September 4, 2013
09/05/13 The Purdue Extension Service of Marshall County will present a program titled “Agricultural Outlook 2014” at the Marshall County Building located at 112 West Jefferson Street in Plymouth in room 304 on Friday, September 20. Breakfast will be available at 8:00 a.m. being a nice hot meal for participants to enjoy. The Purdue Agricultural Economics Department 2014 outlook presentation will start at 8:30 am. The program is free to the public and is designed to help farmers, land owners, input suppliers, and those interested in agriculture make better business decisions in the coming year. The program will be presented by Chris Hurt an Agricultural Economistfrom the Purdue campus.
Indiana agriculture has returned to abundant production after the 2012 drought. Yield prospects for the state are among the best in the country and this means the grain handling and processing industries will be returning to full capacity. Prospects remain hopeful for record total Indiana production of corn and record high soybean yields.
Grain and soybean prices will have to be low enough to encourage end users to step up their consumption. The level of prices needed to do that will be a feature of the program. Strategies for marketing this year’s crops will also be covered and are different for corn and soybeans.
Farmers and agribusiness managers need to be thinking about what to plant in 2014. Purdue has developed their first estimates of costs for 2014 crops and expected returns for each crop. There are some surprises!
Livestock producers’ income prospects turn up sharply with lower feed costs. The animal sector is ready to start expansion. How big will that expansion be and what species are gearing up the most?
One of the most important questions for 2014 is, “What will happen to land values and cash rents?” Will much higher yields this fall offset lower prices and provide more farm income, or less? The level of income this year can be an influence on land values and cash rents for 2014, but expected returns for 2014 crop production and interest rates may be more important.
Land values will also be affected by the longer-term outlook. For this reason, expected returns over the next 3 years will also be discussed. Government policy could also impact the overall support for the agricultural sector in coming years so a discussion of the Farm Bill prospects will be included.
If you plan to attend the 2014 Purdue Farm Outlook meeting at the Marshall County Extension Office on Friday, September 20, please call the extension office at 574-935-8545 or e-mail ryoder@purdue.edu by Wednesday, September 18. This will allow for adequate food, seating, and handouts to be available for the meeting.