{"id":2664,"date":"2019-02-05T09:30:19","date_gmt":"2019-02-05T13:30:19","guid":{"rendered":"https:\/\/ag.purdue.edu\/commercialag\/ageconomybarometer\/?p=2664"},"modified":"2019-02-05T10:30:07","modified_gmt":"2019-02-05T14:30:07","slug":"farmer-sentiment-improves-following-usdas-second-mfp-payment-announcement-and-farm-bill-approval","status":"publish","type":"post","link":"https:\/\/ag.purdue.edu\/commercialag\/ageconomybarometer\/farmer-sentiment-improves-following-usdas-second-mfp-payment-announcement-and-farm-bill-approval\/","title":{"rendered":"Farmer sentiment improves following USDA\u2019s second MFP payment announcement and Farm Bill approval"},"content":{"rendered":"\n<p class=\"wp-block-paragraph\">WEST LAFAYETTE, Ind. and CHICAGO \u2013 Agricultural producers were\nmore optimistic about the agricultural economy in January, but they remain\nconcerned about farmland values, according to results from the January <a href=\"https:\/\/ag.purdue.edu\/commercialag\/ageconomybarometer\/\">Purdue University\/CME\nGroup Ag Economy Barometer<\/a>. The barometer, which is based on 400 survey\nresponses from agricultural producers across the country, rebounded to a\nreading of 143 in January, a 16 point improvement from December.<\/p>\n\n\n\n<div class=\"wp-block-image\"><figure class=\"alignright is-resized\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/ag.purdue.edu\/commercialag\/ageconomybarometer\/wp-content\/uploads\/2019\/02\/Fig01-1.png\" alt=\"Farmer sentiment improves following USDA\u2019s second MFP payment announcement and Farm Bill approval, according to latest Purdue\/CME Group Ag Economy Barometer. (Purdue\/CME Group Ag Economy Barometer\/James Mintert)\" class=\"wp-image-2667\" width=\"240\" height=\"174\" srcset=\"https:\/\/ag.purdue.edu\/commercialag\/ageconomybarometer\/wp-content\/uploads\/2019\/02\/Fig01-1.png 960w, https:\/\/ag.purdue.edu\/commercialag\/ageconomybarometer\/wp-content\/uploads\/2019\/02\/Fig01-1-300x218.png 300w, https:\/\/ag.purdue.edu\/commercialag\/ageconomybarometer\/wp-content\/uploads\/2019\/02\/Fig01-1-768x557.png 768w, https:\/\/ag.purdue.edu\/commercialag\/ageconomybarometer\/wp-content\/uploads\/2019\/02\/Fig01-1-324x235.png 324w\" sizes=\"auto, (max-width: 240px) 100vw, 240px\" \/><figcaption>Farmer sentiment improves following USDA\u2019s second MFP payment announcement and Farm Bill approval, according to latest Purdue\/CME Group Ag Economy Barometer. (Purdue\/CME Group Ag Economy Barometer\/James Mintert)<\/figcaption><\/figure><\/div>\n\n\n\n<p class=\"wp-block-paragraph\">\u201cThis survey provided us with the first opportunity to\nmeasure farmers\u2019 sentiment following the announcement of USDA\u2019s second round of\nMarket Facilitation Program (MFP) payments and the passage of the 2018 Farm Bill,\u201d\nsaid <a href=\"https:\/\/ag.purdue.edu\/commercialag\/ageconomybarometer\/team\/jim-mintert\/\">James\nMintert<\/a>, the barometer\u2019s principal investigator and director of\nPurdue University\u2019s Center for Commercial Agriculture. \u201cIt appears that these\ntwo announcements provided a significant boost to producer sentiment regarding both\ncurrent and future economic conditions,\u201d said Mintert. <\/p>\n\n\n\n<p class=\"wp-block-paragraph\">In January, both of the barometer\u2019s two sub-indices saw an\nuptick since December, with the Index of Current Conditions rising to 132 from\n109 and the Index of Future Expectations rising to 148 from 135.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Increases were also seen in the Large Farm Investment\nIndex, which measures whether producers feel this is a \u201cgood time\u201d or a \u201cbad\ntime\u201d to make large farm investments like machinery or buildings. Over the past\nfew months, producers have been slowly expressing a more favorable view towards\nmaking large investments in their farming operations, with the index climbing 11\npoints from December and up 20 points from September, when the investment index\nbottomed out.&nbsp;&nbsp; <\/p>\n\n\n\n<p class=\"wp-block-paragraph\">However, the same cannot be said for farmland values.\nAccording to the January survey, the percentage expecting higher farmland\nvalues over the next 12 months declined from 17 to 13 percent in December and,\nwhen asked to look ahead 5 years, producers expecting higher farmland values\ndeclined 2 points to 48 percent.