{"id":3738,"date":"2019-08-06T09:30:43","date_gmt":"2019-08-06T13:30:43","guid":{"rendered":"https:\/\/ag.purdue.edu\/commercialag\/ageconomybarometer\/?p=3738"},"modified":"2019-08-05T16:27:47","modified_gmt":"2019-08-05T20:27:47","slug":"confidence-in-the-ag-economy-soars-producers-confirm-large-prevented-plantings-of-corn-and-soybeans","status":"publish","type":"post","link":"https:\/\/ag.purdue.edu\/commercialag\/ageconomybarometer\/confidence-in-the-ag-economy-soars-producers-confirm-large-prevented-plantings-of-corn-and-soybeans\/","title":{"rendered":"Confidence in the ag economy soars; producers confirm large prevented plantings of corn and soybeans"},"content":{"rendered":"\n<div class=\"wp-block-columns has-2-columns is-layout-flex wp-container-core-columns-is-layout-8f761849 wp-block-columns-is-layout-flex\">\n<div class=\"wp-block-column is-layout-flow wp-block-column-is-layout-flow\">\n<p class=\"wp-block-paragraph\"> WEST LAFAYETTE, Ind. and CHICAGO \u2013 The <a href=\"https:\/\/ag.purdue.edu\/commercialag\/ageconomybarometer\/\">Purdue University\/CME Group Ag Economy Barometer<\/a> reading jumped to 153 in July, up 27 points from June, and up 52 points from May. Improving crop conditions after an extraordinarily wet planting season, combined with a late spring\/early summer crop price rally, boosted farmer sentiment. This improvement occurred despite the fact that many producers were in the midst of filing prevented planting crop insurance claims and wondering about the size of the USDA\u2019s 2019 Market Facilitation Payments (MFP). Results are based on a survey of 400 agricultural producers across the U.S. conducted from July 15 through July 19, 2019, which was prior to USDA\u2019s announcement of 2019 MFP payment rates. <\/p>\n<\/div>\n\n\n\n<div class=\"wp-block-column is-layout-flow wp-block-column-is-layout-flow\">\n<figure class=\"wp-block-image\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"742\" src=\"https:\/\/ag.purdue.edu\/commercialag\/ageconomybarometer\/wp-content\/uploads\/2019\/08\/Ag_Economy_Barometer_w_logo_July_2019-1024x742.jpg\" alt=\"Confidence in the ag economy soars; producers confirm large prevented plantings of corn and soybeans. (Purdue\/CME Group Ag Economy Barometer\/James Mintert)\" class=\"wp-image-3739\" srcset=\"https:\/\/ag.purdue.edu\/commercialag\/ageconomybarometer\/wp-content\/uploads\/2019\/08\/Ag_Economy_Barometer_w_logo_July_2019-1024x742.jpg 1024w, https:\/\/ag.purdue.edu\/commercialag\/ageconomybarometer\/wp-content\/uploads\/2019\/08\/Ag_Economy_Barometer_w_logo_July_2019-300x217.jpg 300w, https:\/\/ag.purdue.edu\/commercialag\/ageconomybarometer\/wp-content\/uploads\/2019\/08\/Ag_Economy_Barometer_w_logo_July_2019-768x557.jpg 768w, https:\/\/ag.purdue.edu\/commercialag\/ageconomybarometer\/wp-content\/uploads\/2019\/08\/Ag_Economy_Barometer_w_logo_July_2019-324x235.jpg 324w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><figcaption>Confidence in the ag economy soars; producers confirm large prevented plantings of corn and soybeans. (Purdue\/CME Group Ag Economy Barometer\/James Mintert)<\/figcaption><\/figure>\n<\/div>\n<\/div>\n\n\n\n<p class=\"wp-block-paragraph\">A big driver of sentiment was producers\u2019 improved expectations\nfor current economic conditions. The Index of Current Conditions, a sub-index\nof the ag barometer, increased 44 points in July to a reading of 141, marking\nthe largest one month improvement since data collection began in October of\n2015. The barometer\u2019s other sub-index, the Index of Future Expectations, also\nincreased, up 18 points from June, to a reading of 159 in July. <\/p>\n\n\n\n<p class=\"wp-block-paragraph\">&nbsp;\u201cThe Corn Belt is\ncontinuing to see better crop conditions and that has farmers, at least\nmomentarily, breathing a sigh of relief. However, the agricultural economy is\nstill in flux,\u201d said <a href=\"https:\/\/ag.purdue.edu\/commercialag\/ageconomybarometer\/team\/jim-mintert\/\">James\nMintert<\/a>, the barometer\u2019s principal investigator and director of Purdue\nUniversity\u2019s Center for Commercial Agriculture. \u201cThe impact of prevented\nplanting on 2019 corn and soybean acreage and prices along with the outcome of\ntrade talks with China remain unknown.