Macro and Agricultural Economic Outlook FCL 2017 Annual Meeting. Tanner Ehmke, Manager Knowledge Exchange Division
|
|
- Teresa Byrd
- 6 years ago
- Views:
Transcription
1 Macro and Agricultural Economic Outlook FCL 2017 Annual Meeting Tanner Ehmke, Manager Knowledge Exchange Division
2 Today s presentation Macro Economy Agricultural Economy 2
3 The Market Cycle (we ve been here before ) 3
4 Commodity market realignment will continue to reflect the new realities of the global economy Indexes (2010=100) Factors that drove the previous decade have reversed: Slow and volatile growth in China Value of U.S. dollar remains historically strong despite weakening in 2017 Advanced economies facing subdued growth potential Aging population; Rising debt loads Emerging market growth slowed by market turmoil Global terrorism and geopolitical risks increasing Global commodity supplies are growing larger Unless Mother Nature intervenes we will remain in bottoming phase of commodity cycle! Rising Global Middle class Economic Turmoil Policy Realignment New normal zone? 25 0 Old normal zone Agriculture (all commodities) Source: World Bank 4
5 Growing U.S. economy + rising interest rates = stronger U.S. dollar and weaker ag commodity values Agriculture Index U.S. Dollar vs. Ag Commodities GSCI Ag Index DXY Index U.S. Dollar Stronger world economy, slow inflation, doubts over Fed rate hikes and political gridlock in the U.S. have weakened the US$ Source: Bloomberg 5
6 Global Economy: Optimism for growth in Percent change in annual world growt h ( purchasing- power parit y rat es) 6 Rising Middle Class Avg.=4.5% Economic Turmoil Avg.=3.9% Policy Realignment ??? Advanced countr ies Rest of wor ld China India
7 U.S. Economy: Current business cycle is second longest but under-performing compared to previous cycles Percent change from previous business cycle peak 50% ?? 38 qtrs (+52%) 40% 30% 36 qtrs (+35%) 42 qtrs (+41%) 20% 10% 0% 27 qtrs (+19%) 38 qtrs (+13%) -10% Number of quarters from previous peak and real growth during each business cycle
8 Unemployment rates continue to fall Source: Federal Reserve Bank of Richmond 8
9 U.S. economy is expected to grow through 2017 Percent change in quarterly Gross Domestic Product (Chained 2005$)* Annual average= 2.5% 1.6% 2.2% 1.5% 2.4% 2.4% 1.6% 2.2% % of U.S. economic growth comes from consumer spending: 1st qtr 0.7 % * S e a s o n a l l y a d j u s t e d a t a n n u a l r a t e 9
10 The Federal Reserve is slowly raising rates with at least 1 more rate hike of 25 basis points expected in 2017 Appropriate pace of policy firming: midpoint of target range or target level estimates of FOMC participants for federal funds rate at end of respective year (March 2017) Longer run The FOMC consists of twelve members--seven members of the Board of Governors; the president of the Federal Reserve Bank of New York; and four of the remaining eleven Reserve Bank presidents, who serve one-year terms on a rotating basis. The additional possible dots are for seven presidents not on FOMC
11 Negative interest rates widen spreads with U.S. Treasury Yields, supporting the value of the US$ 2-year 10-year Spread Under/Over Country yields * yields* 2-year U.S. Treasury percent Basis points United States Germany France U. K Japan Switzerland Canada *As of August 9, 2017
12 USDA expects US$ to remain relatively strong through 2017 Source: USDA-ERS 12
13 Agricultural Economic Outlook Sources: UC Davis, NY Times, CoBank 13
14 Relative strength in the U.S. dollar is expected to continue weighing on U.S. export competitiveness Billion $ U.S. Agricultural Exports, Sugar and tropical products Horticultural products Livestock products Cotton, tobacco, and seeds Oilseeds and oilseed products Grains and feeds Source: USDA-ERS 14
15 Supply abundance continues to dampen commodity prices Source: Reuters - Minburn, Iowa, March 11,
16 Prices remain under pressure across the agriculture commodity sector $6 $4 $8 $2 $ Dollars per bushel (monthly prices received b y farmers, USDA) Dollars per bushel (monthly prices received b y farmers, USDA) $8.00 $10.00 $7.00 $6.00 $5.00 C o r n p r i c e $8.00 $6.00 W h e a t p r i c e $4.00 $3.00 $4.00 $2.00 $2.00 $1.00 $ $ Dollars per bushel (monthly prices received b y farmers, USDA) Cents per pound (monthly prices received by farmers, USDA) $ $16 $14 S o y b e a n p r i c e U p l a n d c o t t o n p r i c e $12 $
17 Farm cash receipts have fallen sharply Billion $ 450 Farm Cash Receipts F 2017F Meat Animals Feed Crops Oil Crops Poultry & Eggs Dairy Products & Milk Cotton, Tobacco, Other Crops Fruits & Nuts Vegetables & Melons Food Grains Source: USDA-ERS 17
