{"id":12391,"date":"2022-06-07T09:30:00","date_gmt":"2022-06-07T13:30:00","guid":{"rendered":"https:\/\/ag.purdue.edu\/commercialag\/ageconomybarometer\/?p=12391"},"modified":"2022-07-05T08:46:58","modified_gmt":"2022-07-05T12:46:58","slug":"media-farmer-sentiment-plummets-as-production-costs-skyrocket","status":"publish","type":"post","link":"https:\/\/ag.purdue.edu\/commercialag\/ageconomybarometer\/media-farmer-sentiment-plummets-as-production-costs-skyrocket\/","title":{"rendered":"Farmer sentiment plummets as production costs skyrocket"},"content":{"rendered":"\n

WEST LAFAYETTE, Ind. and CHICAGO \u2014 The Purdue University\/CME Group Ag Economy Barometer<\/a> dropped to its lowest level since April 2020, down 22 points in May to a reading of 99. Agricultural producers\u2019 perceptions regarding current conditions on their farms, as well as their future expectations, both weakened this month. The Index of Current Conditions<\/em> dipped 26 points to a reading of 94 and the Index of Future Expectations<\/em> fell 21 points to a reading of 101. The Ag Economy Barometer<\/em> is calculated each month from 400 U.S. agricultural producers\u2019 responses to a telephone survey. This month\u2019s survey was conducted between May 16-20.<\/p>\n

\"Farmer

Farmer sentiment plummets as production costs skyrocket.<\/strong> (Purdue\/CME Group Ag Economy Barometer\/James Mintert)<\/p><\/div>\n

\u201cDespite strong commodity prices, this month\u2019s weakness in producers\u2019 sentiment appears to be driven by the rapid rise in production costs and uncertainty about where input prices are headed,\u201d said James Mintert<\/a>, the barometer\u2019s principal investigator and director of Purdue University\u2019s Center for Commercial Agriculture. \u201cThat combination is leaving producers very concerned about their farms\u2019 financial performance.\u201d<\/p>\n

The Farm Financial Performance Index<\/em> declined 14 points to a reading of 81 in May. The percentage of producers who expect their farm\u2019s financial performance to worsen in 2022 compared to last year rose from 29% in April to 38% in May. Over the course of the last 13 months, the Farm Financial Performance Index <\/em>has fallen 41% below its life of survey high of 138 set in April 2021.<\/p>\n

The Farm Capital Investment Index<\/em> drifted to an all-time low in May and is down 30 points from this same time last year. In the May survey, only 13% of respondents said this is a good time to make large investments in their operation, while 78% said they viewed it as a bad time to invest in things like machinery and buildings. Half of the producers in this month\u2019s survey said their machinery purchase plans were impacted by low farm machinery inventory levels, up from 41% in the April survey, suggesting that supply chain issues are at least partly responsible for the ongoing weakness in the capital investment index.<\/p>\n

Higher input costs remain a top concern for producers with 44% of those surveyed choosing it as the biggest concern facing their farming operation in the coming year. Additionally, 57% of producers said they expect a 30% or more rise in prices paid for farm inputs in 2022 compared to prices paid last year. The May survey also asked producers about their expectations for input costs in 2023 compared to 2022 with nearly 39% of producers indicating they expect an additional cost increase of 10% or more in the coming year.<\/p>\n

In response to a Biden administration policy proposal for a $10\/acre wheat\/double-crop soybean crop insurance subsidy, this month\u2019s survey asked respondents if the subsidy would encourage them to plant more wheat in fall 2022 than would otherwise be the case. Among producers who have employed a wheat\/double-crop soybean rotation in the past, just over one in five (22%) said it would encourage them to plant more wheat. Among producers who have not<\/u> followed a wheat\/double-crop soybean rotation in the past, just one out of ten producers said the insurance subsidy would encourage them to plant more wheat this fall.<\/p>\n

Lastly, farmers remain optimistic toward farmland values. The Short-Term Farmland Value Expectations Index<\/em>, based upon producers\u2019 12-month outlook, rose 1 point to a reading of 145. Meanwhile, the Long-Term Farmland Value Expectations Index<\/em>, based upon producers\u2019 farmland outlook over the upcoming 5 years, rose 8 points in May to a reading of 149. In a follow-up question, respondents who expect farmland values to rise over the next 5 years were asked the main reason they expect values to rise. Over the past few months that this question has been posed, respondents have consistently chosen non-farm investor demand as the top reason, followed closely by inflation.<\/p>\n

Read the full Ag Economy Barometer<\/em> report at https:\/\/purdue.ag\/agbarometer<\/a>. The site also offers additional resources \u2013 such as past reports, charts and survey methodology \u2013 and a form to sign up for monthly barometer email updates and webinars.<\/p>\n

