Agricultural Economy

Bloomberg writers Michael Hirtzer and Elizabeth Elkin reported yesterday that, “Steaks and hamburgers will likely be more expensive in the next few years with US cattle shrinking to its lowest herd since 2014.”

Emiko Terazono reported on Saturday at The Financial Times Online that, “Fertiliser and crop prices have fallen sharply since their peaks after last year’s Russian attack on Ukraine.”

DTN writer Russ Quinn reported yesterday that, “Most average retail fertilizer prices were lower the third week of January 2023, according to sellers surveyed by DTN.”

In an update last week from the Federal Reserve Bank of Kansas City, “Rebound in Farm Lending Continues,”  Cortney Cowley and Ty Kreitman indicated that, “Farm lending activity continued to increase gradually alongside further growth in loan sizes.”

Dan Frosch reported in today’s Wall Street Journal that, “Nearly a year after it began, the worst avian-influenza outbreak in U.S. history is continuing to decimate poultry flocks across the Midwest and Colorado, frustrating efforts to keep the virus from affecting the nation’s egg prices and supply.”

In its monthly Livestock, Dairy, and Poultry Outlook report yesterday, the USDA’s Economic Research Service indicated that, “Table-egg production was estimated at 635.0 million dozen in November.”

On Wednesday, the Federal Reserve Board released its January 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.

Financial Times writers Colby Smith and Kate Duguid reported yesterday that, “Annual US inflation fell in December to its lowest level in more than a year, in a further sign that price pressures have peaked amid the Federal Reserve’s historic campaign to tighten monetary policy.”

Patience Haggin reported in today’s Wall Street Journal that, “Machinery manufacturer Deere & Co. signed a memorandum of understanding with the American Farm Bureau Federation on Sunday that the group said ensures farmers can repair their own farm equipment or take it to independent repair shops.”

Bloomberg writer Megan Durisin reported today that, “After a year marred by disruptions from the war in Ukraine and extreme weather, global food prices ended 2022 roughly where they started.”

David Gelles reported on the front page of today’s New York Times that, “Depressed property values. Flickering shadows. Falling ice. One by one, a real estate appraiser rattled off what he said were the deleterious effects of wind farms as a crowd in an agricultural community in central Illinois hung on his every word.”

Bloomberg writers Tatiana Freitas and Megan Durisin reported yesterday that, “Soybean futures jumped to the highest in six months on expectations for greater demand from China and as dry conditions in parts of South America threaten supply.”

DTN writer Russ Quinn reported on Wednesday that, “Average retail fertilizer prices have begun to move noticeably lower for the fourth week of December 2022, according to sellers surveyed by DTN.”

Tony Romm reported on the front page of today’s Washington Post that, “The Senate on Thursday adopted a sprawling, roughly $1.7 trillion bill that would fund the government through most of 2023, as Democrats and Republicans resolved a last-minute standoff over immigration and voted to avert a shutdown in the final days of the year.”

Jesse Newman and Jacob Bunge reported in today’s Wall Street Journal that, “High prices for crops and livestock are fueling a boom in the U.S. Farm Belt, making farmers, ranchers and agricultural companies rare winners as the broader American economy softens.”

Bloomberg writers Megan Durisin and Elizabeth Elkin reported earlier this week that, “The bird flu outbreak ravaging global poultry flocks is now the worst since records began, driving a spike in the price of eggs, threatening free-range chicken and risking long-term impacts to animal health.”

The USDA’s Economic Research Service (ERS) recently released its annual report exploring characteristics of U.S. farms: “America’s Farms and Ranches at a Glance, 2022 Edition.”  Today’s update includes highlights from the report, which was written by Christine Whitt, Noah Miller, and Ryan Olver.

A news release Tuesday from the Center for Agricultural and Rural Development at Iowa State University and Iowa State University Extension and Outreach indicated that, “One year after skyrocketing 29%, the average value of an acre of Iowa farmland jumped another 17%, or $1,660, to $11,411 per acre.”

Jeanna Smialek reported on the front page of today’s New York Times that, “Inflation slowed more sharply than expected in November, an encouraging sign for both Federal Reserve officials and consumers that 18 months of rapid and unrelenting price increases are beginning to meaningfully abate.”

In a recent update from the Federal Reserve Bank of Kansas City, “Farm Debt Climbs but Financial Stress Remains Limited,” Nate Kauffman and Ty Kreitman indicated that, “Farm real estate debt continued to climb and led to a notable increase in agricultural loan balances at commercial banks.”