18 F 2017F 2018F 2019F 2020F 2021F Farm expenses (cash rents) have been resilient, resulting in a steeper decline in net farm income. Billion $ Farm Income & Expenses -17% % -50% Gross Farm Income Production Expenses Net Farm Income Source: USDA-ERS Long-Term Agricultural Projections, Feb
19 Farm financial stress ripples through the supply chain Million $1.6 Net Operating Profit CoBank s Farm Supply Customers (Average) $1.4 $1.2 $1.0 $0.8 $0.6 $0.4 $0.2 $ Source: CoBank ACB 19
20 Total ag machinery sales are improving Source: Association of Equipment Manufacturers 8/21/
21 Not all machinery sales, though, have improved June YTD- June Beginning Inventory %Chg %Chg Jun-17 2WD Farm Tractors < 40 HP 16,270 14, ,843 70, < 100 HP 5,842 5, ,556 27, , HP 1,335 1, ,394 9, ,146 Total 2WD Farm Tractors 23,447 22, , , ,577 4WD Farm Tractors ,029 1, Total Farm Tractors 23,607 22, , , ,331 Self-Prop Combines ,670 1, Source: Association of Equipment Manufacturers 8/21/
22 Farmland values are driven by net farm income. Net Farm Income (Billion $) Net Farm Income vs. Farmland Net Farm Income Farmland Farmland ($/Acre) 3,500 3, , , , , Source: USDA-ERS 22
23 Land values are lower in the Corn Belt and Northern Plains. $/Acre 7000 Cropland Values By Region 0 Appalachian Corn Belt Delta Lake Mountain Northeast Northern Plains Pacific Southeast Southern Plains Source: USDA-ERS 23
24 Land values have not dropped significantly in the past year. 8/21/
25 Fed data show similar regional trends in land values Source: Federal Reserve District Agricultural Credit Surveys 25
26 F With farm incomes dropping, the growth of farm debt when adjusted for inflation has accelerated. Billions ($2009) Farm Sector Debt Total Farm Sector Debt Real Estate Debt Non-Real Estate Debt Source: USDA-ERS 26
27 F 2018F 2020F Farm debt-to-asset ratio is expected to grow. Rising interest rates will add further stress for borrowers % U.S. Farm Debt-to-Asset Ratio % 13.9% 5 Historical Projection A Projection B 0 Source: USDA-ERS; Federal Reserve Bank of Kansas City 27
28 Interest rates on farm loans are creeping higher Source: Federal Reserve Bank of Kansas City 28
29 Farm Loans (non-real estate) in first half of 2017 Source: Federal Reserve Bank of Kansas City 29
30 Farm loan delinquency rates are rising Source: Federal Reserve Bank of Kansas City 30
31 Ag credit conditions vary by Federal Reserve districts Source: Federal Reserve Bank of Kansas City 31
32 F 2017F Debt-to-income ratio is a leading economic indicator. Ratio Farm Debt-to- Income Increased Ahead of the 1980 s Farm Crisis Farm Debt-to-Income Will Be a Critical Period Source: USDA-ERS; CoBank Knowledge Exchange 32
33 Good news: Cash rents are falling faster Source: Federal Reserve Bank of Chicago 33
34 Growth of total farm debt outstanding is slowing Source: Federal Reserve Bank of Kansas City 34
35 2000/ / / / / / / / / / / / / / / / / /18 Global demand base for ag commodities continues growing Billion MTs World Consumption of Major Ag Commodities Corn Fluid Milk Beef Pork Soybeans Chicken Wheat Source: USDA-FAS 8/21/
36 Opportunities remain strong in emerging economies Beef, Pork & Poultry Production Source: USDA-ERS 36
37 Summary Global commodity oversupply and a historically strong dollar have weighed on commodity prices The agricultural economy and rural communities are under stress Rising interest rates will add further stress to borrowers. Higher debt levels in agriculture will become a bigger concern Long-term trends are in agriculture s favor Discipline with cost, productivity and marketing is essential for survival Survivors of the cyclical downturn will profit long term 37
38 Questions Presentation by: Tanner Ehmke, Manager, Knowledge Exchange Division, CoBank Office: (303)
Agriculture and the Economy: A View from the Chicago Fed
Agriculture and the Economy: A View from the Chicago Fed March 3, 2016 Riverside, Iowa David Oppedahl Senior Business Economist 312-322-6122 david.oppedahl@chi.frb.org Federal Reserve System Twelve District
More informationAn Agricultural Update
An Agricultural Update May 22, 2018 Indianapolis, IN David Oppedahl Senior Business Economist 312-322-6122 david.oppedahl@chi.frb.org Personal consumption shares 40% 30% 20% 10% 0% 1950 1960 1970 1980
More informationAgricultural Outlook: Rebalancing U.S. Agriculture
Agricultural Outlook: Rebalancing U.S. Agriculture Michael J. Swanson Ph.D. Agricultural Economist January 2018 2018 Wells Fargo Bank, N.A. All rights reserved. For public use. The U.S. Ag Sector renormalizes!
