Lenexa, Kan., (June 28, 2023) – The Ag Economists’ Monthly Monitor survey, a joint effort between Farm Journal and agricultural policy research centers at the University of Missouri, launches today with results from its first monthly survey. Questions were sent to nearly 60 agricultural economists nationwide to gauge perspectives on important drivers of agriculture and provide unique, timely insights that affect stakeholders at all levels of the industry.
Participants in the Monthly Monitor survey were carefully selected to represent both academic and industry perspectives from across the United States. The first of its kind, the survey harvests insight from individuals with expertise in crops, livestock, policy and agricultural finance. The economists provide insights into agricultural economic health and views on market trends through crop and livestock production forecasts, farm income expectations as well as pre-USDA report estimates. The survey is anonymous, a key factor that makes this tool so valuable.
“Farm Journal is committed to bringing agriculture audiences timely and valuable information for every aspect of their operations,” said Charlene Finck, president of Farm Journal. “Data generated from the Monthly Monitor survey will be integrated into content on every media platform hosted by Farm Journal.”
The Ag Economists’ Monthly Monitor is a survey of nationally recognized economists representing multiple universities, commodity groups and private organizations and companies spanning multiple geographic regions. This diversity allows for expertise in a variety of crop, livestock and policy sectors.
“The Agricultural Economists’ Monthly Monitor serves as a bridge between agricultural economists and those looking to better understand key concerns in the agricultural economy,” said Pat Westhoff, director of FAPRI-MU. “Economists can share their thoughts on agricultural markets and current events without being ‘on the record,’ and stakeholders can use these insights and perspectives to make sense of projections and current issues in agricultural markets.”
The Rural and Farm Finance Policy Analysis Center (RaFF) and the Food and Agricultural Policy Research Institute (FAPRI) at the University of Missouri support the Ag Economists’ Monthly Monitor survey as it provides farms, ranches and agribusinesses a glimpse into expert economist opinion on the current and future states of agricultural markets, domestically and abroad. RaFF and FAPRI team members are enthusiastic about the future of the Ag Economists’ Monthly Monitor and the opportunity the survey affords for economists of varying expertise to share their views with a broader audience.
The first Monthly Monitor released today includes a look at economists’ expectations of U.S. planted acreage, crop yields, cattle inventory, thoughts on a possible recession in the U.S. and more.
“I think what’s most surprising here is that on average, more than 40 economists are in alignment with the more general perception of where agriculture is heading,” said Scott Brown, an agricultural economist with the University of Missouri who helped author the survey. “What surprised me is the amount of volatility around that average estimate. It just reminds me that there’s so many issues at play today and trying to predict or suggest the future that even these economists have a wide opinion in terms of where we’re headed in different commodities.”
Economists were asked their biggest concerns regarding the outlook of U.S. agriculture. The responses varied based on crops and livestock, but in general, the Monthly Monitor revealed the biggest concerns include:
- Increased input prices
- Abnormal weather patterns (including drought)
- Export demand and geopolitical risks
- Margin squeeze for producers
- Increased interest rates
- Regulatory pressure’s negative impact on demand
To view more in-depth coverage from the first Monthly Monitor, visit AgWebcom.
About Farm Journal
Farm Journal is the nation’s leading business information and media company serving the agricultural market. Started 147 years ago with the preeminent Farm Journal magazine, the company serves the row crop, livestock, produce and retail sectors through branded websites, eNewsletters and phone apps; business magazines; live events including conferences, seminars and tradeshows; nationally broadcasted television and radio programs; a robust mobile-text-marketing business; and an array of data-driven, paid information products. Trust In Food is a Farm Journal initiative dedicated to accelerating the adoption of climate-smart and regenerative agriculture in ways that work for producers and enhance connection to consumers, and also is the majority shareholder of the online equipment marketplace, Machinery Pete LLC. In 2010, the company established the non-profit, public charity, Farm Journal Foundation, dedicated to sustaining agriculture’s ability to meet the vital needs of a growing population through education and empowerment.