Agriculture, the Fed is watching you!
The Beige Book reports, “Agricultural conditions across the country varied with weather patterns. Persistent drought contributed to poor crop and pasture conditions in the Kansas City and Dallas Districts while recent precipitation improved soil moisture levels in the Atlanta and Chicago Districts. Richmond, St. Louis, and Minneapolis reported that elevated crop prices supported stronger farm incomes. Kansas City and Dallas indicated that drought-related herd reductions pushed cattle supplies to historical lows, and Chicago, Kansas City and Dallas reported weaker agricultural export activity. Richmond, Atlanta, Kansas City, and San Francisco noted additional farmland value gains due to robust demand from both farmers and nonfarm investors. Chicago reported that congestion issues in barge traffic eased on the Mississippi River.”
Source: FarmGate blog