Tanner Ehmke

Lead Economist, Grains and Oilseeds

Tanner Ehmke, Lead Economist, Dairy and Specialty Crops

Tanner Ehmke is lead economist for grains and oilseeds in CoBank’s Knowledge Exchange research division. His focus is on providing market and industry research for the wheat, corn, soybean and rice sectors. Prior to joining CoBank in 2015, he marketed seed for his family’s seed company in western Kansas, where his family has farmed since 1885.

Mr. Ehmke previously was a commodities analyst at an agricultural market research and advisory firm in Chicago, a commodity markets reporter for Dow Jones at the Chicago Board of Trade, and an agricultural journalist covering crop production and farm business management. He continues to maintain an active role in farming today.

Mr. Ehmke holds a bachelor’s degree in agricultural economics and a master’s degree in agricultural business from Kansas State University.

Recent Reports

All Reports

Wheat

Russia’s Smaller Wheat Harvest Expected to Drive Market Volatility

June 2024

While Russia firmly maintains its hold as the world’s top wheat exporter, Russia’s slippage in production and export capacity is expected to awaken the world wheat market to the extreme global tightness that has been building in recent years.

Sticky Inflation Puts Fed on the Horns of a Dilemma

Sticky Inflation Puts Fed on the Horns of a Dilemma

April 2024

As we pointed out in our Year Ahead report in December, expectations that the Fed would cut rates six or seven times were completely irrational.

Soybeans

Rapid Expansion of Soybean Crush Capacity Risks Exceeding Growth of Renewable Diesel

March 2024

The push for renewable diesel is boosting demand for soybean oil as a feedstock.

The Year Ahead: Forces That Will Shape the U.S. Rural Economy in 2024

The Year Ahead: Forces That Will Shape the U.S. Rural Economy in 2024

December 2023

Despite multiple systemic shocks in recent years – COVID-19, trade conflict with China, the Russia-Ukraine war, surging inflation and interest rates – our economy has performed strongly.

corn soy

Slow Farmer Selling Frustrates Elevators’ Acquisition of Corn and Soybeans

November 2023

In a world market awash in grains and oilseeds, the profit outlook for storing corn and soybeans in the U.S. is much improved for the 2023-24 marketing year with buy basis for elevators falling to more normal levels and with carries returning to futures markets. 

“Higher for Longer” a Drag on Rural Economy

October 2023

The Fed’s relentless 20-month attack on inflation has pushed long-term interest rates to their highest levels in years.

Wheat Exports

Russian Wheat Exports Remain Biggest Risk to U.S. Wheat Elevators

September 2023

Following an extended period of inverted futures markets, the outlook for elevators storing wheat has improved. Carry in the futures markets has returned and the buy basis has widened after a bigger U.S. wheat harvest.

soybean crop

Tour Reveals Risk to Soybean Crop, but Greater Potential for Soybean Oil

August 2023

Results of the Pro Farmer Crop Tour project smaller corn and soybean crops in the U.S. as drought and the record heat index lower yields, especially in the western Midwest.

India Rice Ban

India Rice Ban Will Benefit U.S. Rice Exports, Increase Market Volatility

August 2023

On July 20, the Indian government banned the export of non-basmati white rice to “to allay the rise in prices in the domestic market” stemming from threats posed by Black Sea geopolitics, El Nino and extreme climatic conditions in other rice-producing countries. The ban affects 7-8 million metric tons of Indian rice exports, or 15% of global rice trade.

Grain

The Slowdown-Resistant Economy

July 2023

Despite predictions for a slowdown, the U.S. economy remains the envy of the world. Jobs are plentiful, asset values are near all-time highs, and consumers are spending

Grain Elevators

Rising Cost of Carry Will Force Co-op Grain Elevators to Lower Bids, Widen Basis

May 2023

Grain merchandisers have endured rising costs of storing, or carrying, grain and oilseed inventories over the past year due to rising interest rates, high crop prices and rising operating costs like transportation, insurance, fuel, electricity and labor

U.S. economy

Adapting to a Slowing Economy

April 2023

Effects from higher interest rates are permeating rural industries

General Field

Inflation is Beginning to Loosen its Grip

January 2023

The war in Ukraine and inflation will remain the two biggest factors for commodity
markets in the first half of 2023. 