More informationIowa Farmland Market Update: What s Ahead?
Iowa Farmland Market Update: What s Ahead? Wendong Zhang Assistant Professor of Economics and Extension Economist wdzhang@iastate.edu 515-294-2536 April 4 th, 2017 The new Mike Duffy since Aug 2015 30
More informationPresentation from the USDA Agricultural Outlook Forum 2017
Presentation from the USDA Agricultural Outlook Forum 2017 United States Department of Agriculture 93 rd Annual Agricultural Outlook Forum A New Horizon: The Future of Agriculture February 23-24, 2017
More informationLand Values and Chinese Agriculture
Land Values and Chinese Agriculture Wendong Zhang Assistant Professor of Economics and Extension Economist wdzhang@iastate.edu 515-294-2536 2016 Pro-Ag Meetings, Clarinda, IA, December 15 th, 2016 The
More informationA Primer on Factors Affecting Farmland Values
A Primer on Factors Affecting Farmland Values Federal Reserve Bank of Chicago David Oppedahl Business Economist 312-322-6122 david.oppedahl@chi.frb.org The economy hit bottom in June 2009, with hesitant
More informationGlobal Outlook for Agriculture Trend versus Cycle
Global Outlook for Agriculture Trend versus Cycle Michael Swanson Ph.D. Wells Fargo October 2017 Everything is connected we just don t see how. Connection corollary: Nothing natural moves in a straight
More informationIowa Land Values. Wendong Zhang Assistant Professor of Economics and Extension Economist
Iowa Land Values Wendong Zhang Assistant Professor of Economics and Extension Economist wdzhang@iastate.edu 515-294-2536 2017 U.S. Bank Ag Summit, Ames, IA, January 10 th, 2017 The new Mike Duffy 30 29
More informationIowa Farmland Market Update: What s Ahead?
Iowa Farmland Market Update: What s Ahead? Wendong Zhang Assistant Professor of Economics and Extension Economist wdzhang@iastate.edu 515-294-2536 Ag Credit School, June 14 th, 2017 The new Mike Duffy
More informationFarmland Booms and Busts: Will the Cycle be Broken?
Farmland Booms and Busts: Will the Cycle be Broken? Kansas Society of Farm Managers and Rural Appraisers Salina, KS February 23 rd, 2012 Brian C. Briggeman Associate Professor and Director of the Arthur
More informationFarm Sector Income & Finances 2016 Outlook. By Ryan Kuhns and Kevin Patrick March 16, 2016
Farm Sector Income & Finances 2016 Outlook By Ryan Kuhns and Kevin Patrick March 16, 2016 Background The Economic Research Service forecasts the farm sector s income statement and balance sheet Last released
More informationOutlook for U.S. Retail Food Prices and Inflation in 2009
Outlook for U.S. Retail Food Prices and Inflation in 2009 Ephraim Leibtag, PhD Food Markets Branch, Food Economics Division ERS-USDA Presented at the 2009 Agricultural Outlook Forum Global Agriculture
More informationBeef Cattle Market Update
Beef Cattle Market Update August 8, 2017 Dr. Scott Brown Agricultural Markets and Policy Division of Applied Social Sciences University of Missouri brownsc@missouri.edu http://amap.missouri.edu Twitter
More informationOUTLOOK FOR US AGRICULTURE. Rob Johansson Acting Chief Economist 19 February 2015
OUTLOOK FOR US AGRICULTURE Rob Johansson Acting Chief Economist 19 February 2015 Fig 1 Next boost to productivity: Big Data? Index: 1948 = 1.0 $million (2006 dollars) 3.0 $12,000 2.5 2.0 $R&D Output Input
More informationCommodity Market Outlook: Corn, Forage, Wheat & Cattle
Commodity Market Outlook: Corn, Forage, Wheat & Cattle Stephen R. Koontz Professor & extension economist Department of Agricultural & Resource Economics Colorado State University Stephen.Koontz@ColoState.Edu
More informationCattle Market Outlook & Important Profit Factors for Cattle Producers
Cattle Market Outlook & Important Profit Factors for Cattle Producers Dr. Scott Brown Agricultural Markets and Policy Division of Applied Social Sciences brownsc@missouri.edu http://amap.missouri.edu $
More informationEconomic Analysis of Farmland Market: An Introduction
Economic Analysis of Farmland Market: An Introduction Dr. Wendong Zhang Assistant Professor of Economics wdzhang@iastate.edu FIN 450X, Feb 17 th, 2017 A Quick Introduction: Dr. Wendong Zhang Grown up in
More informationCalifornia Agriculture and Global Challenges: Resources Prices and Prospects 2012 California Ag Summit January 27, 2012
California Agriculture and Global Challenges: Resources Prices and Prospects 2012 California Ag Summit uary 27, 2012 Daniel A. Sumner University of California Agricultural Issues Center Outline and Main
More informationState of the Ag Economy
State of the Ag Economy June 10, 2017 Chad Hart Associate Professor/Crop Marketing Specialist chart@iastate.edu 515-294-9911 Ag Productivity and Usage Using corn as an example Source: USDA Ag Prices Using
More informationAgriculture Outlook. Rich Pottorff Doane Advisory Services
Agriculture Outlook Rich Pottorff Doane Advisory Services General Outline An overview of U.S. crop markets Corn, soybeans, wheat & cotton Some factors shaping the outlook World Ag Situation Conclusions
More informationToward an Outlook for California Agriculture Relevant to GHG Emissions Mitigation. April 30, Daniel A. Sumner
Toward an Outlook for California Agriculture Relevant to GHG Emissions Mitigation April 30, 2013 Daniel A. Sumner University of California Agricultural Issues Center and UC Davis, Agricultural and Resource
More informationBeef Outlook. Regional Dealer Event. February 9, Dr. Scott Brown Agricultural Markets and Policy Division of Applied Social Sciences
Beef Outlook Regional Dealer Event February 9, 2018 Dr. Scott Brown Agricultural Markets and Policy Division of Applied Social Sciences brownsc@missouri.edu http://amap.missouri.edu $ Per Cwt. MED. & LRG.
