AgWest Farm Credit launches new monthly agricultural market report

SPOKANE — AgWest Farm Credit announced today the introduction of a new monthly market report covering major agricultural commodities across seven Western states.

The AgWest Monthly Market Update will provide insights into agricultural markets in Alaska, Arizona, California, Idaho, Montana, Oregon and Washington. The report combines data from various sources, including on-the-ground observations from AgWest's lending, appraisal, and crop insurance teams.

Key findings from the inaugural report include:

- Almonds: A large 2024 crop and inventory carryover are expected to keep prices down and pressure producer margins.
- Apples: The 2024 crop is estimated at 120-125 million boxes, a level supportive of profitability for producers and packers.
- Cattle: The industry remains optimistic about growth through 2026, despite challenges like labor shortages and high interest rates.
- Dairy: Western milk production has decreased, but better milk prices and lower feed costs are improving the financial outlook.
- Forest Products: Lumber mills are adapting to low prices by adjusting supply contracts and product offerings.
- Hay: Prices in Western states have remained stable, with improvements in domestic and export demand.
- Citrus: Lemons and oranges are expected to have average to large, high-quality 2024 crops.
- Potatoes: U.S. potato storage is at a five-year high, with manageable production expected in 2024.
- Wheat: Growers face challenges with low prices and storage concerns.
- Wine: Low- to mid-range wine categories are experiencing flat to declining sales growth.

The report also includes economic updates and profitability outlooks for the agricultural sector.

AgWest Farm Credit, with approximately $32 billion in total assets, provides financing and related services to agricultural businesses and rural homeowners in seven Western states. It is part of the Farm Credit System, a 108-year-old institution that is the leading provider of credit to American agriculture.

For more detailed analysis on each industry, AgWest directs readers to their website at AgWestFC.com/industry-insights.