Agricultural Sector
About
The Chicago Fed's Seventh District is one of America's most productive farmland regions. Dedicated research staff, through the quarterly AgLetter, the Bank's annual Midwest Agriculture Conference, and other projects, help us to understand the agriculture industry and to share that knowledge. The AgLetter, which analyzes agricultural land trends and financial conditions based on a survey of District agricultural lenders, has published regularly since the 1940s.
Regional Agricultural Highlights
The Seventh Federal Reserve District states of Illinois, Indiana, Iowa, Michigan and Wisconsin contribute quite strongly to national agricultural output. In 2025, our five District states contributed
- 42% of national corn output,
- 42% of national soybean output, and
- 48% of national hog output.1
Moreover, in 2022, Illinois was the top pumpkin producer (in addition to the top pumpkin canner), and Indiana was in second place ahead of Michigan, which was in fifth place.2
These shares and state rankings compare favorably with the District states’ share of total gross domestic product (GDP) for all industries, which was 10.4% in 2024.3
The five District states are also top agricultural exporters:
Iowa, Illinois, and Indiana were all among the top five state exporters of corn, soybeans, and pork in 2024.
Among all states, Wisconsin and Michigan were the second- and sixth-largest exporters of dairy products in 2024.
In 2024, Iowa exported the second-largest amount of agricultural products among all states; Illinois, the third; and Indiana, the seventh.
One-quarter of U.S. agricultural exports came from our five District states in 2024.4
Most Recent Agricultural Sector Article
Most Recent AgLetter Article
Seasonal Credit Program
Under the program, depository institutions may obtain funds through the Discount Window during periods of seasonal need (such as those related to the cyclicality of agriculture) allowing them to carry fewer liquid assets in the off-season and to make more funds available to meet the credit needs of their local community. Credit can be obtained for periods of up to nine months in a calendar year, and there are no commitment fees or other expenses involved in setting up and maintaining a seasonal line of credit, even if it is never used.
Agriculture Conference Series
The agricultural industry is an important sector in the Seventh District's economy. Each year, we bring together experts from academia, industry, and policy institutions to explore the current challenges and opportunities for midwestern agriculture. Our agriculture conference series began in 2005.
Agricultural Sector Specialists
1 Chicago Fed staff’s calculations based on data from the U.S. Department of Agriculture, National Agricultural Statistics Service.
2 Pumpkins: Background & Statistics from the U.S. Department of Agriculture, Economic Research Service.
3 Chicago Fed staff’s calculations based on data from the U.S. Bureau of Economic Analysis from Haver Analytics.
4 Chicago Fed staff’s calculations based on data from the U.S. Department of Agriculture, Economic Research Service.
