According to the Associated Press, which published a number of highlights from the Fed's Beige Book, a couple of the central bank's 12 regional districts have experienced a delay in farm equipment hitting the fields. Those districts included Chicago and St. Louis, where heavy rains delayed crop maturity and the harvesting of products.
Though crop harvesting equipment may have been delayed in the Chicago and St. Louis regions, the Kansas City, Missouri district reported that the majority of soybean and corn crops were reported to be in "good or better condition."
Recently, J.B. Penn, chief economist for John Deere & Co., told Bloomberg News that he expects crop prices to improve in the next 18 months. He said he believes that economic gains in Brazil, China, India and the United States will lead to better crop prices.
That news should be a relief to some farmers, especially given the results of a recent survey from Creighton University. Though rural economies have made a slight gain, the overall picture shows a decline in farm income.
