Purdue Commercial AgCast

Ag Barometer Insights: September 2024 Survey Results

In September, the Purdue University/CME Group Ag Economy Barometer recorded its lowest readings since March 2016. Purdue ag economists James Mintert and Michael Langemeier share some insight into the results of the September 2024 Ag Economy Barometer survey, conducted from Sept. 9-13, 2024. This month, the Ag Economy Barometer fell 12 points to 88, marking significant concerns among producers, especially crop farmers. The discussion highlights shifts in sentiment, the impact of input costs, declining income expectations and profitability, and a detailed look at farmland values and cover crop usage. Understand the current state and future expectations of the U.S. agricultural economy.

The Ag Economy Barometer sentiment index is calculated each month from 400 U.S. agricultural producers’ responses to a telephone survey. The full report is available at https://purdue.ag/barometer108.

Podcast provided by Purdue University's Center for Commercial Agriculture. For more economic information and insights on the Ag Economy Barometer, visit us at http://purdue.edu/commercialag.

Slides and the transcript from the discussion can be found at https://purdue.ag/agcast175.

You can find the FULL video episode on our YouTube channel. Visit https://youtu.be/JEONO4VdIuQ to subscribe and watch.

(Part 2) 2024 Indiana Cash Rent Trends

Join Purdue ag economists Todd Kuethe, Michael Langemeier and James Mintert as they discuss farmland cash rental rates on this, the second episode of two episodes reviewing the 2024 Purdue Farmland Values and Cash Rents Survey results. Each June, Purdue's department of agricultural economics surveys knowledgeable professionals regarding Indiana's farmland and cash rental market. The trio of ag economists review survey results and long-term trends in Indiana cash rental rates, including an examination of regional variation in rates within Indiana. The discussion concludes by examining the relationship between cash rental rates and estimated net returns to land as well as the long-term farmland price to cash rent ratio.

Podcast provided by Purdue University's Center for Commercial Agriculture. Slides and the transcript from the discussion can be found at https://purdue.ag/agcast174.

You can find the FULL video episode on our YouTube channel. Visit https://youtu.be/Kyt3uyqQeWY to subscribe and watch.

For the full August Purdue Agricultural Economics Report, visit: https://purdue.ag/paer.

To learn more about Indiana's 2024 farmland values, listen to the first podcast in this series (episode 173) for an in-depth understanding of trends, market dynamics, and future expectations for farmland values with professors Kuethe, Langemeier and Mintert.

Socials: https://twitter.com/PUCommercialAg, https://www.facebook.com/PUCommercialAg 

If you are enjoying the podcast, tweet us using #AgCast.

(Part 1) 2024 Indiana Farmland Values & Market Trends

Join Purdue ag economists Todd Kuethe, Michael Langemeier and James Mintert as they discuss Indiana farmland values on this, the first of two episodes reviewing the 2024 Purdue Farmland Values and Cash Rents Survey results. Each June, the department of agricultural economics surveys knowledgeable professionals regarding Indiana's farmland and cash rental market. The 2024 survey results confirmed that the average value for Indiana farmland hit a new record high this summer. A number of forces, such as high interest rates and lower farm incomes, are placing downward pressure on prices, but the limited supply of land is keeping prices firm. The episode shares insights from the Farm Sector Balance Sheet, USDA data collection methods, regional variations in land values, and the influences of factors such as interest rates and development pressures on farmland prices. Gain an in-depth understanding of trends, market dynamics, and future expectations for farmland values.

Podcast provided by Purdue University's Center for Commercial Agriculture. Slides and the transcript from the discussion can be found at https://purdue.ag/agcast173.

You can find the FULL video episode on our YouTube channel. Visit https://youtu.be/pMzDTXAJhFA to subscribe and watch.

For the full August Purdue Agricultural Economics Report, visit: https://purdue.ag/paer.

A second podcast on Indiana's 2024 farmland cash rental rates will be released later this month with discussion on cash rent with professors Kuethe, Langemeier and Mintert.

Socials: https://twitter.com/PUCommercialAg, https://www.facebook.com/PUCommercialAg 

If you are enjoying the podcast, tweet us using #AgCast.

Ag Barometer Insights: August 2024 Survey Results

 

The August Purdue University/CME Group Ag Economy Barometer dropped 13 points from July to a reading of 100, echoing levels seen from fall 2015 to winter 2016 during the early stages of a significant downturn in the U.S. farm economy. The Index of Current Conditions also dropped 17 points to 83, while the Index of Future Expectations decreased by 11 points to 108. Weakening farm income prospects weighed on farmers’ sentiment as the outlook for a bountiful fall harvest was more than offset by declining crop prices. This month’s survey was conducted from Aug. 12-16, 2024.

