The largest agriculture cooperative predicts more pain ahead for the industry. Carl Casale, CEO of CHS, Inc. says net farm income is falling faster than cash receipts indicating that fixed costs are too high. During the National Grain and Feed Association convention in San Diego, he told attendees the U.S. farm economy is not at the bottom yet. CHS is planning to cut expenses this year and will freeze cost over the next two years to avoid trimming its workforce. USDA estimates farmers will see a net farm income decline for the third straight year to $53.8 billion in 2016, down more than 50 percent from its recent high of $123.3 billion in 2013.

The Federal Reserve Wednesday signaled interest rate increases are likely later this year. As expected, the Fed chose to leave interest rates at current levels for now. The Federal Open Market Committee of the central bank said economic activity has been expanding at a moderate pace. Federal Reserve officials said resuming its rate hikes too soon however could slow growth or rattle investors again.