According to the latest read-out on the ag economy from the nation’s Federal Reserve Board, production forecasts for corn and soybeans on a year-over-year basis are up. 

The U.S. Department of Agriculture (USDA) reported year-over-year prices paid to farmers in August were up for corn, soybeans, cattle, broilers and eggs, but down for milk. On a month-over-month basis, prices were up for corn, cattle, broilers and eggs but down for soybeans and milk.

Specifically in the seventh district, which includes Iowa, bankers noted: “In spite of drought in...