More informationLivestock, Poultry, and Dairy: Situation and Outlook
Livestock, Poultry, and Dairy: Situation and Outlook AAEA Annual Meeting Extension Track August 14, 2012 James G. Robb Director james.robb@lmic.info 29 land Grant Universities: USDA Members: ERS APHIS
More informationPotash Outlook. Kevin Stone Natural Resources Canada. TFI Fertilizer Outlook and Technology Conference Fort Lauderdale, Florida November 16, 2016
1 Potash Outlook Kevin Stone Natural Resources Canada TFI Fertilizer Outlook and Technology Conference Fort Lauderdale, Florida November 16, 2016 2 Outline Historical Consumption and Supply Outlook for
More informationLivestock and Dairy Market Outlook
Livestock and Dairy Market Outlook August 9, 2018 Missouri Farm Bureau Commodity Conference Dr. Scott Brown Agricultural Markets and Policy Division of Applied Social Sciences brownsc@missouri.edu http://amap.missouri.edu
More informationOutlook for the U.S. Livestock and Poultry Sectors in 2011
Outlook for the U.S. Livestock and Poultry Sectors in 2011 Presented By Shayle D. Shagam World Agricultural Outlook Board, USDA USDA Outlook Forum Washington, D.C. February 25, 2011 Situation Facing Livestock
More informationIssues Driving the Outlook for Specialty Crops December 3, 2012
Issues Driving the Outlook for Specialty Crops December 3, 2012 Daniel A. Sumner University of California Agricultural Issues Center, and UC Davis Department of Agricultural and Resource Economics Core
More informationOctober 14, University of Missouri Extension
October 14, 2014 University of Missouri Extension Pat Guinan October 14, 2014 A benign growing season for much of Missouri, and the Midwest Missouri Monthly Temperature Departure from Average* April 2014
More informationOutlook for Hog Profits in 2012
NPB Swine Conference, Sioux Falls, September 29, 2011 Outlook for Hog Profits in 2012 Ron Plain D. Howard Doane Professor of Agricultural Economics University of Missouri-Columbia http://web.missouri.edu/~plainr/
More information2019 ECONOMIC FORECAST AND FINANCIAL MARKET UPDATE
2019 ECONOMIC FORECAST AND FINANCIAL MARKET UPDATE January 14, 2019 Scott Colbert, CFA Executive Vice President Director of Fixed Income & Chief Economist scott.colbert@commercebank.com GLOBAL GROWTH EXPECTATIONS
More informationCanadian Teleconference: Can the Canadian Economy Survive the Turmoil in the United States?
Canadian Teleconference: Can the Canadian Economy Survive the Turmoil in the United States? Nigel Gault Chief U.S. Economist Dale Orr Canadian Macroeconomic Services Copyright 2008 Global Insight, Inc.
