Purdue Commercial AgCast

Ag Barometer Insights: September 2025 Survey Results

Farmer sentiment held steady in September, as the Purdue University/CME Group Ag Economy Barometer rose just 1 point to a reading of 126. However, there was a shift in producers’ perceptions of current conditions and their expectations for the future. The Index of Current Conditions fell 7 points to 122, while the Index of Future Expectations climbed 5 points to 128. The survey was conducted following the U.S. Department of Agriculture’s release of the September Crop Production report and the World Agricultural Supply and Demand Estimates report. These reflected farmers’ concerns about current conditions, particularly over record-high corn and soybean yields, which were pressuring crop prices. At the same time, optimism about the future was supported by farmers’ belief that U.S. policy is “headed in the right direction” and by expectations that potential government support, like the 2019 Market Facilitation Program (MFP), will provide payments to farmers in compensation for lower commodity prices. The barometer survey took place Sept. 15-19.

Purdue ag economists James Mintert and Michael Langemeier review the results from the September Ag Economy Barometer and give their insights into farmer sentiment and the farm economy.

The Ag Economy Barometer sentiment index is calculated each month from 400 U.S. agricultural producers’ responses to a telephone survey. Further details on the full report is available at https://purdue.edu/agbarometer. Slides and the transcript from the discussion can be found at https://purdue.ag/agcast198.

You can find the FULL video episode on our YouTube channel. Visit https://youtu.be/Ujekqgm6DQk to subscribe and watch.

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.

Subscribe to audio: https://purdue.ag/agcast

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

Irrigated, Pasture & Hay Cash Rent Considerations

Jim Jansen from the University of Nebraska-Lincoln, joins Michael Langemeier to discuss cash rent considerations for irrigation, pasture, and hay leases. They provide factors affecting cash rent including maintenance costs, insurance, and land productivity and emphasize the importance of clear lease agreements. This episode highlights terms related to the three P's of irrigation: pivot, pump, and power; the big three in pasture: fencing, water supply, and controlling noxious weeds; as well as cow-calf pairs and hay cash rental calculations.  Offering practical advice for both landlords and operators on fair rental agreements.

You can find the FULL video episode on our YouTube channel. Visit https://youtu.be/NbMwKl2w2GY to subscribe and watch.

To learn more about Indiana's 2025 farmland cash rental rates, listen to episode #195 on the Purdue Commercial #AgCast. https://purdue.ag/agcast

Podcast provided by Purdue University's Center for Commercial Agriculture. Slides and the transcript from the discussion can be found at https://purdue.ag/agcast197.

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

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

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

Investment Strategies in Ag: A Conversation with Joe Suttles

Joe Suttles, a consultant in ag investing, joins hosts Todd Kuethe and Chad Fiechter in this episode of the Purdue Commercial AgCast to discuss his role and insights into private equity investments in agriculture. Suttles outlines his responsibilities in working with fund managers and managing existing investments to solve issues. He shares insight into the complexities of agricultural investments, emphasizing the importance of long-term focus and the intricate nature of managing agricultural production businesses. The conversation touches on the alignment and agency challenges in ag businesses, the role of institutional investors, and the potential future trends in farm management and consolidation. 

Check out all our “Purdue Commercial AgCast” podcast episodes: https://purdue.ag/agcast

2025 Cash Rental Rates

Purdue ag economists Todd Kuethe and Michael Langemeier discuss Indiana farmland cash rental rates on this, the second of two episodes reviewing the 2025 Purdue Farmland Values and Cash Rental Rates survey results. The survey shows Indiana cash rents continue to rise by about one and a half percent. The episode shares historical trends in cash rents, and how cash rents compare to share and flex lease rents, regional differences, net returns to land, and the increasing interest in flexible cash leases from both landowner and tenant perspectives. Additional resources and detailed survey results are available on the Center for Commercial Agriculture website.

You can find the FULL video episode on our YouTube channel. Visit https://youtu.be/6agOo0Pif9U to subscribe and watch.

To learn more about Indiana's 2025 farmland cash rental rates, listen to the first podcast in this series, episode #194 on the Purdue Commercial #AgCast.

Podcast provided by Purdue University's Center for Commercial Agriculture. Slides and the transcript from the discussion can be found at https://purdue.ag/agcast195.

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

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

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

2025 Farmland Values & Market Trends

Join Purdue ag economists Todd Kuethe and Michael Langemeier as they discuss Indiana farmland values on this, the first of two episodes reviewing the 2025 Purdue Farmland Values and Cash Rental Rates survey results. The survey shows Indiana land prices continue to rise and are anticipated to continue a modest increase for the rest of 2025 for most of the state. The episode shares insights into U.S. and Indiana farmland value trends, agricultural balance sheets, debt-to-asset ratios, the impact of various economic factors on land values, and future expectations for farmland values.

You can find the FULL video episode on our YouTube channel. Visit https://youtu.be/GOClD4XQz9Y to subscribe and watch

To learn more about Indiana's 2025 farmland cash rental rates, listen to the second podcast in this series, episode #195 on the Purdue Commercial #AgCast.

Podcast provided by Purdue University's Center for Commercial Agriculture. Slides and the transcript from the discussion can be found at https://purdue.ag/agcast194.

