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Fed says planting ahead of schedule in a number of districts

Friday, June 11, 2010

Crop production is ahead of schedule, according to the Federal Reserve.
Crop production is ahead of schedule, according to the Federal Reserve.

Districts in the Federal Reserve System reported that activities associated with farm equipment were ahead of schedule in the last two months.

According to the central bank's Beige Book, reserve banks in Chicago, Minneapolis and Dallas said that planting was outpacing rates seen normally at this time of the agricultural season. However, St. Louis and Kansas City said that soybean planting was behind schedule.

The Fed also said that crops were breaking ground more quickly than usual.

"Precipitation conditions were generally positive, with the exception of flooding in Tennessee and dryness in parts of the Richmond and Dallas Districts," the report said.

Getting ahead may be something of a novelty for farmers across the country, who were delayed in planting last year because of increased rains. Wet ground made it difficult to seed fields, which led many producers to have to wait until well into the winter to harvest their crops.

Precipitation also led to longer lines at grain-drying facilities, which contributed to backlogs in getting crops out of the ground.

The Fed reported that grain prices remained have remained about the same since April, while cattle, hogs and cotton saw increases.ADNFCR-2034-ID-19832465-ADNFCR

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