Purdue Commercial AgCast Purdue Center for Commercial Agriculture

Following our episode about Farm Transition Planning, we now take a closer look at some of the key areas of forming and executing a farm succession plan. To kick this series off, Purdue Agricultural Economists Michael Langemeier and Brady Brewer cover the topic of transitioning management of a farm from one generation to the next. From goals and objectives, strategy considerations, to how best to structure to the management of the farm, key aspects of transitioning management are discussed. Find the companion article discussed in this episode at https://purdue.ag/39hyS92.

Purdue agricultural economists Michael Langemeier and James Mintert provide an updated corn and soybean outlook featuring information from USDA’s July World Agricultural Supply and Demand Estimates (WASDE) report and updated crop condition information. Also included are estimated 2019 and 2020 ARC-County and PLC payments, 2020 corn and soybean profitability estimates and some insights into marketing and management decisions for corn and soybean producers.

On this episode, Purdue ag economist Nathan Thompson joins Jim Mintert to discuss corn and soybean basis in the Eastern Corn Belt. Learn about the Crop Basis Tool, which is updated weekly, to forecast basis and provides regional corn and soybean basis information for Illinois, Indiana, Michigan and Ohio. They conclude with a look ahead to 2020 corn and soybean basis and provide marketing suggestions for both old-crop still in storage as well as new-crop corn and soybeans. Find more on the Crop Basis Tool at https://purdue.ag/cropbasis.

Farmer sentiment improved for the second month in a row, rebounding from sharp declines that took place in both March and April. Purdue ag economist James Mintert reviews the results from the June 2020 Ag Economy Barometer, a nationwide monthly survey of 400 ag producers. The improvement in farmer sentiment left the Ag Economy Barometer 7 percent below one year earlier, while the Index of Future Expectations was still 10 percent below its June 2019 level. The Index of Current Conditions, however, was two percent higher than in June 2019, likely reflecting considerably improved spring planting conditions throughout much of the nation, in addition to support from USDA’s Coronavirus Food Assistance Program (CFAP). The full report is available at https://purdue.ag/agbarometer.

Utilizing cover crop treatments can have significant agronomic benefits for a farm. However, implementing this technology introduces additional costs. On this episode, Purdue agricultural economists Brady Brewer and Ph.D. student, Megan Hughes, evaluate the relationship between applied nitrogen and corn yield, and how this relationship is impacted by introducing three different species of cover crops: annual ryegrass, cereal rye, and an oat/radish blend.The article referenced in this episode can be found at https://purdue.ag/covercropprofit.

Maria Marshall, professor and director of Purdue's Institute for Family Business, joins Brady Brewer to discuss farm succession planning. They answer why it's important to start planning both a management and an ownership transfer ahead of time, who to have on your team of advisors, and the things you can do to start to prepare. The resources discussed in this episode can be found at the Purdue Institute for Family Business, https://purdue.ag/fambiz.