Farming in the shadow of suburbia
The farm slump continues
The century's final year was one of frustration for U.S. agriculture - certainly not the way the industry had hoped to close the millennium. Farmers took pride> in their productivity, turning out the fourth bin-busting crop in a row and more red meat and poultry than ever before. But the big production collided with a still sluggish world market, holding down farm commodity prices. Still, farm income held up well above the average for the past decade, due to another big financial assistance package from Washington.> The farm slump will likely continue in the year ahead, although prospects for ...
U.S. agriculture at the crossroads in 1999
Markets for U.S. farm products took a sudden, unexpected turn for the worse in 1998, as supply and demand factors combined to produce a plunge in crop prices. Most parts of the nation had very favorable growing conditions in 1998, resulting in an abundant harvest of the major crops, and pushing prices lower. Likewise, the supply of red meat products in the marketplace soared, as both beef and pork producers boosted production, with pork production hitting a record high. But as supply soared, demand weakened. In particular, the economic crisis in Asia led to a drop in ag exports to many Asian ...
The farm slump eases
Another big package of government financial aid cushioned the farm slump in 2000 but did little to lift agriculture's spirit. Overall, the industry's major financial indicators stayed remarkably healthy. Farmers delivered more red meat and poultry to supermarkets than ever before, and strong consumer demand in the robust U.S. economy boosted livestock prices and profits. But another big crop swamped still sluggish global markets, and weak crop prices held down farm incomes. In the end, help from Washington propped up the industry's financial indicators for the third consecutive year.> Barkema ...
U.S. agriculture: review and prospects
An old maxim holds that too much of a good thing can be bad for your health. That maxim pretty well sums up U.S. agriculture's predicament in 1994. The nation's crop producers produced record harvests and livestock producers sent record amounts of meat to the nation's meat counters. The abundance of food, however, brought the industry back to its traditional problem--record supplies bring low prices. Hence, farm income declined in 1994. Fortunately, most farmers and ranchers had healthy balance sheets to cushion the fall.> Drabenstott and Barkema review the farm economy in 1994 and consider ...
A resurgent rural economy spurs farmland values
The rural economy broke free from the reins of recession in 2004 with an especially strong performance in the farm sector. Net farm income easily surpassed the record high of 2003. And the weakness that plagued the nonfarm rural economy in recent years appears to have been replaced with stronger job growth and higher incomes. Strong performances in the farm and nonfarm sectors have led to soaring land values. Rising incomes are often capitalized into asset values, and the past year was no exception. Rising rural incomes quickly led to strong land value gains. Since real estate is rural ...
Agricultural markets and food price inflation - a conference summary
On October 2, 2008, the Federal Reserve Bank of Chicago held a conference that focused on the economic impacts of volatile agricultural prices and food policy, especially their intersection with the macroeconomy through food price inflation.
Farm production expenses holding steady
A look at the fall harvest
Corn and soybean production to rise