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If you need help setting up services or accessing your accounts, please call our Customer Care Team at 866.552.9172 during business hours (7 a.m. — 5 p.m. PST, M-F) or email us at CustomerCare@AgWestFC.com.
Location
If you need help setting up services or accessing your accounts, please call our Customer Care Team at 866.552.9172 during business hours (7 a.m. — 5 p.m. PST, M-F) or email us at CustomerCare@AgWestFC.com.
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Energy and transportation costs are volatile.
Crude oil prices remain volatile, trading between $72 to $81 per barrel in June. Uncertainty around economic growth has tempered demand projections, which have largely offset production cuts by the Organization of Petroleum Exporting Countries (OPEC+), rising geopolitical risk due to conflicts in the Middle East, and historically low Strategic Petroleum Reserve levels in the U.S. Intense heat has led to increased power consumption throughout parts of the U.S. and natural gas prices have risen in response.
Shipping costs are rising due to continued disruptions in the Red Sea and Panama Canal, the lack of spare vessel capacity, bottlenecks at various major ports and early peak season buying. Additional shipping capacity will enter later in 2024 and into 2025, which should help ease pressures. Most do not expect disruptions in the Red Sea to end within 2024. Trucking freight rates ticked up in May due to higher costs and goods movement, but the sector remains generally oversupplied, which will help to keep rates down in the near term. The International Longshoremen’s Association is in contract negotiations with the U.S. Maritime Alliance for East Coast and Gulf of Mexico ports (contracts are set to expire September 30, 2024). If an agreement is not reached, labor strikes could eventually lead to port congestion on the West Coast as shipping vessels reroute.
Fertilizer prices experienced moderate volatility in June but ended the month flat. Global supply and demand conditions remain generally in balance despite China's reimplementation of export controls. Rising natural gas prices may push urea and ammonia prices up.
Aug 15, 2024, 11:00 AM
AgWest is pleased to be joined by Derrell Peel, livestock marketing specialist from Oklahoma State University, for a timely outlook on the cattle market. In this one-hour webinar, Derrell will look at expected production levels, profitability forecasts and essential risk management tools to ensure you’re well-prepared for the cattle market’s future.