# Farm Credit East Knowledge Exchange Industry Snapshots

> Farm Credit East's August snapshot reports 2023 first-quarter GDP growth revised up to 2.0% and May inflation at 4.0%. It also notes the Fed's rate hikes, a tight job market, and a lower recession probability.

- Date: 2023-08-08 · published 2023-08-08T12:00:00.000Z
- Category: macro · region US · magnitude low
- Page: https://feedsoft.ai/events/34593-farm-credit-east-knowledge-exchange-industry-snapshots
- Commodities: [Milk (Class III)](https://feedsoft.ai/c/MILK.md)

## Why it matters

Higher interest rates raise farm borrowing costs and influence the dollar and energy prices, which feed into commodity and input markets.

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| MILK | 2022-03-11 | [2022 economic state of the U.S. dairy industry - Progressive Dairy \| Ag Proud](https://feedsoft.ai/events/42283-2022-economic-state-of-the-u-s-dairy-industry-progressive-dairy-ag-proud.md) | -0.1% | +7.6% |
| MILK | 2020-03-27 | [Dairy industry sees sales skyrocket, prices tank - The Business Journal](https://feedsoft.ai/events/54274-dairy-industry-sees-sales-skyrocket-prices-tank-the-business-journal.md) | -12.1% | -18.7% |
| MILK | 2020-04-01 | [What is behind the sharp drops in farmgate prices? \| AHDB](https://feedsoft.ai/events/4161-what-is-behind-the-sharp-drops-in-farmgate-prices-ahdb.md) | -13.4% | -28.2% |
| MILK | 2019-08-22 | [Dairy Market Report 23rd August - Irish Farmers' Association](https://feedsoft.ai/events/57577-dairy-market-report-23rd-august-irish-farmers-association.md) | -0.1% | +3.6% |
| MILK | 2016-06-28 | [IFA Says Brexit Concerns Must Not Influence June and Further Milk Price Decisions - Irish Farmers' Association](https://feedsoft.ai/events/4213-ifa-says-brexit-concerns-must-not-influence-june-and-further-milk-price.md) | +13.2% | +15.5% |

## Sources

- farmcrediteast.com: https://www.farmcrediteast.com/en/resources/Industry-Trends-and-Outlooks/Reports/20230809KEP_IndustrySnapshots

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Data from Feedsoft AI (https://feedsoft.ai/). For information only; not investment advice.