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">To better understand farmers\u2019 planting intentions in 2019,\nthe survey asked farmers who planted soybeans in 2018 what their plans are for\n2019. Two-thirds of respondents said their soybean acreage will be the same as\nin 2018, but 25 percent of soybean producers said they intend to reduce their soybean\nacreage in 2019 compared to last year. Looking specifically at farmers who plan\nto reduce their soybean acreage in 2019, 58 percent of them said they will\nreduce acreage by more than 10 percent, while 42 percent said they would reduce\nacreage by 10 percent or less. This represented a shift in attitudes among\nsoybean farmers from last fall. Back in November, among farmers that plan to\nreduce their soybean acreage, 69 percent of them said they planned to reduce\ntheir 2019 soybean acreage by more than 10 percent. <\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Lastly, when producers were asked about soybean futures,\nfour out of ten respondents (43 percent) said they expect November 2019 soybean\nfutures to fall below $8.50 sometime between mid-January and summer 2019. The\nnegative perspective on soybean prices helps explain producers\u2019 plans to reduce\ntheir 2019 soybean acreage.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Read the full January Ag Economy Barometer report at <a href=\"http:\/\/purdue.edu\/agbarometer\">http:\/\/purdue.edu\/agbarometer<\/a>. This month\u2019s report includes additional information about producer\u2019s expectations for U.S. ag exports and their farm\u2019s operating costs and whether their farm will have to carryover operating debt into 2019 from prior years. Each month Dr. Mintert also provides an in-depth analysis of the barometer. That video is also available at <a href=\"http:\/\/purdue.edu\/agbarometer\">http:\/\/purdue.edu\/agbarometer<\/a>. <\/p>\n\n\n\n<p class=\"wp-block-paragraph\">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, <g class=\"gr_ gr_3 gr-alert gr_spell gr_inline_cards gr_run_anim ContextualSpelling ins-del multiReplace\" id=\"3\" data-gr-id=\"3\">AGECCURC<\/g> <g class=\"gr_ gr_4 gr-alert gr_gramm gr_inline_cards gr_run_anim Punctuation only-ins replaceWithoutSep\" id=\"4\" data-gr-id=\"4\">and<\/g> AGECFTEX.<\/p>\n\n\n\n<div style=\"height:30px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>About the Purdue University Center for Commercial Agriculture<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The <a href=\"https:\/\/ag.purdue.edu\/commercialag\/Pages\/default.aspx\">Center for\nCommercial Agriculture<\/a> was founded in 2011 to provide\nprofessional development and educational programs for farmers. Housed within Purdue\nUniversity&#8217;s Department of Agricultural Economics, the center\u2019s faculty and\nstaff develop and execute research and educational programs that address the\ndifferent needs of managing in today\u2019s business environment.<\/p>\n\n\n\n<div style=\"height:30px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>About CME Group<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">As the world&#8217;s leading and\nmost diverse derivatives marketplace, CME Group (<a href=\"http:\/\/www.cmegroup.com\/\" target=\"_blank\" rel=\"noreferrer noopener\">www.cmegroup.com<\/a>)\nenables clients to trade futures, options, cash and\nOTC markets, optimize portfolios, and analyze data \u2013 empowering market\nparticipants worldwide to efficiently manage risk and capture opportunities.\nCME Group exchanges offer the widest range of global benchmark products across\nall major asset classes based on&nbsp;<a href=\"http:\/\/www.cmegroup.com\/trading\/interest-rates\/index.html\" target=\"_blank\" rel=\"noreferrer noopener\">interest rates<\/a>,&nbsp;<a href=\"http:\/\/www.cmegroup.com\/trading\/equity-index\/index.html\" target=\"_blank\" rel=\"noreferrer noopener\">equity indexes<\/a>,&nbsp;<a href=\"http:\/\/www.cmegroup.com\/trading\/fx\/\" target=\"_blank\" rel=\"noreferrer noopener\">foreign exchange<\/a>,&nbsp;<a href=\"http:\/\/www.cmegroup.com\/trading\/energy\/\" target=\"_blank\" rel=\"noreferrer noopener\">energy<\/a>,&nbsp;<a href=\"http:\/\/www.cmegroup.com\/trading\/agricultural\/\" target=\"_blank\" rel=\"noreferrer noopener\">agricultural products<\/a>&nbsp;and&nbsp;<a href=\"http:\/\/www.cmegroup.com\/trading\/metals\/\" target=\"_blank\" rel=\"noreferrer noopener\">metals<\/a>.&nbsp;\nThe company offers futures and options on futures trading through the <a href=\"http:\/\/www.cmegroup.com\/globex\/index.html\" target=\"_blank\" rel=\"noreferrer noopener\">CME Globex<\/a>\u00ae\nplatform, fixed income trading via BrokerTec and foreign exchange trading on\nthe EBS platform.&nbsp; In addition, it\noperates one of the world&#8217;s leading central counterparty clearing providers,\nCME Clearing.