The Federal Reserve Board released its April Beige Book last week. It summarizes current economic conditions and includes observations on the agricultural economy.
In Atlanta’s Sixth District, agricultural conditions showed improvement in recent weeks, with continued resilience in the cattle market and strong dairy demand. In the Seventh District of Chicago, fieldwork in preparation for planting was well ahead of the usual pace given warmer-than-normal temps. In the Eighth District of St. Louis, total acres planted at the end of March were similar to last year, but there are concerns about wet weather in multiple states.
In Minneapolis’s Ninth District, warm weather and widespread mild drought conditions led to a mixed outlook going into planting. In the Eleventh District of Dallas, drought remained prevalent in West Texas and Southern New Mexico. In the Twelfth District around San Francisco, rainfall provided much-needed water for crops but did cause some flooding.
