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Industry Insights
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Quarterly Economic Update: October 2024
Economic growth has exceeded most expectations over the past several quarters as consumers maintain spending levels.
October update
Harvest time sees declines in producer sentiment.
The long-term outlook for most commodities is bearish, with low prices persisting and elevated input costs lingering. Low producer sentiment has declined further as many commodity prices have fallen throughout harvest. The Purdue University/CME Group Ag Economy Barometer, which measures producer sentiment, dropped to its lowest level in eight and a half years. Although there was some producer optimism after the Fed cut interest rates by 50 basis points in September, it was not enough to boost overall sentiment. While low prices tend to correct over time, this period can be challenging for producers. Effective risk management strategies are essential to navigating cyclical downturns.
Monthly Spotlight
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Wednesday, October 09, 2024
Why aren’t farmer incomes keeping up with food prices?
by AgWest Farm Credit
Profitability in agriculture is largely down despite rising food prices. On average, farmers, processors, packers and retail outlets are receiving less revenue as a percentage of total spent on food by U.S. consumers, whereas food services and advertising are receiving more.
Read moreEconomic Headlines
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Wednesday, October 9, 2024
October economic headlines, data and trends
by AgWest Farm Credit
Monthly economic trends, data and major industry headlines.
Read moreIndustry insights
AgWest Farm Credit’s industry research team covers the state of major agricultural commodities in Alaska, Arizona, California, Idaho, Montana, Oregon and Washington. The market updates are based on various sources, and include boots-on-the-ground insights from AgWest’s own lending, appraisal and crop insurance teams across the West. For industry specific information, news and upcoming events, check out our industry pages below.
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Previous market update reports
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Wednesday, September 11, 2024
Profitability report - September 2024
by AgWest Farm Credit
AgWest conducts a profitability analysis of its core industries every quarter by surveying its lending staff and having discussions with industry experts.
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Wednesday, August 14, 2024
Drought and water update - August 2024
by AgWest Farm Credit
Drought conditions worsened notably in Washington, Oregon, Montana and Northern California over the last three months.
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Wednesday, August 14, 2024
by AgWest Farm Credit
High interest rates, generally low inventories, falling farm income, shifting water availability and regulations are among the main drivers impacting land values in the West.
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