\u201d&nbsp;&nbsp;\n<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">As a result of the late planting season, and the\npossibility of large prevented planting acreage not captured in their June <em>Acreage<\/em> report, USDA announced that they\nwould re-survey farm operations in nearly all major corn and soybean states during\nJuly to better estimate actual planted acreage of both crops. The results from\nthat survey will not be available until mid-August. <\/p>\n\n\n\n<p class=\"wp-block-paragraph\">To help fill the information void, this month\u2019s barometer\nsurvey asked corn and soybean growers if they are taking a prevented planting\npayment on any of the corn or soybean acreage they intended to plant in 2019. Although\nUSDA extended their deadline to report prevented plantings to July 22 in\naffected states, most farmers completed their prevented planting claims by\nUSDA\u2019s original deadline of July 15 and were able to provide an accurate\nreading on their prevented planting acreage when this month\u2019s ag barometer\nsurvey was conducted.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Twenty-five percent of corn\/soybean growers in the survey\nsaid they are filing a prevented planting claim on some of their intended corn\nacreage while 24 percent said they are filing a prevented planting claim on\nsome of their soybean acreage. In a follow-up question, producers who indicated\nthey submitted a claim were asked what percentage of their intended acreage\nthey will claim as prevented planting. Sixty-one percent of the farmers filing\na prevented corn planting claim said their prevented planting totaled 15\npercent or more of their intended corn acreage and 42 percent said that they\ndid not plant 25 percent or more of their intended acreage. Meanwhile, 39\npercent of soybean growers submitting a prevented planting claim said they did\nnot plant between 15 and 25 percent of their intended soybean acreage. In\ncontrast to corn growers, however, just 2 percent of soybean farmers with a\nprevented planting claim said they were not able to plant 25 percent or more of\ntheir intended soybean acreage. <\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Producers were also asked whether they feel now is a good\nor bad time to make large investments in their farming operations. In July, the\nLarge Farm Investment Index, improved to a reading of 67, up 25 points from\nJune and 30 points from May. This increase marked both the largest 2-month\nimprovement in the index since data collection began in fall 2015 and the\nhighest reading for the index since February 2018. Sentiment also spilled over into\ntheir expectations for increased land values. Short-term, the percentage of\nproducers expecting land values to increase in the upcoming 12 months jumped\nfrom just 10 percent in June to 21 percent in July, the highest percentage expecting\nan increase in values since February 2018. Long-run, 53 percent of producers\nsaid they expect values to rise over the next 5 years compared to 45 percent who\nfelt that way in June and 39 percent in May.&nbsp;\n<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Read the full July Ag Economy Barometer report at <a href=\"https:\/\/purdue.ag\/agbarometer\">https:\/\/purdue.ag\/agbarometer<\/a>. This\nmonth\u2019s report includes insights into whether producers expect a swift and\nfavorable resolution to the ongoing trade dispute with China. The site also\noffers additional resources \u2013 such as past reports, charts and\nsurvey methodology \u2013 and a form to sign up for monthly\nbarometer email updates and webinars. Each month, Dr. Mintert also provides a short\nvideo analysis of the barometer results, available at <a href=\"https:\/\/purdue.ag\/barometervideo\">https:\/\/purdue.ag\/barometervideo<\/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, AGECCURC and AGECFTEX.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>About the Purdue\nUniversity 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 Commercial Agriculture<\/a>\nwas founded in 2011 to provide professional development and educational\nprograms for farmers. Housed within Purdue University\u2019s Department of\nAgricultural Economics, the center\u2019s faculty and staff develop and execute\nresearch and educational programs that address the different needs of managing\nin today\u2019s business environment.