Is your farm business prepared for the future? Maria Marshall and Renee Wiatt join host Brady Brewer in this episode to discuss how the many generations of family engaged in a family business interact with one another. One of the challenges in a family business is understanding the differences in generational perspectives on the business and possible succession. This episode reviews results from a recent survey conducted across the Midwest which examines generational differences within farm families seeking to transition their businesses to the next generation. Tune in to gain insights and practical advice to help ensure a successful transfer of your farm to the next generation. This is the second episode in a series focused on succession preparedness.

Podcast provided by Purdue University's Center for Commercial Agriculture with guests from the Purdue Institute for Family Business and the North Central Regional Center for Rural Development. Slides and the transcript from the discussion can be found at https://purdue.ag/agcast171.

Three broad-based measures of farmer sentiment improved in July as the Purdue University/CME Group Ag Economy Barometer Index rose 8 points to 113, the Index of Current Conditions increased by 10 points to 100, and the Index of Future Expectations at 119 was 7 points higher than a month earlier. Despite declines in corn and soybean prices, Eastern Corn Belt cash prices went down 11% and 5%, respectively, from mid-June to mid-July, farmer sentiment improved in July. This month's Ag Economy Barometer survey was conducted from July 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 July 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.

Labor availability and labor retention are big issues in the U.S. economy and that's especially true for agribusiness firms and for commercial scale farm operations. According to the latest Purdue Agricultural Job Market Report, job postings are up by 50%. More employers are seeking entry-level candidates with higher levels of education. Additionally, it has become more common for employers to include salary information in their job postings as a way to encourage applications. In this episode, host Brady Brewer joins Josh Strine, a Ph.D. student in Purdue's Department of Agricultural Economics, to discuss the Purdue Ag Jobs Dashboard. They'll bring you up to speed on ag labor issues while reviewing recent trends from the latest June 2024 report. If you're a farm or agribusiness seeking to hire new staff or you're seeking a new career in agriculture, you won't want to miss this episode.

Podcast provided by Purdue University's Center for Commercial Agriculture. The transcript from the discussion can be found at https://purdue.ag/agcast169.

Farmer sentiment drifted downward in June as the Purdue University/CME Group Ag Economy Barometer reading of 105 was 3 points lower than a month earlier. The overall decline in sentiment was due to a five-point drop in the Index of Future Expectations, which fell to 112, while the June Current Conditions Index increased to 90, 1 point higher than the May index. High input costs, the risk of lower prices for their products, and rising interest rates continue to weigh on farmer sentiment. This month's Ag Economy Barometer survey was conducted from June 17-21, 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 June 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.

In this episode of the Purdue Commercial AgCast, host Brady Brewer is joined by Dr. Maria Marshall and Renee Wiatt to explore the crucial topic of farm succession planning and retirement preparedness. They discuss the findings of a recent survey conducted across the Midwest, examining the readiness of farm families to transition their businesses to the next generation. The conversation highlights the challenges and emotional complexities involved, emphasizing the importance of early planning and open communication to ensure both the business's sustainability and the family's cohesion. Listeners will gain valuable insights into effective strategies for balancing family dynamics and business goals during the succession process. This is the first episode in a 3-part series focused on succession preparedness.

Podcast provided by Purdue University's Center for Commercial Agriculture. Guests from the Purdue Institute for Family Business and the North Central Regional Center for Rural Development. Slides and the transcript from the discussion can be found at https://purdue.ag/agcast167.

In the third episode of the strategic risk series, the Purdue University Center for Commercial Agriculture's team of ag economists, James Mintert, Michael Langemeier, and Brady Brewer discuss the tradeoff between improving efficiency and resilience of the farm business. This episode provides a series of questions you can use to help evaluate tradeoffs on your farm. The discussion concludes with five key managerial levers you can focus on when thinking about efficiency and resilience.

Podcast provided by Purdue University's Center for Commercial Agriculture. Slides and the transcript from the discussion can be found at https://purdue.ag/agcast166.

You can find the FULL video episode on our YouTube channel. Visit https://youtu.be/C3r5es8nJao to subscribe and watch.

U.S. farmers’ outlook improved in May as the Purdue University/CME Group Ag Economy Barometer index rose to 108, marking a 9-point increase from April. Both of the barometer’s subindices saw increases, with the Index of Future Expectations climbing 11 points to 117 and the Current Conditions Index rising 6 points. The rise in crop prices played a role in boosting farmer sentiment this month. By mid-May, Eastern Corn Belt cash corn prices had increased by 6% to 7%, and soybean prices had risen by 2% to 3% since the April survey was conducted. The improvement in prices aligned with good corn and soybean planting progress, which likely contributed to the sentiment improvement. This month's Ag Economy Barometer survey was conducted from May 13-17, 2024.

The Ag Economy Barometer sentiment index is calculated each month from 400 U.S. agricultural producers’ responses to a telephone survey. Purdue ag economist James Mintert shares some insight into the results of the May 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.

In the second episode of the strategic risk series, the Purdue University Center for Commercial Agriculture’s James Mintert, Michael Langemeier, and Brady Brewer provide examples of strategic risks and discuss ways agricultural producers can make their farm operation more resilient to strategic risks. They wrap up their discussion with a scenario-based approach you can adopt to make your farm more resilient to strategic risks.

Podcast provided by Purdue University's Center for Commercial Agriculture. Slides and the transcript from the discussion can be found at https://purdue.ag/agcast164.

You can find the FULL video episode on our YouTube channel. Visit https://youtu.be/kxvuEVm8vFk to subscribe and watch.