{"id":5278,"date":"2021-08-03T09:30:00","date_gmt":"2021-08-03T13:30:00","guid":{"rendered":"https:\/\/ag.purdue.edu\/commercialag\/ageconomybarometer\/?p=5278"},"modified":"2021-08-03T09:57:07","modified_gmt":"2021-08-03T13:57:07","slug":"media-as-producer-sentiment-holds-steady-farmers-weigh-in-on-rising-input-prices-and-farmland-values","status":"publish","type":"post","link":"https:\/\/ag.purdue.edu\/commercialag\/ageconomybarometer\/media-as-producer-sentiment-holds-steady-farmers-weigh-in-on-rising-input-prices-and-farmland-values\/","title":{"rendered":"As producer sentiment holds steady, farmers weigh in on rising input prices and farmland values"},"content":{"rendered":"\n

WEST LAFAYETTE, Ind. and CHICAGO \u2014 The Purdue University\/CME Group Ag Economy Barometer<\/a> leveled off after two months of sharp declines, down just 3 points to a reading of 134 in July. Both producers\u2019 sentiment regarding current and future conditions also dropped. The Index of Current Conditions <\/em>was down 6 points to a reading of 143, primarily as a result of weakened principal crop prices. The Index of Future Expectations<\/em> was down 2 points to a reading of 130. 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 July 19-23, 2021.<\/p>\n

\"As

As producer sentiment holds steady, farmers weigh in on rising input prices and farmland values <\/strong>(Purdue\/CME Group Ag Economy Barometer\/James Mintert).<\/p><\/div>\n

\u201cThis month\u2019s sentiment index marks the lowest barometer reading since July of 2020 and actually marks a return to sentiment readings observed from much of 2017 through 2019, when annual average barometer readings ranged from 131 to 133,\u201d said James Mintert<\/a>, the barometer\u2019s principal investigator and director of Purdue University\u2019s Center for Commercial Agriculture. \u201cProducers\u2019 sentiment regarding their farms\u2019 financial condition was more optimistic when prices for corn, soybeans and wheat were surging last fall, winter and early spring. Still, recent sentiment readings suggest farmers remain cautiously optimistic about financial conditions on their farms.\u201d<\/p>\n

There was a modest improvement in the Farm Financial Performance Index<\/i>, which asks producers about expectations for their farm\u2019s financial performance this year compared to last year. The index improved 3 points from last month to a reading of 99 and remains 43% higher than in July 2020 when the index stood at 69.<\/p>\n

The Farm Capital Investment Index<\/i> declined for the fourth consecutive month down 4 points to a reading of 50. Weakness in the investment index was primarily attributable to more producers indicating they plan to reduce their farm building and grain bin purchases in the upcoming year. Two-thirds of July\u2019s respondents said their construction plans were lower than a year earlier, compared to 61% who indicated that in June. Plans for farm machinery purchases were also somewhat weaker, with a shift of more respondents planning to reduce their machinery purchases compared to last year instead of holding them constant.<\/p>\n

Producers were also asked about their expectations for farm input prices. Just over half (51%) of the producers in the July survey expect input prices to rise 4% or more over the next year, 30% expect costs to rise 8% or more, and nearly one out of five (18%) expect input prices to rise by 12% or more.<\/p>\n

\u201cIt is important to point out that these expectations are markedly higher than the rate of 1.8% per year that input prices rose over the last decade,\u201d said Mintert.\u00a0<\/p>\n

Farmers remain optimistic about farmland values, although recent value increases could make some producers more cautious about where land values are headed in the next one to five years. The Short-Term Farmland Values Expectations Index<\/em> weakened this month to a reading of 142, down 6 points from June and the long-term index weakened to a reading of 151, down 4 points from a month earlier. While both indices remain near all-time highs, Mintert suggests recent declines in the farmland indices could be more of a reflection of the rapid increase in farmland values over the last year, leading producers to be cautious about the likelihood of further price increases. For example, Purdue University\u2019s annual Farmland Values and Cash Rent Survey<\/em><\/a>, conducted in June 2021 and published in late July, indicated that Indiana cropland values rose 12 to 14%, depending on land quality, compared to the June 2020 survey results.<\/p>\n

Finally, both the June and July barometer surveys included questions on leasing farmland for solar energy production. The percentage of all respondents who have engaged in solar energy leasing discussions ranged from 6% (July survey) to 9% (June survey). \u00a0New to the July survey, producers were also asked if either they or one of their landlords had signed a solar leasing contract, with 4% indicating an agreement had been signed. In a follow up question on both surveys, producers were asked about the lease rates being offered by solar leasing companies. In July, more respondents reported lease rates being offered that were greater than $1,000 per acre than on the June survey. However, Mintert noted that more information is needed, as the number of respondents reporting lease rates remains quite low and the rates are variable.<\/p>\n

Read the full Ag Economy Barometer<\/em> report at https:\/\/purdue.ag\/agbarometer<\/a>. This month\u2019s report includes additional insight into producers\u2019 thoughts on farmland cash rental rates and the Executive Order on Promoting Competition in the American Economy <\/em>signed in early July by President Biden. 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

About the Purdue University Center for Commercial Agriculture<\/h2>\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<\/h2>\n

As the world\u2019s leading and most diverse derivatives marketplace, CME Group (www.cmegroup.com<\/a>) enables 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 CME Globex<\/a>\u00ae platform, fixed income trading via BrokerTec and foreign exchange trading on the EBS platform. In addition, it operates one of the world\u2019s leading central counterparty clearing providers, CME Clearing. With a range of pre- and post-trade products and services underpinning the entire lifecycle of a trade, CME Group also offers optimization and reconciliation services through TriOptima, and trade processing services through Traiana.<\/p>\n

CME Group, the Globe logo, CME, Chicago Mercantile Exchange, Globex, and E-mini are trademarks of Chicago Mercantile Exchange Inc.\u00a0CBOT and Chicago Board of Trade are trademarks of Board of Trade of the City of Chicago, Inc.\u00a0NYMEX, New York Mercantile Exchange and ClearPort are trademarks of New York Mercantile Exchange, Inc.\u00a0COMEX is a trademark of Commodity Exchange, Inc. BrokerTec, EBS, TriOptima, and Traiana are trademarks of BrokerTec Europe LTD, EBS Group LTD, TriOptima AB, and Traiana, Inc., respectively. 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\u2019s 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.\u00a0All 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>As producer sentiment holds steady, farmers weigh in on rising input prices and farmland values (Purdue\/CME Group Ag Economy\u00a0Barometer\/James Mintert). https:\/\/www.purdue.edu\/uns\/images\/2021\/ag-barometer721LO.jpg<\/a> <\/p>\n","protected":false},"excerpt":{"rendered":"

WEST LAFAYETTE, Ind. and CHICAGO \u2014 The Purdue University\/CME Group Ag Economy Barometer leveled off after two months of sharp declines, down just 3 points to a reading of 134 in July. Both producers\u2019 sentiment regarding current and future conditions also dropped. The Index of Current Conditions was down 6 points to a reading of…<\/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-5278","post","type-post","status-publish","format-standard","hentry","category-media"],"acf":[],"yoast_head":"\nAs producer sentiment holds steady, farmers weigh in on rising input prices and farmland values<\/title>\n<meta name=\"description\" content=\"The Purdue University\/CME Group Ag Economy Barometer marks a second month of sharp declines, down 21 points to a reading of 137 in June.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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