Source:  POLITICO'S MORNING AGRICULTURE, 6/6/19

The central bank on Wednesday released its latest Beige Book update from the Fed's 12 districts around the country, and the outlook for farm conditions in the Midwest was gloomy. Among the findings from major farm regions: credit concerns, trade headaches and planting problems due to soppy weather.

— The Minneapolis Federal Reserve Bank said farmers in the area fear they won't be able to get a crop in the ground at all this year, as heavy rains have delayed planting. The bank surveyed ag credit conditions and found that farm income and capital spending were down from the previous year — and likely to continue dropping for several months.

— In the Seventh District, which includes Iowa and parts of Illinois, Indiana, Michigan and Wisconsin, growers who missed the window for planting corn warned that switching to soybeans would still be costly, between wasted fertilizer and slumping soybean prices.

— And the Kansas City Fed reported deteriorating conditions especially in Missouri and Nebraska, including declining farm income and a slower rate of loan repayments. Industry contacts "also commented that low commodity prices continued to strain working capital, and recent severe flooding and blizzards may have significantly impacted some borrowers."

Bonus Fed news: Fed Gov. Michelle Bowman promised Sen. Jon Tester (D-Mt.) at a Senate hearing on Wednesday that the central bank will clarify that hemp is now a legal product and that hemp businesses should be able to access services from financial firms.