More informationThe Changing Business Climate for Agriculture The Outlook for 2015
The Changing Business Climate for Agriculture The Outlook for 2015 Chris Hurt, Professor of Ag. Economics & Extension Economist James Mintert, Director, Center for Commercial Agriculture Michael Langemeier,
More informationAgricultural Commodity Outlook: Grain, Forage & Cattle Markets
Agricultural Commodity Outlook: Grain, Forage & Cattle Markets Stephen R. Koontz Professor & extension economist Department of Agricultural & Resource Economics Colorado State University Stephen.Koontz@ColoState.Edu
More informationFederal Reserve Bank of Dallas, FIRM (Financial Institution Relationship Management)
The Economic Roller Coaster: Where Have We Been? And Where Are We Going? Thomas F. Siems, Ph.D. Senior Economist and Director of Economic Outreach Federal Reserve Bank of Dallas Economic Summit Dallas
More informationOutlook for Livestock and Poultry. Michael Jewison World Agricultural Outlook Board, USDA
Outlook for Livestock and Poultry Michael Jewison World Agricultural Outlook Board, USDA USDA Agricultural Outlook Forum February 20, 2015 About Those Forecasts Everything makes sense in hindsight, a fact
More informationUSDA Grains & Oilseeds Outlook
USDA Grains & Oilseeds Outlook 3 rd Ukrainian Grain Congress 2012 Edward W. Allen U.S. Department of Agriculture Economic Research Service 202-694-5288 ewallen@ers.usda.gov U.S. Producer Prices Are High
More informationAgricultural Commodity Outlook: Grain, Forage & Cattle Markets
Agricultural Commodity Outlook: Grain, Forage & Cattle Markets Stephen R. Koontz Professor & extension economist Department of Agricultural & Resource Economics Colorado State University Stephen.Koontz@ColoState.Edu
More informationThe U.S. Economic Outlook
The U.S. Economic Outlook Presented to: Maquiladora Industry Outlook Conference September 29 2006 Presented by: Patrick Newport Principal, U.S. Macroeconomic Service 781-301-9125 patrick.newport@globalinsight.com
More informationEconomic Outlook March Economic Policy Division
Economic Outlook March 212 Economic Policy Division Real GDP Outlook Percent Change, Annual Rate 2 1 1 - -1 197 197 198 198 199 199 2 2 21 U.S. GDP Actual and Potential Quarterly, Q1 197 to Q4 211 Real
More informationSoybean, Corn, & Wheat Outlook Middle Tennessee Grain Conference
Soybean, Corn, & Wheat Outlook Middle Tennessee Grain Conference S. Aaron Smith, Crop Marketing Specialist, Assistant Professor, Department of Agricultural and Resource Economics, University of Tennessee
More informationSoybean, Corn, & Wheat Outlook Middle Tennessee Grain Conference
Soybean, Corn, & Wheat Outlook Middle Tennessee Grain Conference S. Aaron Smith, Crop Marketing Specialist, Assistant Professor, Department of Agricultural and Resource Economics, University of Tennessee
More information10/18/2015. Outline. Commodity Outlook
Commodity Outlook Stephen R. Koontz Professor & extension economist Department of Agricultural & Resource Economics Colorado State University Stephen.Koontz@ColoState.Edu http://webdoc.agsci.colostate.edu/koontz
More informationU.S. Overview. Gathering Steam? Tuesday, October 1, 2013
U.S. Overview Gathering Steam? Tuesday, October 1, 2013 Uneven global economic recovery Annual real GDP growth projections (%) Projections 2013 2014 World 3.1 3.1 3.8 United States 2.2 1.7 2.7 Euro Area
More information2018 Farm Bill Update and Agricultural Outlook
2018 Farm Bill Update and Agricultural Outlook August 23, 2018 Dr. Scott Brown Agricultural Markets and Policy Division of Applied Social Sciences brownsc@missouri.edu http://amap.missouri.edu 2018 Farm
More informationCattle Market Situation and Outlook: 2015 and Beyond
Cattle Market Situation and Outlook: 2015 and Beyond Derrell S. Peel Breedlove Professor of Agribusiness and Extension Livestock Marketing Specialist Oklahoma State University 2015 Market Setting Global
More information2016 Farm Income and 2017 Cost Outlook
2016 Farm Income and 2017 Cost Outlook Dr. Paul D. Mitchell Associate Professor, UW Ag and Applied Economics Extension State Specialist, Cropping Systems Management Director, Renk Agribusiness Institute
More informationFAPRI agricultural commodity outlook
FAPRI agricultural commodity outlook By William H. Meyers Howard Cowden Professor of Agricultural and Applied Economics FAPRI at MU UN DESA Expert Group Meeting on the World Economy 21 October 2013 New
More informationBMO Capital Markets 2014 Farm to Market Conference New York, New York. May 21, 2014
0 BMO Capital Markets 2014 Farm to Market Conference New York, New York May 21, 2014 1 Forward Looking Statement Warning This presentation contains forward-looking statements about the business, financial
More informationCalifornia Agriculture 2001: Trends and Issues
California Agriculture 2001: Trends and Issues Daniel A. Sumner Professor, Department of Agricultural and Resource Economics, UC Davis Director, University of California Agricultural Issues Center The
More information2018 Soybean, Corn, & Wheat Outlook KY and TN Grain Conference
2018 Soybean, Corn, & Wheat Outlook KY and TN Grain Conference S. Aaron Smith, Crop Marketing Specialist, Assistant Professor, Department of Agricultural and Resource Economics, University of Tennessee
More informationCharting a Path to Lift Off? Understanding the Shifting Economic Winds
Charting a Path to Lift Off? Understanding the Shifting Economic Winds Thomas F. Siems, Ph.D. Assistant Vice President and Senior Economist Federal Reserve Bank of Dallas Government Finance Officers Arlington,
More information2017/18 Corn Outlook
217/18 Corn Outlook 217 Ag Econ In service Training Dr. S. Aaron Smith, Assistant Professor, Department of Agricultural and Resource Economics, University of Tennessee https://ag.tennessee.edu/arec/pages/cropeconomics.aspx
More information2017/18 Soybean Outlook
217/18 Soybean Outlook 217 Ag Econ In service Training Dr. S. Aaron Smith, Assistant Professor, Department of Agricultural and Resource Economics, University of Tennessee https://ag.tennessee.edu/arec/pages/cropeconomics.aspx
More informationBMO Capital Markets New York Road Show New York, New York. December 5, 2013
0 BMO Capital Markets New York Road Show New York, New York December 5, 2013 1 Forward Looking Statement Warning This presentation contains forward-looking statements about the business, financial condition
More informationSimply Put, Just too Much! Copyright AgResource Company. All All Rights Reserved.
