The nation’s producers are feeling a little better about the state of farm finances but are still a little worried about the prices they’ll receive for their commodities and those they'll have to pay for important inputs in the next year.
The most recent Ag Economy Barometer from Purdue University and the CME Group showed a slight bump in its measurement of farmer sentiment, the first increase in several months. The July survey – conducted among 400 producers July 11-15 – showed increases in the overall barometer score and in indices of current and future conditions, but all three scores are still 23-24% lower than a year ago.
“There is still a tremendous amount of uncertainty in the agricultural economy,” Jim Mintert, the barometer's principal investigator and director of Purdue University's Center for Commercial Agriculture, said in a release. “Key commodity prices, including wheat, corn and soybeans, all weakened during the month and producers remain concerned over rising input prices and input availability.”
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Asked about their concerns, 42% of producers picked higher input prices as a top worry, with lower crop prices (19% of respondents), higher interest rates (17%) and input availability (15%) also generating unease from the group.
Growers were once again surveyed on their planting intentions for 2023, and 24% said rising input costs will cause them to change their farm’s crop mix next year. That’s an increase from the 19% who said the same last month. Of those adjusting their plantings, 53% plan to plant more soybeans.
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