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

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

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

Ag Barometer Insights: August 2025 Survey Results

Farmer sentiment dipped again in August as the Purdue University-CME Group Ag Economy Barometer Index fell 10 points to 125. Producers were markedly less optimistic about the future in August as the Index of Future Expectations dropped 16 points to 123. This was the lowest reading for the future index since last September. Purdue ag economists James Mintert and Michael Langemeier share insights into the results of the August 2025 survey, conducted from August 11-15, in this episode of the Purdue Commercial AgCast. Sentiment differed widely among producers depending on whether their farm is primarily a crop operation or a livestock operation. Responses from crop producers this month were much less optimistic than those from livestock producers, which indicates the disparity in profitability between crop and livestock enterprises. Beef cattle operations in particular are experiencing record profitability as the smallest cattle inventory since 1951 has pushed cattle prices to record levels. This stands in sharp contrast to returns for crop production which have weakened in 2025.

The Ag Economy Barometer sentiment index is calculated each month from 400 U.S. agricultural producers’ responses to a telephone survey. Further details on the full report is available at https://purdue.edu/agbarometer. Slides and the transcript from the discussion can be found at https://purdue.ag/agcast193.

You can find the FULL video episode on our YouTube channel. Visit https://youtu.be/up5ty6AsICo to subscribe and watch.

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.

Future of Ag Tech: A Conversation with Brant Caley

Join Chad Fiechter and Todd Kuethe as they explore ag technology and the ag economy with guest Brant Caley. Caley, an expert in ag tech, discusses his journey, from playing FFA basketball to working with companies like Trimble, Farmers Business Network (FBN), and now Gradable. The discussion covers the evolution of farm technology, sustainability in grain marketing, the future of agricultural technology - and the potential impact of emerging technologies like AI and LLMs. Whether you're a farmer deeply invested in ag tech or simply curious about the technological transformations reshaping agriculture, this episode is a must-listen.

Podcast provided by Purdue University's Center for Commercial Agriculture. For more farm management information and insights, visit us at http://purdue.edu/commercialag.

Gradable App: https://apps.apple.com/us/app/gradable/id6742845206

Ag Barometer Insights: July 2025 Survey Results

Farmer sentiment continues to weaken, as the Purdue University/CME Group Ag Economy Barometer declined again in July. The barometer fell 11 points to 135 from June, a reading that resulted from U.S. farmers’ weaker perceptions of both current conditions and future expectations. Purdue ag economists James Mintert and Michael Langemeier share insights into the results of the July 2025 survey, conducted from July 7-11, in this episode of the Purdue Commercial AgCast. Weak crop prices, a squeeze on farm margins, and a notable difference in sentiment between crop and livestock producers are key factors to the weakened sentiment. Despite high input costs and concerns on long-term profitability, recent policy changes and improved expectations for ag exports, have farmers responding that U.S. policy is headed "in the right direction."

The Ag Economy Barometer sentiment index is calculated each month from 400 U.S. agricultural producers’ responses to a telephone survey. Further details on the full report is available at https://purdue.edu/agbarometer. Slides and the transcript from the discussion can be found at https://purdue.ag/agcast191.

You can find the FULL video episode on our YouTube channel. Visit https://youtu.be/kRT0OT9cYew to subscribe and watch.

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.

Inside the Federal Reserve: A Conversation with Nate Kauffman

Nate Kauffman, Omaha Branch Executive of the Federal Reserve Bank of Kansas City, joins hosts Todd Kuethe and Chad Fiechter in this episode of the Purdue Commercial AgCast. Kauffman explains the structure and function of the Federal Reserve System, including the roles of the Board of Governors, the 12 regional reserve banks, and their respective branch offices, and shares how monetary policy is set and the importance of regional input in policy decisions. Kauffman highlights his role in representing Nebraska and the agricultural sector, ensuring their unique economic conditions are considered in national policy discussions. The episode also touches on the use of data and industry interaction in formulating economic insights. Additionally, Kauffman shares anecdotes and practical experiences, emphasizing the Fed’s commitment to transparency and public engagement.

Podcast provided by Purdue University's Center for Commercial Agriculture. For more farm management information and insights, visit us at http://purdue.edu/commercialag.

Ag Barometer Insights: June 2025 Survey Results

Farmer sentiment weakened in June as the Purdue University-CME Group Ag Economy Barometer fell to 146, down from 158 a month earlier. Purdue ag economists James Mintert and Michael Langemeier share their insight into the results of the June 2025 survey, conducted from June 9-13, in this episode of the Purdue Commercial AgCast. Key takeaways include a sharp decline in the Future Expectation Index, a stable Current Condition Index, a drop in the Farm Financial Performance Index, and a surprising rise in the Farm Capital Investment Index. The episode explores various factors impacting farmer sentiment, such as policy uncertainty, trade, tariffs, input costs, and labor issues.

The Ag Economy Barometer sentiment index is calculated each month from 400 U.S. agricultural producers’ responses to a telephone survey. Further details on the full report is available at https://purdue.edu/agbarometer. Slides and the transcript from the discussion can be found at https://purdue.ag/agcast189.

You can find the FULL video episode on our YouTube channel. Visit https://youtu.be/1C5-A2Z_vPg to subscribe and watch.

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.