Simply Put, Just too Much! Ag Market Driers for 2014? World Food inflation to rise 3.7% in 2014 (s. 2.9% in 2013) drien primarily by gains in liestock/dairy prices. Total 2014 world meat production down.8%.
More informationIowa s Ag Economic Outlook in the
Iowa s Ag Economic Outlook in the Current Global Context Steve Elmore Chief Economist September 17 th, 2018 Iowa Bankers Association Des Moines, IA This presentation contains forward-looking statements
More informationEconomic Analysis of Farmland Market: An Introduction
Economic Analysis of Farmland Market: An Introduction Dr. Wendong Zhang Assistant Professor of Economics wdzhang@iastate.edu FIN 450X, October 4 th, 2017 A Quick Introduction: Dr. Wendong Zhang Grown up
More informationCattle & Beef Outlook
Cattle & Beef Outlook Glynn Tonsor Dept. of Agricultural Economics, Kansas State University Overarching Beef Industry Economic Outlook Supplies Peak herd size may extend given 17 returns Demand Key to
More informationWeather, Supply and the Turkish Flour Miller - The Outlook for World Wheat Prices 2018/19
Weather, Supply and the Turkish Flour Miller - The Outlook for World Wheat Prices 2018/19 v Daniel W Basse President AgResource Chicago, IL January 2016 Daniel W Basse Daniel Basse Daniel President W Basse
More informationShifting International Trade Routes A National Economic Outlook. February 1, 2011
Shifting International Trade Routes A National Economic Outlook February 1, 2011 Today s Objectives Endeavor to provide a broad context for today s program by briefly touching on: Some good news Some not
More informationWorld Vegetable Oil Themes in 2018/19
World Vegetable Oil Themes in 2018/19 Ben Buckner AgResource Company World Veg Oil Themes in 2018 POLITICS Disorder, Trade Barriers (India More than China?) HUGE difference between world soybean supply
More informationCattle and Beef Markets: Short and Long Run Challenges and Opportunities
Cattle and Beef Markets: Short and Long Run Challenges and Opportunities Derrell S. Peel Breedlove Professor of Agribusiness and Extension Livestock Marketing Specialist Oklahoma State University Major
More informationOutlook for the U.S. Livestock and Poultry Sectors in 2012 Presented By Shayle D. Shagam World Agricultural Outlook Board, USDA
Outlook for the U.S. Livestock and Poultry Sectors in 2012 Presented By Shayle D. Shagam World Agricultural Outlook Board, USDA USDA Outlook Forum Washington, D.C. February 24, 2012 Situation Facing Livestock
More informationBUYERS VS SUPPLIERS: CHANGING PREFERENCES OF ONE OF THE MAIN GRAIN IMPORTERS
BUYERS VS SUPPLIERS: CHANGING PREFERENCES OF ONE OF THE MAIN GRAIN IMPORTERS MACROECONOMICS GLOBAL GROWTH: DEVELOPED AND EMERGING MARKETS MARCH 2008 MARCH 2017 5,5 % 2 % Emerging Markets Real GDP YoY %
More informationCorn Outlook. December, 2017
Corn Outlook December, 2017 Corn Outlook December, 2017 Historical Price Reference Fundamental Backdrop Seasonal Tendency Summary Commodity & Ingredient Hedging 2 Historical Price Reference Where are Corn
More informationSwine Market Outlook
2018 IOWA PORK REGIONAL CONFERENCES NASHUA, CARROLL, LE MARS, & WASHINGTON, IA FEBRUARY 19-22, 2018 Swine Market Outlook Lee Schulz, Department of Economics, Iowa State University (515) 294-3356; lschulz@iastate.edu
More informationTrade Growth - Fundamental Driver of Port Operations and Development Strategies
Trade Growth - Fundamental Driver of Port Operations and Development Strategies Marine Terminal Management Training Program October 15, 2007 Long Beach, CA Paul Bingham Global Insight, Inc. 1 Agenda Economic
More informationTrade Winds in Agriculture
Trade Winds in Agriculture November 2, 2018 Dr. Scott Brown MU-CAFNR: Director of Strategic Partnerships brownsc@missouri.edu http://amap.missouri.edu Overview Trade uncertainty has increased as past trade
More informationCorn Outlook. February, 2018
Corn Outlook February, 2018 Corn Outlook February 2018 Historical Price Reference Fundamental Backdrop Seasonal Tendency Summary 2 Historical Price Reference Where are Corn Prices Currently, And Where
More informationU.S. Economy in a Snapshot
U.S. Economy in a Snapshot Economic Press Briefing: May 19, 2016 The views expressed here are those of the presenter and do not necessarily represent the views of the Federal Reserve Bank of New York or
