Top Farmer Conference: January 10, 2025

As one of the most successful and longest-running management programs specifically crafted for farmers, the Purdue Top Farmer Conference is a one-day event for agricultural producers and agribusiness professionals looking to navigate the complexities of today's agricultural landscape. Participants will have the opportunity to network with peers and hear from farm management experts and agricultural economists from Purdue, Farm Credit Services of America, the University of Illinois Urbana-Champaign and Acres, a land value data analytics company.

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General Farm Management & Strategy

Comparing Net Returns for Alternative Leasing Arrangements

Obtaining control of land through leasing has a long history in the United States. Leases on agricultural land are strongly influenced by local custom and tradition. However, in most areas, landowners and operators can choose from several types of lease arrangements. Flexible cash lease arrangements provide a base cash rent plus a bonus which typically represents a share of gross revenue in excess of a certain base value or threshold.

Farmer Sentiment Improves Despite Financial Performance Concerns

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.

Conventional & Organic Enterprise Net Returns, FINBIN data from 2019 to 2023

This 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.

Corn Was King: The Transition to Soy in U.S. Production Agriculture

Margaret 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.

Farmer Sentiment Drifts Lower on Weaker Future Expectations

Farmer 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.

Farm Retirement & Succession Preparedness

Brady 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.

Improving Your Strategic Risk Plan

In the third episode of the strategic risk series, the Purdue University Center for Commercial Agriculture’s team of ag economists, James Mintert, Michael Langemeier, and Brady Brewer discuss the tradeoff between improving efficiency and resilience of the farm business.

Farmer Sentiment Recovers in May; Interest in Solar Leasing Rising

U.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.

The Impact of Strategic Risks

In the second episode of the strategic risk series, the Purdue University Center for Commercial Agriculture’s James Mintert, Michael Langemeier, and Brady Brewer provide examples of strategic risks and discuss ways agricultural producers can make their farm operation more resilient to strategic risks.

Maintaining Key Resources Amid Strategic Uncertainty

Changes in production agriculture have altered the level and type of risk faced by farmers. Farm managers face a variety of challenges including shifts in decision making processes (data driven insights), changing metrics for farm performance (sustainability), different day-to-day practices, new technologies, increased global competition in commodity markets, and novel strategies to manage risk at the farmgate. These challenges present significant risks which permeate through targeted risk management strategies and prompt the need for an integrated risk management approach.

Center for Commercial Agriculture