Purdue Commercial AgCast

The latest Purdue University/CME Group Ag Economy Barometer reveals a modest increase in farmer sentiment compared to the previous month, though concerns remain regarding farm financial performance in the year ahead. The barometer rose in February posting a reading of 111, 5 points higher than a month earlier. The modest rise in the barometer was attributable to producers expressing somewhat more optimism about the future as the Future Expectations Index rose 7 points to a reading of 115 while the Current Conditions Index was unchanged, both compared to a month earlier. Although farmers’ expectations for the future improved in February, their financial performance expectations did not. February’s Farm Financial Performance Index reading of 85 was 1 point lower than in January and 13 points below its most recent peak in December. Weak crop prices continue to weigh on financial expectations as mid-February Eastern Corn Belt cash prices for corn and soybeans were 7 and 8% lower, respectively, than two months earlier when the December survey was conducted. The February Ag Economy Barometer survey was conducted from February 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 February 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.

This episode of the Purdue Commercial AgCast is a great opportunity for producers to review their crop insurance choices for the upcoming season. Purdue University Center for Commercial Agriculture’s ag economists Michael Langemeier and James Mintert and Brad Lubben, policy specialist and extension associate professor from the University of Nebraska-Lincoln, walk participants through key considerations when making their 2024 insurance choices. During the episode they discussed a handy thumb rule to use when considering an increase in coverage levels for revenue protection insurance and the role of SCO insurance for farmers who opt for the PLC program on their corn acreage. After listening to the podcast you’ll be ready to make your 2024 crop insurance decisions. Podcast provided by Purdue University's Center for Commercial Agriculture. Slides and the transcript from the discussion can be found at https://purdue.ag/agcast158. You can find the FULL video episode on our YouTube channel. Visit https://youtu.be/dBaWfegRLLg to subscribe and watch.

Brad Lubben, policy specialist and extension associate professor from the University of Nebraska-Lincoln, joins Purdue ag economists James Mintert and Michael Langemeier for a discussion on key 2024 farm program details. They highlight differences between the PLC and ARC programs for the 2024 crop year and how benefits from the two programs are likely to differ. After listening to the podcast you’ll be ready to make your 2024 farm program choice. Podcast provided by Purdue University's Center for Commercial Agriculture. Slides, decision tools, and additional farm bill decision resource links, as well as the transcript from this episode can be found at https://purdue.ag/agcast157.  You can find the FULL video episode on our YouTube channel. Visit https://youtu.be/o67mmNUJAck to subscribe and watch.

Join host Brady Brewer for an episode with Purdue ag economist Michael Langemeier as they discuss USDA's latest farm income forecast for February 2024. Net farm income is expected to decline by 25% but remain near the long-run average. Gain insight into various crop and livestock sectors as they discuss enterprise revenues, farm household income, production expenses, breakeven prices for an Indiana case farm, and the U.S. farm sector balance sheet. Podcast provided by Purdue University's Center for Commercial Agriculture. Transcript from the discussion and more information from the Purdue Top Farmer Conference can be found at https://purdue.ag/agcast156.

Farmer sentiment took a downturn at the start of 2024 as the January Purdue University-CME Group Ag Economy Barometer Index fell to a reading of 106, 8 points below a month earlier. Compared to year-end, producers had a more negative outlook of their farms’ current situation along with a weakened outlook for the future as the Current Conditions Index fell 9 points and the Future Expectations Index dropped 7 points, both compared to December. Anticipated lower farm income in 2024 significantly influenced the decline across all indices, evident in the Farm Financial Performance Index registering at 85, which was 12 points lower than a month earlier. The January Ag Economy Barometer survey was conducted from January 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 January 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.

Host Brady Brewer recaps Michael Langemeier and Margaret Lippsmeyer's presentation on farm agility and resilience at the 2024 Top Farmer Conference. The discussion revolves around the importance of strategic risk management and the factors that contribute to a farm's resilience. Dr. Langemeier and Margaret highlight the relationships between farm growth, producer sentiment, risk preference, managerial ability, farm resilience, and the use of production ag technologies. The episode also touches upon the differences in producer sentiment between the Top Farmer Conference participants and the nationwide Ag Economy Barometer Survey. Tune in to learn more about the key takeaways from the survey and the strategies that farmers can adopt to become more resilient in their farming operations. Podcast provided by Purdue University's Center for Commercial Agriculture. Transcript from the discussion and more information from the Purdue Top Farmer Conference can be found at https://purdue.ag/agcast154.

Host Brady Brewer discussed the "boom" in renewable diesel and its expected impact on the soybean market with Dr. Scott Irwin, a professor of agricultural economics at the University of Illinois. In addition to discussing the renewable diesel market, Dr. Irwin also provides insight into the sustainable aviation fuel (SAF) market and potential impacts on U.S. agriculture. Tune in to hear Brady and Scott discuss how the future might play out in these two important markets for U.S. agriculture. This episode is a recap of Dr. Scott Irwin's presentation at the 2024 Purdue Top Farmer Conference. Scott is the author of "Back To The Futures", a memoir of growing up on a family farm in Iowa and a market primer on commodity futures markets, which Scott has studied extensively over the course of his career, an academic career that is now in its 5th decade. Dr. Irwin is a globally recognized thought leader in agricultural economics and is one of the nation's foremost researchers focused on the impact of biofuels on commodity markets.  Podcast provided by Purdue University's Center for Commercial Agriculture. Transcript from the discussion and more information from the Purdue Top Farmer Conference can be found at https://purdue.ag/agcast153.

Host Brady Brewer provides a recap of Dr. Chad Hart's presentation on the 2024 agricultural crop market outlook at the Purdue Top Farmer Conference. Dr. Hart, a professor and crop marketing specialist at Iowa State University, explores the shift to “normalcy” for crop prices and farm incomes in 2024. This episode also provides insights into the challenges and opportunities ahead ranging from the impact of possible drought on USDA projections to projected increases in soybean acres. Podcast provided by Purdue University's Center for Commercial Agriculture. Transcript from the discussion and more information from the Purdue Top Farmer Conference can be found at https://purdue.ag/agcast152.

Join host Brady Brewer as he recaps Dr. Brad Lubben’s presentation on the 2024 ag policy outlook at the Purdue Top Farmer Conference. Dr. Lubben, an extension ag policy specialist at the University of Nebraska-Lincoln, navigates the complexities of the current farm bill landscape, detailing challenges faced in 2023 and how we ultimately ended up with a one-year extension of the current legislation. This episode also provides insights into decisions farmers must make in 2024, emphasizing the changing economic landscape’s impact on safety nets and commodity program choices. Tune in for key insights on legislation, policy analysis and implications for the agricultural industry. Podcast provided by Purdue University's Center for Commercial Agriculture. Transcript from the discussion and more information from the Purdue Top Farmer Conference can be found at https://purdue.ag/agcast151.

U.S. farmers’ sentiment changed very little in December compared to the preceding month. The Purdue University-CME Group Ag Economy Barometer recorded a reading of 114, just one point lower than a month earlier. Both sub-indices of the barometer, the Index of Current Conditions and the Index of Future Expectations, also fell one point below their respective November readings. Looking ahead to 2024, U.S. farmers inflation expectations are markedly lower than they were at the start of 2023. The December Ag Economy Barometer survey was conducted from December 4-8, 2023. 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 December 2023 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.