On November 29, 2016, the Federal Reserve Bank of Chicago will hold a conference to examine the agricultural downturn in the Midwest and discuss future directions for farming. With prices for key agricultural products falling from their peaks in recent years, many farm operations are having to deal with lower revenues. Moreover, farms face thinner profit margins—and even losses—since their input costs have not fallen as much as product prices. The U.S. Department of Agriculture projects that net income for the farm sector will decline for a third consecutive year in 2016. This downturn has hit the Midwest hard, as seen in lower farmland values and cash rental rates for cropland.
At the conference, experts from academia, industry, and policy institutions will explore the agricultural downturn’s implications for both the farm sector and the broader regional economy. The goals of the conference include understanding key trends in farm income, product prices, and input costs; assessing the primary factors behind the sector’s downturn; examining policies that provide support to farm operations and promote risk management; and discussing the role of agricultural lending under these challenging circumstances, as well as in the next phase for agriculture.
Bio - Keynote Luncheon Speaker
Bill Northey, Iowa Secretary of Agriculture
Federal Reserve Bank of Chicago230 South LasalleChicago, Illinois 60604USA312-322-5757
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