Jerry Gulke: Fundamentals Don’t Match Price Action

Over the last four quarters, nearly 80% of non-real estate farm loans were booked with a variable rate. At the beginning of 2022, more than half of all loans had a rate less than 4.5%, now the median rate for new operating loans is 8.5%.

At the end of 2022, Congress elected to implement Secure 2.0, which made some changes to Secure 1.0 but also made many other changes that will affect farmers either now or in the future.

The ag port addition is expected to increase exports of DDGS, corn and soybeans by 400,000 metric tons each year.