Crop Inputs

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Crop Inputs

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Executive summary

Industry information for Crop Inputs in the Pacific Northwest. Updated 3/31/2024
Crude oil prices rose in Q1 2024 due to lower supply and steady demand. Conflict on the Red Sea, low water levels on the Panama Canal and new environmental regulations are increasing shipping costs. Equipment and machinery costs remain elevated and some producers still face challenges with procuring replacement parts.
12-MONTH PROFITABILITY OUTLOOK
No data available at this time
INDUSTRY DRIVERS

Energy prices increase

West Texas Intermediate (WTI) crude oil prices steadily increased about 9% in Q1 2024 largely due to lower domestic supply and steady demand.

  • Capacity utilization for distillate refineries was down due to abnormally cold weather in January and scheduled maintenance.
  • The Organization of Petroleum Exporting Countries (OPEC+) extended voluntary production cuts for crude oil.
  • Russia implemented a ban on gasoline exports from March 1, 2024, to August 31, 2024.
  • Geopolitical tensions remain elevated in the Middle East due to the conflict in Gaza.
  • Consumption in India continues to increase at a rapid pace due to the growing economy and population. Some analysts predict it will be the largest driver of demand growth until 2030.
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News

Spokane, WA | April 4, 2024

A complex landscape for Northwest agriculture

posted by AgWest Farm Credit

AgWest Farm Credit has released its quarterly Market Snapshot reports covering the state of major agricultural commodities in its northern region of Idaho, Montana, Oregon, Washington and Alaska.

Spokane, WA | January 24, 2024

Challenging conditions for many ag industries in the Northwest

posted by AgWest Farm Credit

AgWest Farm Credit has released its quarterly Market Snapshot reports covering the state of major agricultural commodities in its northern region of Idaho, Montana, Oregon, Washington and Alaska.

Spokane, WA | October 4, 2023

Outlook mixed for ag industries in the Northwest

posted by AgWest Farm Credit

AgWest Farm Credit has released its quarterly Market Snapshot reports covering the state of major agricultural commodities in its northern region of Idaho, Montana, Oregon, Washington and Alaska.
Market Snapshots

September 30, 2023

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