Price: $ 1295
BMI View: By some measures, the US farm sector is in the best financial conditions in decades. Farm and cash income in real terms are at 30-year highs, while the leverage is at 50-year lows. The sector is also recovering from the droughts of 2012, although the grain sector should rebound faster than the livestock sector. However, the sector still faces concerns: Beef production is expected to remain weak over the short term, while we are forecasting a significant decline in cotton production for 2013/14. The country's sugar sector is also suffering in the wake of lower average prices. Over the longer term, the sector will face some uncertainty as the Congress debates a new farm bill, and will have to adjust to a different subsidy program once a new bill is passed. Nevertheless, we expect the US to ...
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