![]() ![]() This month, corn and soybean producers were once again asked about their farmland cash rental rate expectations for 2024. The Long-Term Farmland Value Expectations Index remained unchanged in July at a reading of 151 while the Short-Term Farmland Value Expectations Index declined just one point to 125. Producers’ top concern for their farming operations in the upcoming year is still higher input costs (37% of respondents), followed by rising interest rates (24% of respondents) and lower output prices (19% of respondents).Ĭonfidence among farmers regarding the future direction of farmland values continues, even as nearly two-thirds of survey respondents expect interest rates to rise over the next year. Given the volatility in commodity prices, especially crop prices, this spring and early summer, it’s notable that more producers expressed concern about rising interest rates than declining output prices. Among those who indicated that now is a bad time to make large investments, their top reason was concern about rising interest rates. Nearly two-thirds (65%) of producers in July said they expect interest rates to increase, up from 57% in June. Surprisingly, the improvement in this month’s investment index occurred despite a rise in the percentage of producers who expect interest rates to rise over the next year. Additionally, the percentage of farmers who feel it’s a bad time to invest was down from 79% who felt that way in November to 72% in July. Comparing July’s responses to last fall’s low point, the percentage of producers saying now is a good time for large investments has improved from 10% who felt that way in November to 17% in July. However, the index has greatly improved, up 14 points, since bottoming out in November 2022. The improvement in farmers’ perspective on current conditions spilled over into a modest rise in July’s Farm Capital Investment Index, up 3 points to a reading of 45. ![]() “Producers were slightly more confident about the farming economy in July, despite recent crop price volatility and continued concerns about rising interest rates,” said James Mintert, the barometer’s principal investigator and director of Purdue University’s Center for Commercial Agriculture. This month’s survey was conducted July 10-14. agricultural producers’ responses to a telephone survey. The Ag Economy Barometer is calculated each month from 400 U.S. The Index of Current Conditions rose 5 points to a reading of 121, while the Index of Future Expectations was up one point to 124. Farmers were also more optimistic about their perception of current conditions and future expectations on their farms. ![]() and CHICAGO - Agricultural producer sentiment improved slightly in July as the Purdue University/CME Group Ag Economy Barometer index rose 2 points to a reading of 123. The law takes effect in October.AugFarmers remain cautiously optimistic about agricultural economyįarmers remain cautiously optimistic about the agricultural economy (Purdue/CME Group Ag Economy Barometer/James Mintert). Ron DeSantis signed a law that, among other things, creates a $1 billion reinsurance fund and puts disincentives in place to prevent frivolous lawsuits. Insurance companies are leaving Florida even as lawmakers in December passed legislation aimed at stabilizing the market. Soaring homeowner costsĪlready, homeowners in the state pay about three times as much for insurance coverage as the national average, and rates this year are expected to soar about 40%. Hundreds of companies - including Allstate, Esurance, Geico, Hartford and 21st Century - still offer policies in the state, according to Florida's database of insurance companies. Still, drivers and homeowners who AAA dropped have options for finding a new insurer. Some insurers in Florida have gone out of business in recent years, brought down by massive payouts from storms. Under Florida law, companies are required to give three months' notice to the Office of Insurance Regulation before they tell customers their policies won't be renewed. ![]()
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