The Federal Reserve Bank of Kansas City Wednesday announced the launch of the Center for Agriculture and the Economy.
The Federal Reserve Bank announcement said the initiative underscores the Bank’s ongoing commitment to including perspectives from agriculture and rural areas in discussions on the national economy.
RECOGNIZES AGRICULTURE’S IMPORTANCE
“For many years, the Kansas City Fed has provided critical insights into one of the nation’s most vital industries—agriculture,” said Jeff Schmid, president and CEO of the Federal Reserve Bank of Kansas City, (in the release. “The establishment of this center formally recognizes our district’s investment in this area and highlights the vital importance that we place on gathering insights from all of those who have a role in the ag economy.”
Through its regular surveys, analysis and connections across the industry, the Kansas City Federal Reserve Bank has had a longstanding focus on the US and global agricultural economy, the announcement said. Leveraging this expertise, the Center will serve as a resource within the Federal Reserve System by providing timely analysis of industry developments and conducting ongoing research on the agricultural economy and the rural regions where production predominates.
The Center also will continue the Kansas City Federal Reserve Bank’s efforts to engage directly with ag producers and industry leaders, gathering firsthand insights that lead to a deeper understanding of emerging developments and trends, the Bank said. These perspectives provide critical context for Federal Reserve policymakers and senior officials as they evaluate economic conditions and determine monetary policy.
AGRICULTURE VOICES VITAL
“It is vitally important to us that we include voices from agriculture, including related industries and rural places, in our work,” said Nate Kauffman, senior vice president with the Federal Reserve Bank of Kansas City and executive director of the Center, in the release. “Our goal is that the Center for Agriculture and the Economy will reflect this two-way exchange where, in addition to us taking in information, we also produce research and resources that provide value to those connected to agriculture.”
Agriculture is central to the 10th district’s economy, from farm production and food manufacturing to agricultural banking and finance, and the Kansas City Fed serves a predominantly rural region in the middle of the country, the Bank said.
Research from the Center will provide insights on the US agricultural economy, including monthly Agricultural finance updates, a quarterly Ag Bulletin and regular in-depth research and updates on ag-related topics, the Bank said.
CATTLE, BEEF RECAP
The USDA reported formula and contract base prices for live FOB steers and heifers this week ranged from $234.96 per cwt to $237.11, compared with last week’s range of $230.70 to $241.00 per cwt. FOB dressed steers and heifers went for $365.05 per cwt to $373.86, compared with $360.27 to $375.71.
The USDA choice cutout Thursday was down $0.37 per cwt at $366.11 while select was down $0.23 at $348.93. The choice/select spread narrowed to $17.18 from $17.32 with 81 loads of fabricated product and 18 loads of trimmings and grinds sold into the spot market.
The USDA-listed the weighted average wholesale price for fresh 90% lean beef as $401.63 per cwt, and 50% beef was $145.51.
The USDA said basis bids for corn from feeders in the Southern Plains were unchanged at $0.90 to $1.15 a bushel over the Dec corn contract, which settled at $4.21 3/4, up $0.05.
Seven heifer deliveries were retendered and then demanded Wednesday at one. No new tenders were posted Thursday.
The CME Feeder Cattle Index for the seven days ended Wednesday was $375.10 per cwt, up $0.63. This compares with Thursday’s Oct contract settlement of $379.67, down $0.05.