Cortney Cowley and Ty Kreitman indicated that, “Farm real estate values increased considerably in 2022 but showed signs of softening during the final months of 2022 as interest rates rose sharply.”

On Wednesday, the Federal Reserve Board released its February 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.”

In its monthly Oilseeds: World Markets and Trade report yesterday, the USDA’s Foreign Agricultural Service (FAS) indicated that, “For the third straight month, 2022/23 Argentina soybean production is lowered as hot and dry weather continues to strain the crop in key growing regions.”

DTN writer Russ Quinn reported last week that, “Retail fertilizer prices continue their march lower, according to prices tracked by DTN for the third full week of February 2023.”

Bloomberg writer Agnieszka de Sousa reported today that, “Global food costs edged down again, extending their retreat to the lowest in 17 months, although consumers continue to feel the pinch at grocery stores.”

Reuters writer Julie Ingwersen reported yesterday that, “Crop insurance policies that guarantee prices for the 2023 growing season are the highest since 2011 for corn and the second-highest on record for soybeans after last year’s peak, reflecting tight global grain supplies, analysts said.”

Bloomberg writer Tatiana Freitas reported yesterday that, “Wheat futures declined to the lowest in 17 months amid ample near-term supplies.”

Bloomberg writers Kim Chipman and Elizabeth Elkin reported on Friday that, “Corn farmers stung by soaring fertilizer costs in the aftermath of Ukraine’s invasion are poised for further relief as wholesale prices tumble to the lowest in almost two years.”

Speaking on Thursday at USDA’s Agricultural Outlook Forum, USDA Chief Economist Seth Meyer provided a broad outlook for U.S. agriculture. Today’s update provides an overview of key aspects of Dr. Meyer’s presentation.