&nbsp; With a range of pre- and post-trade products\nand services underpinning the entire lifecycle of a trade, CME Group also\noffers optimization and reconciliation services through TriOptima, and trade\nprocessing services through Traiana.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">CME Group, the Globe\nlogo, CME, Chicago Mercantile Exchange, Globex, and, E-mini are trademarks of Chicago Mercantile Exchange\nInc.&nbsp; CBOT and Chicago Board of Trade are trademarks of Board of Trade of\nthe City of Chicago, Inc.&nbsp; NYMEX, New York Mercantile Exchange and\nClearPort are trademarks of New York Mercantile Exchange, Inc.&nbsp; COMEX is a\ntrademark of Commodity Exchange, Inc. BrokerTec,\nEBS, TriOptima, and Traiana are trademarks of BrokerTec Europe LTD, EBS Group\nLTD, TriOptima AB, and Traiana, Inc., respectively.<strong>&nbsp; <\/strong>Dow Jones, Dow Jones Industrial\nAverage, S&amp;P 500 and S&amp;P are service and\/or trademarks of Dow Jones\nTrademark Holdings LLC, Standard &amp; Poor&#8217;s Financial Services LLC and\nS&amp;P\/Dow Jones Indices LLC, as the case may be, and have been licensed for\nuse by Chicago Mercantile Exchange Inc.&nbsp; All other trademarks are the\nproperty of their respective owners.&nbsp;<\/p>\n\n\n\n<div style=\"height:30px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Writer:<\/strong> Kami\nGoodwin, 765-494-6999, <a href=\"mailto:kami@purdue.edu\">kami@purdue.edu<\/a><\/p>\n\n\n\n<div style=\"height:30px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Source:<\/strong> Jim\nMintert, 765-494-4310, <a href=\"mailto:jmintert@purdue.edu\">jmintert@purdue.edu<\/a><\/p>\n\n\n\n<div style=\"height:30px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Media Contacts:<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Aissa Good, Purdue University, 765-496-3884, <a href=\"mailto:aissa@purdue.edu\">aissa@purdue.edu<\/a><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Matt Stroud, CME Group, 312-561-2269, <a href=\"mailto:matthew.stroud@cmegroup.com\">matthew.stroud@cmegroup.com<\/a><\/p>\n\n\n\n<div style=\"height:30px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Related website:<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Purdue University Center for Commercial Agriculture: <a href=\"http:\/\/purdue.edu\/commercialag\">http:\/\/purdue.edu\/commercialag<\/a><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">CME Group: <a href=\"http:\/\/www.cmegroup.com\/\">http:\/\/www.cmegroup.com\/<\/a><\/p>\n\n\n\n<div style=\"height:30px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Photo Caption:<\/strong>\nFarmer sentiment improves following USDA\u2019s second MFP payment announcement and\nFarm Bill approval, according to latest Purdue\/CME Group Ag Economy Barometer.\n(Purdue\/CME Group Ag Economy Barometer\/James Mintert)<\/p>\n\n\n\n<div style=\"height:30px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p class=\"wp-block-paragraph\">A publication-quality photo is available at <a href=\"https:\/\/news.uns.purdue.edu\/images\/2019\/january-barometer.jpg\">https:\/\/news.uns.purdue.edu\/images\/2019\/january-barometer.jpg<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>WEST LAFAYETTE, Ind. and CHICAGO \u2013 Agricultural producers were more optimistic about the agricultural economy in January, but they remain concerned about farmland values, according to results from the January Purdue University\/CME Group Ag Economy Barometer. The barometer, which is based on 400 survey responses from agricultural producers across the country, rebounded to a reading&hellip;<\/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-2664","post","type-post","status-publish","format-standard","hentry","category-media"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.7 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Farmer sentiment improves following USDA\u2019s second MFP payment announcement and Farm Bill approval<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/ag.purdue.edu\/commercialag\/ageconomybarometer\/farmer-sentiment-improves-following-usdas-second-mfp-payment-announcement-and-farm-bill-approval\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Farmer sentiment improves following USDA\u2019s second MFP payment announcement and Farm Bill approval\" \/>\n<meta property=\"og:description\" content=\"WEST LAFAYETTE, Ind. and CHICAGO \u2013 Agricultural producers were more optimistic about the agricultural economy in January, but they remain concerned about farmland values, according to results from the January Purdue University\/CME Group Ag Economy Barometer. 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