Thursday, June 13, 2024
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FCA Board Gets Quarterly Update on Ag Conditions

The Farm Credit Administration board received a quarterly report on economic issues affecting agriculture and an update on the financial conditions affecting agriculture. They also got an update on the financial condition and performance of the Farm Credit System.

Interest rates remain high after recent inflation reports came in higher than expected, but rate cuts by the Federal Reserve are possible later in the year. Other measures of the economy are favorable, such as low and stable unemployment levels and economic growth. Agricultural producers are facing tightening margins, with cash receipts expected to decline this year and high input costs likely to persist. Crop prices have declined because of elevated supplies.

Issues in the livestock industry include recovering from the Texas wildfires and recent HPAI infections in dairy cattle herds. Full earnings for the Farm Credit System were up compared to the prior year but provisions for credit losses increased.

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