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All three broad-based measures of farmer sentiment improved in July as the Purdue University/CME Group Ag Economy Barometer index rose 8 points to 113, the Index of Current Conditions increased by 10 points to 100, and the Index of Future Expectations at 119 was 7 points higher than a month earlier. Purdue ag economists James Mintert and Michael Langemeier share some insight into the results of the July 2024 Ag Economy Barometer survey on this Purdue Commercial AgCast episode.
Read More about Farmer Sentiment Improves Despite Financial Performance ConcernsLabor availability and labor retention are big issues in the U.S. economy and that’s especially true for agribusiness firms and for commercial scale farm operations. According to the latest Purdue Agricultural Job Market Report, job postings are up by 50%. More employers are seeking entry-level candidates with higher levels of education. Additionally, it has become more common for employers to include salary information in their job postings as a way to encourage applications. In this episode of the Purdue Commercial AgCast, host Brady Brewer joins Josh Strine, a Ph.D. student in Purdue’s Department of Agricultural Economics, to discuss the Purdue Ag Jobs Dashboard.
Read More about Agricultural Jobs & Labor UpdateThis article summarizes net returns for conventional and organic crop enterprises using FINBIN data from 2019 to 2023. Organic corn and soybean enterprises had lower crop yields, higher crop prices and gross revenue, and higher net returns. However, there was a much wider difference in enterprise net returns among organic corn and soybean enterprises than there was among conventional corn and soybean enterprises.
Read More about Conventional & Organic Enterprise Net Returns, FINBIN data from 2019 to 2023Depending on where you are located, Indiana corn and soybean basis have seen large swings in the last six weeks. For example, SE Indiana corn basis was -$0.13/bu. in the first week of June but was $0.03/bu. on July 10th. Unlike history suggests, the movement has generally been a strengthening in basis for both corn and soybeans.
Read More about Corn & Soybean Basis Strengthen Through June & JulyMargaret Lippsmeyer presented during agri benchmark’s 2024 annual conference in mid June, which was hosted by the Spanish Ministry of Agriculture in Valladolid, Spain. An increase in soybean acreage may come from either (a) shifting away from continuous corn rotations to corn-soy and (b) shifting corn-soy rotations toward corn-soy-soy. Based on agri benchmark data, Margaret showed that option (a) would require an increase in soybean prices of 6% and option (b) of 8% to make these rotations preferable over existing ones.
Read More about Corn Was King: The Transition to Soy in U.S. Production AgricultureFarmer sentiment drifted downward in June as the Purdue University/CME Group Ag Economy Barometer reading of 105 was 3 points lower than a month earlier. The overall decline in sentiment was due to a five-point drop in the Index of Future Expectations, which fell to 112, while the June Current Conditions Index increased to 90, 1 point higher than the May index. High input costs, the risk of lower prices for their products, and rising interest rates continue to weigh on farmer sentiment.
Read More about Farmer Sentiment Drifts Lower on Weaker Future ExpectationsBrady Brewer is joined by Dr. Maria Marshall and Renee Wiatt to discuss the findings of a recent survey conducted across the Midwest, examining the readiness of farm families to transition their businesses to the next generation. The conversation highlights the challenges and emotional complexities involved, emphasizing the importance of early planning and open communication to ensure both the business’s sustainability and the family’s cohesion.
Read More about Farm Retirement & Succession PreparednessSince early May, Indiana corn basis has flattened or improved modestly, depending on the location. Corn basis levels throughout Indiana remain well below their three-year average.
Read More about Stay Tuned for Possible Basis Swings This SummerU.S. farmers’ outlook improved in May as the Purdue University/CME Group Ag Economy Barometer index rose to 108, marking a 9-point increase from April. Purdue ag economist James Mintert shares some insight into the results of the ay 2024 Ag Economy Barometer survey on this Purdue Commercial AgCast episode.
Read More about Farmer Sentiment Recovers in May; Interest in Solar Leasing RisingPurdue University’s Center for Commercial Agriculture recorded a series of short podcasts and accompanying videos to help agricultural producers improve their strategic risk management skills. Farms are exposed to strategic risks that are caused by a wide variety of unanticipated shocks to the operating environment ranging from government policy shifts to disease outbreaks.
Read More about Managing Strategic Risks on Your Farm