Each month, the Purdue Center for Commercial Agriculture provides a short video analysis of the barometer results, available at\u00a0https:\/\/purdue.ag\/barometervideo<\/a>. For even more information, check out the\u00a0Purdue Commercial AgCast<\/em>\u00a0podcast. It includes a detailed breakdown of each month\u2019s barometer, in addition to a discussion of recent agricultural news that affects farmers. Available now at\u00a0https:\/\/purdue.ag\/agcast<\/a>.<\/p>\n

The Ag Economy Barometer, Index of Current Conditions and Index of Future Expectations are available on the Bloomberg Terminal under the following ticker symbols: AGECBARO, AGECCURC and AGECFTEX.<\/p>\n

\u00a0<\/p>\n

About the Purdue University Center for Commercial Agriculture<\/strong><\/p>\n

The Center for Commercial Agriculture<\/a> was founded in 2011 to provide professional development and educational programs for farmers. Housed within Purdue University\u2019s Department of Agricultural Economics, the center\u2019s faculty and staff develop and execute research and educational programs that address the different needs of managing in today\u2019s business environment.<\/p>\n

\u00a0<\/p>\n

About CME Group<\/strong><\/p>\n

As the world’s leading and most diverse derivatives marketplace, CME Group (www.cmegroup.com<\/a>)\u00a0enables clients to trade futures, options, cash and OTC markets, optimize portfolios, and analyze data \u2013 empowering market participants worldwide to efficiently manage risk and capture opportunities. CME Group exchanges offer the widest range of global benchmark products across all major asset classes based on\u00a0interest rates<\/a>,\u00a0equity indexes<\/a>,\u00a0foreign exchange<\/a>,\u00a0energy<\/a>,\u00a0agricultural products<\/a>\u00a0and\u00a0metals<\/a>.\u00a0 The company offers futures and options on futures trading through the\u00a0CME Globex<\/a>\u00ae platform, fixed income trading via BrokerTec and foreign exchange trading on the EBS platform.\u00a0 In addition, it operates one of the world’s leading central counterparty clearing providers, CME Clearing.\u00a0\u00a0<\/p>\n

\u00a0<\/p>\n

CME Group, the Globe logo, CME, Chicago Mercantile Exchange, Globex, and, E-mini\u00a0are trademarks of Chicago Mercantile Exchange Inc.\u00a0 CBOT and Chicago Board of Trade are trademarks of Board of Trade of the City of Chicago, Inc.\u00a0 NYMEX, New York Mercantile Exchange and ClearPort are trademarks of New York Mercantile Exchange, Inc.\u00a0 COMEX is a trademark of Commodity Exchange, Inc. BrokerTec and EBS are trademarks of BrokerTec Europe LTD and EBS Group LTD, respectively.\u00a0\u00a0<\/strong>Dow Jones, Dow Jones Industrial Average, S&P 500 and S&P are service and\/or trademarks of Dow Jones Trademark Holdings LLC, Standard & Poor’s Financial Services LLC and S&P\/Dow Jones Indices LLC, as the case may be, and have been licensed for use by Chicago Mercantile Exchange Inc.\u00a0 All other trademarks are the property of their respective owners.<\/p>\n

\u00a0<\/p>\n

Writer:<\/strong> Kami Goodwin, 765-494-6999, kami@purdue.edu<\/a>
Source:<\/strong> James Mintert, 765-494-7004, jmintert@purdue.edu<\/a><\/p>\n

Media Contacts:
<\/strong>Aissa Good, Purdue University, 765-496-3884, aissa@purdue.edu<\/a>
Dana Schmidt, CME Group, 312-872-5443,\u00a0dana.schmidt@cmegroup.com<\/a><\/p>\n

Related website:
<\/strong>Purdue University Center for Commercial Agriculture: http:\/\/purdue.edu\/commercialag <\/a>
CME Group: http:\/\/www.cmegroup.com\/<\/a><\/p>\n

Photo Caption:
<\/strong><\/p>\n

Photo Caption: Farmer sentiment plummets as production costs skyrocket. (Purdue\/CME Group Ag Economy Barometer\/James Mintert). https:\/\/www.purdue.edu\/uns\/images\/2022\/ag-barometer522LO.jpg<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

WEST LAFAYETTE, Ind. and CHICAGO \u2014 The Purdue University\/CME Group Ag Economy Barometer dropped to its lowest level since April 2020, down 22 points in May to a reading of 99. Agricultural producers\u2019 perceptions regarding current conditions on their farms, as well as their future expectations, both weakened this month. The Index of Current Conditions…<\/p>\n","protected":false},"author":19,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","_links_to":"","_links_to_target":""},"categories":[7],"tags":[],"class_list":["post-12391","post","type-post","status-publish","format-standard","hentry","category-media"],"acf":[],"yoast_head":"\nFarmer sentiment plummets as production costs skyrocket<\/title>\n<meta name=\"description\" content=\"The Purdue University-CME Group Ag Economy Barometer improved in April to a reading of 121, which was 8 points higher than a month earlier. 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