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Fed reports farm equipment users witnessed good conditions

Thursday, October 21, 2010

Some corn farmers are holding on to their crops in anticipation of increasing prices.
Some corn farmers are holding on to their crops in anticipation of increasing prices.

Farm equipment users generally saw favorable conditions during the fall harvest, according to the most recent Beige Book from the Federal Reserve System.

The central bank's report said the harvest was ahead of schedule. Furthermore, crop yields were posting above-average results in most of the Fed's districts.

"Commodity prices strengthened further, boosting optimism among producers in the Dallas District and spurring higher cropland values and capital spending on agricultural equipment in the Kansas City District," the Fed said.

The Chicago District noted corn farmers in that region were keeping some of their yields with an eye toward prices increasing further.

A recent ban on exports from Russia caused grain prices to increase in the last months, as demand escalated. Officials in the U.S. Department of Agriculture have said the world's need for grains should be satisfied, even with the European country's action.

Agricultural exports may surpass a record posted in 2008, according to recent statements from the USDA's chief economist Joe Glauber. This could come as pleasing news to the Obama administration, which wants to double goods shipped from the U.S. in the next five years.

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