Search Results
Journal Article
Not Bullish: U.S. Cattle Herds Hung Up on Higher Interest Expenses
Cattle inventories declined to historically low levels at the start of 2024. Cattle producers may facechallenges maintaining or restocking herds, as higher interest expenses on cattle and input purchases in2022–23 have constrained profit margins. Although feed costs have decreased slightly, higher costs forfinancing and other operating expenses could continue to put pressure on cattle production andprofitability.
Journal Article
Oklahoma's Trade Landscape: Broadly Insulated, Yet Exposed in Key Sectors
This edition of the Oklahoma Economist examines the concentration of the state’s exports and imports to determine how it could be exposed to trade disruptions.
Working Paper
Drought and Cattle: Implications for Ranchers
Drought has occurred with greater intensity and frequency in many areas of the United States in recent years. Despite the growing concern surrounding the impacts of drought on the agricultural sector, few studies have quantified the impact of drought on the cattle industry. In this paper, we estimate the impacts of drought on cattle herd management, hay production, hay prices, and farm income in the United States from 2000 to 2022. Our results indicate that drought negatively impacts hay production and results in higher hay prices. Drought also contributes to herd liquidation and is ...
Journal Article
Mapping Stress in Agricultural Lending
Repayment rates for farm loans have declined every quarter since the second quarter of 2013, suggesting heightened stress in agricultural lending. If repayment rates continue to decline?and the outlook for the agricultural sector remains downbeat?agricultural banks could become less able to lend to creditworthy farm borrowers. Thus, declining repayment rates could lead to adverse outcomes for agricultural banks, farmers, and the rural economies they serve. {{p}} Cortney Cowley uses data from the Federal Reserve Bank of Kansas City?s Ag Credit Survey to model and map areas with the highest ...
Journal Article
Amid Rising Input Costs, Many Tenth District Firms Report Passing Along Fewer Costs to Customers
According to surveys from the Federal Reserve Bank of Kansas City, an increasing share of Tenth District firms have reported rising input costs in 2025. Although many manufacturing and services firms raised their selling prices in response, they have reported a reduced ability to fully pass through cost increases compared with 2022. Accordingly, consumer price increases could be more muted, at least temporarily, than in past periods of rising input prices.
Journal Article
Higher Oil Prices May Not Meaningfully Boost Oklahoma’s Broader Economy
The Iran conflict has significantly curtailed global oil supply, causing a sharp increase in prices. This edition of Oklahoma Economist examines how elevated oil prices may affect the state’s economy. It finds that higher prices have boosted oil and gas firms’ profits, but several factors may limit broader economic gains for Oklahoma.
Journal Article
Harvesting the Wind: Oklahoma’s Strong Electricity Growth Has Few Agricultural Tradeoffs
This edition of Oklahoma Economist examines where electricity is generated within the state, its effect on agricultural land, and what may lie ahead.
Journal Article
The Dispersion of Farmland Values in the Tenth District
Cortney Cowley examines the widening dispersion of farmland values in the Tenth Federal Reserve District and finds that land quality, climate, and commodity sales have played important roles.
Journal Article
Labor Constraints and Strong Demand Are Driving Robust Food Services Inflation
Although headline inflation has slowed in recent months, inflation for core services has remained elevated since the first half of 2021. Inflation for food services in particular has been significantly higher than inflation for goods and other services. We argue that food services inflation has been elevated by the sector’s fast rebound in expenditures and its high dependency on labor amid labor shortages and elevated labor costs.
Journal Article
Long-Term Pressures and Prospects for the U.S. Cattle Industry
Recent disruptions in the cattle sector have highlighted long-term pressures on cattle producers’ profitability.