CHICAGO — Trade deal potentials bolstered agricultural outlooks, but conditions remained unchanged across Federal Reserve Districts in the latest banking industry survey.
The Federal Reserve System’s Beige Book report released Jan. 15 includes survey information collected on or before Jan. 6 across the nation’s 12 districts.
It characterizes regional economic conditions and prospects based on a variety of mostly qualitative information, gathered directly from district sources.
“The prospects of a trade deal with China created some optimism in the farm sector. One contact called the potential deal a ‘key market driver,'” according to the Seventh Federal Reserve District of Chicago survey, which includes the northern two-thirds of Illinois and Indiana and all of Iowa, Wisconsin and Michigan.
“The final results for the 2019 harvest varied from average to well below normal across the district, yet they were better than had been expected in light of poor weather during both planting and harvesting. Corn and soybean prices moved higher, with both prices above year-ago levels. That said, lower-than-usual corn quality and higher-than-usual drying costs cut into crop farmers’…
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