The Ag Economy Barometer sentiment index is calculated each month from 400 U.S. agricultural producers’ responses to a telephone survey. Purdue ag economists James Mintert and Michael Langemeier share some insight into the results of the August 2024 Ag Economy Barometer survey. The full report is available at https://purdue.ag/agbarometer.

Podcast provided by Purdue University's Center for Commercial Agriculture. For more economic information and insights on the Ag Economy Barometer, visit us at http://purdue.edu/commercialag.

Understanding Generational Differences Within A Family Business

Is your farm business prepared for the future? Maria Marshall and Renee Wiatt join host Brady Brewer in this episode to discuss how the many generations of family engaged in a family business interact with one another. One of the challenges in a family business is understanding the differences in generational perspectives on the business and possible succession. This episode reviews results from a recent survey conducted across the Midwest which examines generational differences within farm families seeking to transition their businesses to the next generation. Tune in to gain insights and practical advice to help ensure a successful transfer of your farm to the next generation. This is the second episode in a series focused on succession preparedness.

Podcast provided by Purdue University's Center for Commercial Agriculture with guests from the Purdue Institute for Family Business and the North Central Regional Center for Rural Development. Slides and the transcript from the discussion can be found at https://purdue.ag/agcast171.

Ag Barometer Insights: July 2024 Survey Results

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. Despite declines in corn and soybean prices, Eastern Corn Belt cash prices went down 11% and 5%, respectively, from mid-June to mid-July, farmer sentiment improved in July. This month's Ag Economy Barometer survey was conducted from July 15-19, 2024.

The Ag Economy Barometer sentiment index is calculated each month from 400 U.S. agricultural producers’ responses to a telephone survey. Purdue ag economists James Mintert and Michael Langemeier share some insight into the results of the July 2024 Ag Economy Barometer survey. The full report is available at https://purdue.ag/agbarometer.

Podcast provided by Purdue University's Center for Commercial Agriculture. For more economic information and insights on the Ag Economy Barometer, visit us at http://purdue.edu/commercialag.

Agricultural Jobs & Labor Update

Labor 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, host Brady Brewer joins Josh Strine, a Ph.D. student in Purdue's Department of Agricultural Economics, to discuss the Purdue Ag Jobs Dashboard. They'll bring you up to speed on ag labor issues while reviewing recent trends from the latest June 2024 report. If you're a farm or agribusiness seeking to hire new staff or you're seeking a new career in agriculture, you won't want to miss this episode.

Podcast provided by Purdue University's Center for Commercial Agriculture. The transcript from the discussion can be found at https://purdue.ag/agcast169.

Ag Barometer Insights: June 2024 Survey Results

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. This month's Ag Economy Barometer survey was conducted from June 17-21, 2024.

The Ag Economy Barometer sentiment index is calculated each month from 400 U.S. agricultural producers’ responses to a telephone survey. Purdue ag economists James Mintert and Michael Langemeier share some insight into the results of the June 2024 Ag Economy Barometer survey. The full report is available at https://purdue.ag/agbarometer.

Podcast provided by Purdue University's Center for Commercial Agriculture. For more economic information and insights on the Ag Economy Barometer, visit us at http://purdue.edu/commercialag.

Farm Retirement & Succession Preparedness

In this episode of the Purdue Commercial AgCast, host Brady Brewer is joined by Dr. Maria Marshall and Renee Wiatt to explore the crucial topic of farm succession planning and retirement preparedness. They 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. Listeners will gain valuable insights into effective strategies for balancing family dynamics and business goals during the succession process. This is the first episode in a 3-part series focused on succession preparedness.

Podcast provided by Purdue University's Center for Commercial Agriculture. Guests from the Purdue Institute for Family Business and the North Central Regional Center for Rural Development. Slides and the transcript from the discussion can be found at https://purdue.ag/agcast167.

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. This episode provides a series of questions you can use to help evaluate tradeoffs on your farm. The discussion concludes with five key managerial levers you can focus on when thinking about efficiency and resilience.

Podcast provided by Purdue University's Center for Commercial Agriculture. Slides and the transcript from the discussion can be found at https://purdue.ag/agcast166.

You can find the FULL video episode on our YouTube channel. Visit https://youtu.be/C3r5es8nJao to subscribe and watch.