Purdue Agricultural Economics Report (PAER)

The Purdue Agricultural Economics Report (PAER) exists to serve and further the core mission of the department to engage with real world problems that are of value to stakeholders. The scholarship communicated in this publication will represent the department’s excellence in creative endeavor for new knowledge and its dissemination in the economics of agriculture and natural resources.

Recent Publication:

Indiana farmland prices continue to rise in 2023

August 7, 2023

Indiana farmland prices once again hit record highs in 2023, according to the recent Purdue Farmland Value and Cash Rents Survey.

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Indiana Farmland Prices Continue to Rise in 2023

Publication Date: August 2023

Article ID: PAER-2023-26

Todd H. Kuethe, Professor and Schrader Chair in Farmland Economics

Summary: State-wide farmland prices in Indiana once again hit a new record high in 2023. The growth, however, was relatively modest compared to the record high appreciation observed in 2022.

Trends in Farmland Price to Rent Ratios in Indiana, 2023

Publication Date: August 2023

Article ID: PAER-2023-27

Michael Langemeier, Professor of Agricultural Economics

Summary: The P/rent ratio (price per acre divided by cash rent per acre) is substantially higher than historical values. In order to maintain the current high farmland values, cash rents would have to remain relatively high, and interest rates would also have to remain relatively low.

Cash Rental Rates: USDA-NASS vs. Purdue Survey

Publication Date: August 2023

Article ID: PAER-2023-28

Todd H. Kuethe, Schrader Endowed Chair in Farmland Economics

Summary: When setting cash rental rates, farmers and landowners should consider information from both the Purdue survey and USDA-NASS. Inside this article, we compare the findings from both surveys.

The Rise of Meat Substitute Consumption and its Impact on the U.S. Soybean Industry

Publication Date: May 2023

Article ID: PAER-2023-25

Yanyu Ma, H. Holly Wang, professor of agricultural economics, Yizhou Hua, and Shihuan Kuang

Summary: This report compares the soybean demand in the production of traditional meat, plant-based meat and cell-cultured meat. Soybean farmers are expected to benefit from the meat demand growth and the new meat substitute production.

State of the Agricultural Economics Graduate Program, Update April 2023

Publication Date: May 2023

Article ID: PAER-2023-18

Nicole Olynk-Widmar, Professor, Associate Head, and Graduate Program Chair of Agricultural Economics

Summary: An update on the State of the Agricultural Economics Graduate Program at Purdue University

Consumer Demand for Innovative Healthy Snack in the US

Publication Date: May 2023

Article ID: PAER-2023-19

Laxmi D. Adhikari, Yizhou Hua, and Yifei Wang, agricultural economics graduate students, and H. Holly Wang, agricultural economics professor

Summary: According to consumer preferences, healthier snack options with favorable sensory attributes are increasingly sought after, with physically active individuals placing greater emphasis on product quality, while those leading sedentary lifestyles prioritize calorie content and taste.

Can a sustainability facts label reduce the halo surrounding organic labels (Neuhofer et al., 2023)?

Publication Date: May 2023

Article ID: PAER-2023-20

Zachary T. Neuhofer, agricultural economics doctoral student

Summary: We analyze the effects of a sustainability facts label on organic choice. We find that the presence of the hypothetical label increased the likelihood of organic purchase, and led to consumers increasing their perception of organic relative to conventional.

The Accuracy of USDA’s Retail Food Price Forecast

Publication Date: May 2023

Article ID: PAER-2023-21

Ethan Buck, Morgan Hinz, Yuxi “Jimmy” Jiang, Xiuyun “Lisa” Wen, all agricultural economics undergraduate students, and Todd H. Kuethe, professor and Schrader Endowed Chair in Farmland Economics

Summary: A team of undergraduate researchers find that USDA retail food price forecasts provide accurate predictions at short horizons.

COVID-19 Assistance to Indiana Producers in 2020 and 2021

Publication Date: May 2023

Article ID: PAER-2023-22

Hari P. Regmi, Agricultural Economics Doctoral Student

Summary: Historically, Farm Bill programs have provided a majority of farm income support to producers. In recent years, especially 2020 and 2021, the pandemic assistance payments comprised the largest share of government assistance to Indiana producers. The average government payments per farm ($35, 497) was a record high in 2020 (35.2% of net cash income).

Indiana Farm’s Financial Health in Light of Economic Uncertainties

Publication Date: May 2023

Article ID: PAER-2023-23

Hari P. Regmi, Agricultural Economics doctoral student

Summary: Over the past ten years (2012-2021), Indiana farms were relatively stable according to liquidity and solvency indicators. However, Indiana farms were relatively less efficient than Midwest and US farms measured by operating expense ratio.

Experience, Knowledge, & Collaboration: Why Good Managers Make an Effort to Improve

Publication Date: May 2023

Article ID: PAER-2023-24

Margaret Lippsmeyer, M.S. student in Agricultural Economics, and Michael Langemeier, Professor of Agricultural Economics

Summary: Knowledge, experience, and collaboration work hand in hand with one another to improve farm output per unit of input (i.e., productivity). This article reflects on the impact these three factors have on farm productivity and describes how each relates to management strategy.

Has the IRA made conservation a target in the Farm Bill debate?

Publication Date: May 2023

Article ID: PAER-2023-17