More informationBob Costello Chief Economist & Vice President American Trucking Associations. Economic & Motor Carrier Industry Trends. September 10, 2013
Bob Costello Chief Economist & Vice President American Trucking Associations Economic & Motor Carrier Industry Trends September 10, 2013 The Freight Economy Washington continues to be a headwind on economic
More informationAlternative Measures of Economic Activity. Jan J. J. Groen, Officer Research and Statistics Group
Alternative Measures of Economic Activity Jan J. J. Groen, Officer Research and Statistics Group High School Fed Challenge Student Orientation: February 1 and 2, 217 Outline Alternative indicators: data
More informationPage 1. USDA s Mandatory Farm Programs CBO s January 2019 Baseline
USDA s Mandatory Farm Programs CBO s January 2019 Baseline Page 1 The federal Commodity Credit Corporation (CCC) accounts for a significant portion of mandatory federal spending for agriculture through
More informationLivestock Market Trends
Livestock Market Trends Farm$mart Agricultural Conference January 18, 2014 John Bancroft Market Strategies Program Lead john.bancroft@ontario.ca 519-271-6974 Today s Discussion 2014 FCC Market Drivers
More informationTelling Canada s story in numbers Elizabeth Richards Analytical Studies Branch April 20, 2017
Recent Developments in the Canadian Economy: How have the decline in oil prices and a weaker Canadian dollar affected Canada s economy? www.statcan.gc.ca Telling Canada s story in numbers Elizabeth Richards
More informationOUTLOOK FOR GLOBAL ECONOMIC GROWTH AND TRADE IMPACTING GRAIN MARKETS
OUTLOOK FOR GLOBAL ECONOMIC GROWTH AND TRADE IMPACTING GRAIN MARKETS SALEEM SHAIK, & FRAYNE OLSON, NDSU &???? OUTLINE General Economic Growth & Trade World regions and U.S. Importance of Agriculture Trade
More informationGoldman Sachs Eighteenth Annual Agribusiness Conference New York, New York. March 12, 2014
0 Goldman Sachs Eighteenth Annual Agribusiness Conference New York, New York March 12, 2014 1 Forward Looking Statement Warning This presentation contains forward-looking statements about the business,
More informationAG OUTLOOK 2019: GROWING LOCALLY, SELLING GLOBALLY
AG OUTLOOK 2019: GROWING LOCALLY, SELLING GLOBALLY http://www.goldenrice.org/ Robert Johansson Chief Economist, USDA Feb 2019 Credit: COURTESY OF NIC BENNER University of Missouri 2 Outline https://finance.yahoo.com/chart
More informationTexas Economic Outlook: Recovery in 2010 Keith Phillips Federal Reserve Bank of Dallas San Antonio Office
Texas Economic Outlook: Recovery in 2010 Keith Phillips Federal Reserve Bank of Dallas San Antonio Office The views expressed in this presentation are strictly those of the author and do not necessarily
More informationPork Outlook. Professor of Agricultural Economics. Midwest/Great Plains & Western Outlook Conference Indianapolis, August 2007
Midwest/Great Plains & Western Outlook Conference Indianapolis, August 2007 Pork Outlook Ron Plain Professor of Agricultural Economics University of Missouri-Columbia http://web.missouri.edu/~plainr/ Long
More informationRBC Economics Financial Update Dawn Desjardins
RBC Economics Financial Update Dawn Desjardins CICA/RBC Q4 2011 Business Monitor Economic Results Overview Business and Economic Optimism Begin to Stablize 100 % 80 % 60 % 40 % 20 % 0 % National Optimism
More informationThe U. S. Economic Outlook: Robert J. Gordon
The U. S. Economic Outlook: Upside and Risks Robert J. Gordon Ottawa a Economics Association Ottawa, a, September 14, 2017 Immigration Medical Care My Policy Package: Be Like Canada d University Tuition
More informationThe NAPM-Chicago Business Survey. Jack L Bishop Jr, PhD President, Kingsbury International Ltd
The NAPM-Chicago Business Survey Jack L Bishop Jr, PhD President, Kingsbury International Ltd 1 WHY ECONOMICS? THE REASON FOR STUDYING ECONOMICS IS TO AVOID BEING DECEIVED BY ECONOMISTS Joan Robinson,
More informationGoldman Sachs U.S. Emerging/SMID Cap Growth Conference. New York, New York
Goldman Sachs U.S. Emerging/SMID Cap Growth Conference New York, New York November 20, 2014 Forward Looking Statement Warning This presentation contains forward-looking statements about the business, financial
More informationSidoti & Company, LLC West Coast Road Show. San Francisco, California