Federal Milk Marketing Orders

Updating Make Allowances is Central to the Future of Federal Milk Marketing Orders

January 2023

Federal Milk Marketing Orders establish the minimum prices that regulated processors must pay for farm milk. 

2023 Year Ahead

The Year Ahead: Forces That Will Shape the U.S. Rural Economy in 2023

December 2022

The Russia-Ukraine war, surging inflation, and an energy crisis joined the COVID-19 pandemic this year as major events defining the operating environment for U.S. companies. We can expect to feel the aftershocks in 2023. 

Vertical farming

Vertical Farms Must Trim Costs, Hone Business Models to Achieve Profitability

November 2022

Although the concept of growing food indoors is not new, investment in growing crops indoors in vertically stacked layers has ballooned in recent years. The labor, health, and supply chain issues created by the COVID-19 pandemic has driven even more new consumer and investor interest.

Rural America

The Quarterly: Inflation Abundance, Commodity Shortage

October 2022

Despite ongoing impacts from Russia’s invasion of Ukraine and lingering supply chain
effects from the pandemic, the U.S. economy remains incredibly resilient.

Field

CoBank Quarterly: Clouds are Forming

July 2022

Fears of higher rates and weakening economic conditions
linger over the year’s second half.

Butter

Record Butter Prices May Push Consumers to Cheaper Options and Slow Cheese Production

June 2022

Prices for retail butter are outpacing nearly all other goods — up 13% YTD according to the Bureau of Labor Statistics — and the worry about its impact on demand is legitimate. 

Whey powder

COVID-19 Spiked Demand for High-Protein Whey, but is Growth Sustainable?

February 2022

The U.S. is one of the world leaders in whey production and exports. Technological advances have created new value streams beyond commodity whey. In the last 20 years, whey has been transformed from a cheese-making waste byproduct often spread on farm fields as a low-value fertilizer to a highly valuable co-product, driven by rising global consumer demand for protein.

CoBank Quarterly General Field

The Quarterly: Omicron Upends Supply Chain Recovery

January 2022

Against all hope for a better start to 2022, omicron has crashed the New Year’s party. Renewed supply chain disruptions are being felt throughout the economy, causing empty shelves again and threatening to fan the flames of inflation.

2022 Year Ahead

The Year Ahead: Forces That Will Shape the U.S. Rural Economy in 2022

December 2021

As we enter the third year of the COVID-19 pandemic, the virus is still in control of the economy.

Rural America

The Quarterly: Adapting to Persistent Supply Disruptions

October 2021

Businesses of all sizes and across most industries are wrestling with perhaps the worst supply chain bottlenecks to date

Fragrant Rice

Fragrant Rice: Opportunity or Threat for the U.S. Rice Industry?

September 2021

Since 1980, U.S. rice imports have grown from nearly zero to over 1.1 MMTs,while U.S. rice consumption has grown from 2.0 MMTs to nearly 5.0 MMTs. Nearly one-third of the gain in U.S. consumption has been satisfied by imported rice. 

The Quarterly: A Long Tail—Pandemic After-Effects are Just Beginning

The Quarterly: A Long Tail—Pandemic After-Effects are Just Beginning

July 2021

The long-awaited period of pent-up, exuberant demand is here. And for all the benefits to businesses and consumers, bumps are unavoidable – labor shortages, price inflation, supply chain disruptions, and uncertainty about what a new steady-state economy will look like. They loom large, even as we celebrate a return to normalcy.

Powdered Milk

US Dairy Processors Must Be Versatile to Compete in Southeast Asia

June 2021

Over the past decade, U.S. milk production has increased by an average annual growth rate of 1.5% while domestic demand has increased at a slightly slower pace.

Almonds

California Tree Nut Outlook: Record Exports Expand Global Demand Base

April 2021

Lower tree nut prices and the weaker dollar have lifted tree nut exports to record highs as demand surged around the world, especially to China and 
the EU. 

Rural America

The Quarterly: We’re Not Going Back to Pre-COVID Conditions

April 2021

Anticipation of a return to normal is in the air. But for the economy and rural industries, there will be no going back to pre-COVID conditions.

