A report from the Federal Reserve System showed that agricultural conditions were generally positive from the middle of July through the end of August, which could prove to benefit users of farm equipment.
Most reporting areas showed that growing conditions could lead to generally high yields, according to the central bank's Beige Book. However, difficult weather in the area monitored by the Federal Reserve Bank of Chicago may result in output that is below the record levels expected earlier this year.
"Low moisture during parts of the growing season also undermined yields for selected crops in the Richmond and St. Louis districts, most notably for corn," the Fed said.
The Fed noted that demand for agricultural products continued to increase, while supply conditions remained stable. Both livestock and crops saw positive selling activity in districts where agriculture is extensive.
Positive agricultural production could help President Barack Obama's initiative to double exports in the next five years. A recent report from the U.S. Department of Agriculture noted that farm-based products have helped lead the way in this effort.
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