Sidoti & Company, LLC West Coast Road Show San Francisco, California February 4, 2015 Forward Looking Statement Warning This presentation contains forward-looking statements about the business, financial
More informationFuture Global Trade Trends - Risks & Opportunities. Pulse of the Ports: Peak Season Forecast March 21, 2013
1 Future Global Trade Trends - Risks & Opportunities Pulse of the Ports: Peak Season Forecast March 21, 2013 June 2012 Dr. Walter Kemmsies Chief Economist Summary Higher economic growth in 2013, possible
More informationBMO Capital Markets 2013 Farm to Market Conference New York, New York. May 14, 2013
0 BMO Capital Markets 2013 Farm to Market Conference New York, New York May 14, 2013 1 Forward Looking Statement Warning This presentation contains forward-looking statements about the business, financial
More informationEconomic Update and Outlook
Economic Update and Outlook NAIOP Vancouver Chapter November 15, 2012 Helmut Pastrick Chief Economist Central 1 Credit Union Outline: Global, U.S., and Canadian economic conditions Canada economic and
More informationReading the Tea Leaves: Investing for 2010 and Beyond
Reading the Tea Leaves: Investing for 2010 and Beyond Wednesday, April 28, 2010; 8:00 AM - 9:15 AM Moderator: Maria Bartiromo, Anchor, CNBC's Closing Bell With Maria Bartiromo Speakers: Nick Calamos, President
More informationCommodity Market Outlook: Corn, Forage, Wheat & Cattle
Commodity Market Outlook: Corn, Forage, Wheat & Cattle Stephen R. Koontz Professor & extension economist Department of Agricultural & Resource Economics Colorado State University Stephen.Koontz@ColoState.Edu
More informationEconomic & Financial Market Outlook
Economic & Financial Market Outlook BC Pension Forum March 1, 2013 Chris Lawless, Chief Economist Overview Global forces Recent economic performance ~ US, Europe, Japan, China ~ Other emerging markets
More informationThe U.S. Economy How Serious A Downturn? Nigel Gault Group Managing Director North American Macroeconomic Services
The U.S. Economy How Serious A Downturn? Nigel Gault Group Managing Director North American Macroeconomic Services Growth Is Cooling; But a Soft Landing Is Likely (Real GDP, annualized rate of growth)
More informationHog Market Outlook & Pricing Methods
Banff Pork Seminar January 11, 2018 Hog Market Outlook & Pricing Methods Ron Plain Professor Emeritus of Agricultural Economics University of Missouri-Columbia http://web.missouri.edu/~plainr/ The way
More informationNational and Regional Economic Outlook. Central Southern CAA Conference
National and Regional Economic Outlook Central Southern CAA Conference Dr. Mira Farka & Dr. Adrian R. Fleissig California State University, Fullerton April 13, 2011 The Painfully Slow Recovery The Painfully
More informationHave You Ever Heard the Phrase
Setting the Stage with Dairy Outlook Mark Stephenson Director of Dairy Policy Analysis Have You Ever Heard the Phrase! 3M Money Makes Milk! 5M More Money Makes More Milk! 7M Much More Money Makes Much
More informationSteel: A Buyer s Market for the Worst of Reasons. John Anton Director, IHS Global Insight Steel Service August 2009
Steel: A Buyer s Market for the Worst of Reasons John Anton Director, IHS Global Insight Steel Service August 2009 The U.S. Recession Is Bottoming Out This recession has been the most severe of the postwar
More informationPresident and Chief Executive Officer Federal Reserve Bank of New York Washington and Lee University H. Parker Willis Lecture in Political Economics
The U.S. Economic Outlook Chartspresented by WilliamC Dudley Charts presented by William C. Dudley President and Chief Executive Officer Federal Reserve Bank of New York Washington and Lee University H.
More informationGoldman Sachs Agricultural Biotech Forum New York, NY. March 7, 2012
1 Goldman Sachs Agricultural Biotech Forum New York, NY March 7, 2012 2 Forward Looking Statement Warning This presentation contains forward-looking statements about the business, financial condition and
More informationPaul Bingham Managing Director, Global Trade and Transportation February 18, 2009
Economic Outlook and Ports Paul Bingham Managing Director, Global Trade and Transportation February 18, 2009 The Outlook for Trade Depends on Goods Demand Integrated international supply-chains offer efficiencies
More information