U.S. Dollar

Dollar Divergence: US Dollar Index Does Not Reflect True Dollar Impact on US Ag Exports

February 2021

The U.S. Dollar Index saw rapid deflation in 2020 and has coincided with a rally in commodity prices. 

New Year Optimism Confronts the Pandemic

The Quarterly: New Year Optimism Confronts the Pandemic

January 2021

2021 has quickly altered the political and market landscape. And optimism, particularly about the second half of the year, is rising. But to get there, all of us must muddle through for a few months more.

Year Ahead 2021

The Year Ahead: Forces That Will Shape the US Rural Economy in 2021

December 2020

The speed of the economic recovery will largely hinge on the availability, dissemination and reach of COVID-19 vaccines, pushing the expected burst of pent-up consumer demand into the latter half of 2021, according to a comprehensive year-ahead outlook report from CoBank’s Knowledge Exchange division.

Fields

The Quarterly: The Fragile Recovery is About to be Tested

October 2020

The coronavirus pandemic has now impacted all four quarters of 2020, and seemingly every aspect of life and business. 

Fields

The Quarterly: Rural Industries Adapt to Coronavirus Reality

July 2020

Over the past four months, every rural industry has grappled with how to adjust its business to remain relevant and sustainable in the pandemic. Agricultural supply chains have been massively disrupted and lost revenue. Water and power suppliers have adapted as commercial and industrial customers went dark and demand shifted to residential customers. And the communications industry is seizing a moment when home broadband access has become vividly essential, to help expand access to everyone, everywhere.

Sugar beets

Sugar Outlook: Sweeter Times Ahead for Sugarbeet Growers and Processors

June 2020

The U.S. sugarbeet industry has experienced multiple financial stressors from production losses in some regions of the U.S. stemming from reduced sugarbeet harvested acreage, lower quality sugarbeets, and an abbreviated processing season that has hurt both growers and the cooperatives that process the sugarbeets into refined sugar.

The Quarterly: Keeping Us Connected, Our Lights On, and Our Pantries Full

April 2020

The beginning of a new quarter finds us in unparalleled times – a pandemic ravaging the world, the U.S. economy in shutdown, millions of Americans out of work, and financial markets in turmoil. 

Quarterly US Rural Economic Review: Trade Resolutions Boost Optimism for a New Year

December 2019

The fourth quarter is ending with much more optimism on trade and the economy compared to how it began. 

The Year Ahead report cover

The Year Ahead: Forces That Will Shape the US Rural Economy in 2020

December 2019

The U.S. rural economy will continue to face headwinds in 2020 and is expected to underperform relative to the economy of urban America. 

Grain Elevator Outlook: Tight Basis Squeezes Grain and Oilseed Margins

December 2019

Grain elevators face a struggle in the year ahead as they buy expensive basis on corn, soybeans, and wheat at levels not seen in years. 

Quarterly US Rural Economic Review: Trade Remains the Focus as Tariffs Take Toll on Agriculture

October 2019

Uncertainty over trade policy, weather and African Swine Fever dominated agricultural markets last quarter.

corn

Corn Crop Uncertainty Raises Volatility for Grain Elevators

August 2019

Grain elevators and end users are navigating heightened market volatility as the size of this fall’s corn harvest remains uncertain.

Quarterly US Rural Economic Review: Stalled Trade Talks, Record Rains Upend Agriculture

June 2019

Global economic growth continues to slide, as tariffs drag on global trade and manufacturing.

Blockchain

Blockchain in Agricultural Commodity Trading: Dream or Reality?

June 2019

Blockchain innovations in agriculture are numerous but have been slow to gain industry-wide acceptance, particularly in global agriculture commodity trading.

Quarterly US Rural Economic Review: Agriculture Still Waiting For Relief

March 2019

U.S. agriculture is poised for serious challenges for the remainder of 2019.

The Year Ahead report cover

The Year Ahead: Forces That Will Shape the US Rural Economy in 2019

January 2019

The U.S. economy is still performing well by most key measures. However, consumers, investors, companies and other market participants have become more wary about the near-term future with seemingly good reason.