A new survey of producers shows worries about the nation’s financial policy swelling as growers look to make plans for the 2023 growing season and strategize for the broader future of their operations.
According to the latest Ag Economy Barometer from Purdue University and the CME Group, input prices are still the top concern identified by producers, but the number of respondents placing it at the top of their list is shrinking as interest rates generate more trepidation in farm country. This month, 44% chose higher input prices as their top concern, down from 53% in the previous month’s report; by contrast, interest rates were the prime issue for 23% of respondents, up from 14% previously.
While unease about the price of inputs is waning, the percentage of growers signaling the availability of inputs as their top concern has held steady in recent reports, measuring somewhere between 12% and 15% in the last three reports. A report accompanying the data argues this shows “this issue is not going away.”
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But as producers show their concern about inputs and interest rates, they’re also signaling an expected softening in the land value market. This month’s reading of an index offering thoughts on the land market they expect one year in the future is 21% lower than it was a year ago. A longer-term index is also lower, but shows a more modest 12% drop.
The survey is based on feedback from 400 producers from Sept. 19-23.
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