November 6, 2015
The Purdue Extension Service of Marshall County will present a program titled “Agricultural Outlook 2016” at the Marshall County Building in room 207, 112 West Jefferson Street in Plymouth, on Wednesday, November 18 at 7:45 am. A light breakfast will be available for your enjoyment, sponsored by 1st Source Bank. Chris Hurt, Purdue University Extension Educator, will start his presentation on farm economy for 2016 at 8:00 a.m.
The program is free to the public and is designed to help farmers, land owners, input suppliers, and agribusiness managers make better business decisions in the coming year. The program will be presented by Chris Hurt an Agricultural Economist from Purdue.
Indiana’s summer flooding has reduced production for many farms, yet favorable weather in other states kept national production near record levels. These conditions have depressed grain prices and set up a difficult financial situation for some Indiana farmers with their low yields and low prices. The program will examine strategies for farm families to cope with this difficult year.
The longer-term outlook for 2016 to 2018 crops will also be discussed. Is this a temporary dip in prices or a more general downturn? Will input prices drop enough to help reduce costs? How can crop farmers adjust to tighter, or even negative margins? What are the early indications for the best crops to plant in 2016? What farm and agribusiness management strategies will work best in the current economic environment?
The new Farm Bill is now underway and is expected to provide some financial assistance to help families meet their financial obligations in 2015 and 2016. This outlook program will make estimates of how large those payments will be and review when they will be made.
Incomes for animal producers dropped in 2015 from record levels the previous year. Will these industries expand their herds and flocks in 2016 and will added feed usage help support grain prices?
What about land values and cash rents? How much did they change in 2015 and what might be the direction for 2016 and beyond? Are land values and rents going to adjust a little, or a lot? Is there rented ground rates that need adjusted or let go? What will be the drivers of that change?