Federal Reserve’s Beige Book Confirms Mixed Agricultural Bag

ATLANTA, GA – Agricultural conditions in the Sixth District remained mixed, according to the latest information from the Federal Reserve’s Beige Book. Reports indicated much of the District was drought-free, although parts of Alabama, Georgia, the Florida panhandle, and Tennessee continued to experience abnormally dry to moderate drought conditions. USDA designated several counties within the District as natural disaster areas due to damages and losses attributed to several inclement weather events this year. Cotton, corn, and peanut production forecasts were ahead of last year’s production while rice and soybean production forecasts were below. On a year-over-year basis, prices paid to farmers in July were up for corn and beef but down for cotton, rice, soybeans, broilers, and eggs. However, on a month-over-month basis, prices increased for corn, cotton, rice, and soybeans but declined for beef, broilers, and eggs.