<\/p>\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\u2019s leading and\nmost diverse derivatives marketplace, CME Group (<a href=\"http:\/\/www.cmegroup.com\/\" target=\"_blank\" rel=\"noreferrer noopener\">www.cmegroup.com<\/a>) enables clients to trade futures, options, cash and OTC markets,\noptimize portfolios, and analyze data \u2013 empowering market participants\nworldwide to efficiently manage risk and capture opportunities. CME Group\nexchanges offer the widest range of global benchmark products across all major\nasset 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; The company offers futures and options on futures trading\nthrough the <a href=\"http:\/\/www.cmegroup.com\/globex\/index.html\" target=\"_blank\" rel=\"noreferrer noopener\">CME Globex<\/a>\u00ae platform, fixed income trading via BrokerTec and foreign exchange\ntrading on the EBS platform. In addition, it operates one of the world\u2019s\nleading central counterparty clearing providers, CME Clearing. With a range of pre- and\npost-trade products and services underpinning the entire lifecycle of a trade,\nCME Group also offers optimization and reconciliation services through\nTriOptima, and trade processing 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.Dow Jones,\nDow Jones Industrial Average, S&amp;P 500, and S&amp;P are service and\/or\ntrademarks of Dow Jones Trademark Holdings LLC, Standard &amp; Poor\u2019s Financial\nServices LLC and S&amp;P\/Dow Jones Indices LLC, as the case may be, and have\nbeen licensed for use by Chicago Mercantile Exchange Inc.&nbsp;All other\ntrademarks are the property of their respective owners.&nbsp;<\/p>\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<p class=\"wp-block-paragraph\"><strong>Source:<\/strong> Jim\nMintert, 765-494-7004, <a href=\"mailto:jmintert@purdue.edu\">jmintert@purdue.edu<\/a><\/p>\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<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<p class=\"wp-block-paragraph\"><strong>Photo Caption:<\/strong>\nConfidence in the ag economy soars; producers confirm large prevented plantings\nof corn and soybeans. (Purdue\/CME Group Ag Economy Barometer\/James Mintert)<\/p>\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\/july-barometer.jpg\">https:\/\/news.uns.purdue.edu\/images\/2019\/july-barometer.jpg<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>WEST LAFAYETTE, Ind. and CHICAGO \u2013 The Purdue University\/CME Group Ag Economy Barometer reading jumped to 153 in July, up 27 points from June, and up 52 points from May. Improving crop conditions after an extraordinarily wet planting season, combined with a late spring\/early summer crop price rally, boosted farmer sentiment. This improvement occurred despite&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-3738","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>Confidence in the ag economy soars; producers confirm large prevented plantings of corn and soybeans<\/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\/confidence-in-the-ag-economy-soars-producers-confirm-large-prevented-plantings-of-corn-and-soybeans\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Confidence in the ag economy soars; producers confirm large prevented plantings of corn and soybeans\" \/>\n<meta property=\"og:description\" content=\"WEST LAFAYETTE, Ind. and CHICAGO \u2013 The Purdue University\/CME Group Ag Economy Barometer reading jumped to 153 in July, up 27 points from June, and up 52 points from May. Improving crop conditions after an extraordinarily wet planting season, combined with a late spring\/early summer crop price rally, boosted farmer sentiment. This improvement occurred despite&hellip;\" \/>\n<meta property=\"og:url\" content=\"https:\/\/ag.purdue.edu\/commercialag\/ageconomybarometer\/confidence-in-the-ag-economy-soars-producers-confirm-large-prevented-plantings-of-corn-and-soybeans\/\" \/>\n<meta property=\"og:site_name\" content=\"Ag Economy Barometer\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/purdueagribusiness\/?fref=ts\" \/>\n<meta property=\"article:published_time\" content=\"2019-08-06T13:30:43+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/ag.purdue.edu\/commercialag\/ageconomybarometer\/wp-content\/uploads\/2019\/08\/Ag_Economy_Barometer_w_logo_July_2019-1024x742.jpg\" \/>\n<meta name=\"author\" content=\"Sarah E Zahn\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@PUCommercialAg\" \/>\n<meta name=\"twitter:site\" content=\"@PUCommercialAg\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Sarah E Zahn\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"6 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/ag.purdue.edu\\\/commercialag\\\/ageconomybarometer\\\/confidence-in-the-ag-economy-soars-producers-confirm-large-prevented-plantings-of-corn-and-soybeans\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/ag.purdue.edu\\\/commercialag\\\/ageconomybarometer\\\/confidence-in-the-ag-economy-soars-producers-confirm-large-prevented-plantings-of-corn-and-soybeans\\\/\"},\"author\":{\"name\":\"Sarah E Zahn\",\"@id\":\"https:\\\/\\\/ag.purdue.edu\\\/commercialag\\\/ageconomybarometer\\\/#\\\/schema\\\/person\\\/52eeacca3760429bae3d2fb0becc1086\"},\"headline\":\"Confidence in the ag economy soars; 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