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THE LAND — JULY 22/JULY 29, 2022
www.thelandonline.com — “Where Farm and Family Meet”
Soybeans and the sunny side 418 South Second St. Mankato, MN 56001 (800) 657-4665 Vol. XLVi ❖ No. 15 42 pages, 2 sections plus supplements
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Cover photo by Paul Malchow
COLUMNS Opinion From My Farmhouse Kitchen Farm and Food File Table Talk Farm Programs Marketing Mielke Market Weekly Auctions/Classifieds Advertiser Listing Back Roads
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STAFF
Publisher: Steve Jameson: sjameson@mankatofreepress.com General Manager: Deb Petterson: dpetterson@TheLandOnline.com Managing Editor: Paul Malchow: editor@TheLandOnline.com Staff Writer: Kristin Kveno: kkveno@thelandonline.com Staff Writer Emeritus: Dick Hagen: rdhagen35@gmail.com Advertising Representatives: Dan McCargar: (507) 344-6379, dmccargar@thelandonline.com Deb Petterson: dpetterson@TheLandOnline.com Office/Advertising Assistants: Joan Compart: theland@TheLandOnline.com Lyuda Shevtsov: auctions@thelandonline.com For Customer Service Concerns: (507) 345-4523, (800) 657-4665, theland@TheLandOnline.com Fax: (507) 345-1027 For Editorial Concerns or Story Ideas: (507) 344-6342, (800) 657-4665, editor@TheLandOnline.com Because of the nature of articles appearing in The Land, product or business names may be included to provide clarity. This does not constitute an endorsement of any product or business. Opinions and viewpoints expressed in editorials or by news sources are not necessarily those of the management. The Publisher shall not be liable for slight changes or typographical errors that do not lessen the value of an advertisement. The Publisher’s liability for other errors or omissions in connection with an advertisement is strictly limited to publication of the advertisement in any subsequent issue or the refund of any monies paid for the advertisement. Classified Advertising: $19.99 for seven (7) lines for a private classified, each additional line is $1.40; $24.90 for business classifieds, each additional line is $1.40. Classified ads accepted by mail or by phone with VISA, MasterCard, Discover or American Express. Classified ads can also be sent by e-mail to theland@TheLandOnline.com. Mail classified ads to The Land, 418 South Second St., Mankato, MN 56001. Please include credit card number, expiration date and your postal address with ads sent on either mail version. Classified ads may also be called into (800) 657-4665. Deadline for classified ads is 5 pm on the Friday prior to publication date, with holiday exceptions. Distributed to farmers in all Minnesota counties and northern Iowa, as well as on The Land’s website. Each classified ad is separately copyrighted by The Land. Reproduction without permission is strictly prohibited. Subscription and Distribution: Free to farmers and agribusinesses in Minnesota and northern Iowa. $49 per year for non-farmers and people outside the service area. The Land (USPS 392470) Copyright © 2022 by The Free Press Media is published biweekly by The Free Press, 418 S 2nd Street, Mankato, MN 56001-3727. Business and Editorial Offices: 418 S. 2nd Street, Mankato, MN 56001-3727, Accounting and Circulation Offices: Steve Jameson, 418 S 2nd Street, Mankato, MN 56001-3727. Call (507) 345-4523 to subscribe. Periodicals postage paid at Mankato, MN. Postmaster and Change of Address: Send address changes to The Land, 418 South Second St., Mankato MN 56001-3727 or e-mail to theland@TheLandOnline.com.
Although they might not always show it lowed by input availability (21 percent), on the outside, farmers are generally an government policies (18 percent), and optimistic lot. Spring planting requires a lower output prices (17 percent). Sixtymajor investment and farmers patiently three percent of producers expect higher wait four to five months to see how everycosts in 2023, on top of the large increasthing pans out. If they weren’t optimistic, es experienced in 2022. Nearly four out why put the seed in the ground in the of 10 farmers expect input prices to rise first place? by 10 percent or more next year when compared to 2022. Producers also expect Purdue University has an Ag Economy inflation to push up the cost of living for Barometer which tracks producers’ expecfarm families in the year ahead. Seven LAND MINDS tations for the future. The Ag Economy out of 10 survey respondents said they Barometer is calculated each month from By Paul Malchow expect the rate of inflation for consumer 400 U.S. agricultural producers’ items to be 6 percent or higher over responses to a telephone survey. This the next year, and 35 percent of month’s survey was conducted June respondents said they expect the 13-17. inflation rate to exceed 10 percent. A recent release from Purdue University said the No matter how you cut it, anticipating a 10 perIndex of Future Expectations fell 5 points to a readcent inflation rate is anything but optimistic. ing of 96, marking the lowest level for the index since October 2016. Meanwhile, producers were When asked about their cropping plans for the slightly more optimistic regarding current condiupcoming year, one out of five farmers said they tions; the Index of Current Conditions improved 5 intend to change their crop mix in response to rising points to a reading of 99. input costs. Almost half of the respondents (46 percent) said the biggest change will be to devote a “Rising input costs and uncertainty about the higher percentage of their acreage to soybeans. future continue to weigh on farmer sentiment,” said James Mintert, the barometer’s principal inves- Twenty-six percent of those planning a crop mix change said the biggest change would be to devote tigator and director of Purdue University’s Center more of their farm to wheat production, while 21 for Commercial Agriculture. “Many producers percent of respondents said they would shift to remain concerned about the ongoing escalation in production costs as well as commodity price volatili- planting more corn. ty, which could lead to a production cost/income The big shift to soybeans is optimism at its best. squeeze in 2023.” China has been a steady (if not unwilling) U.S. soybean buyer for the last couple of years. But China The Farm Financial Performance Index, which is has already shifted its buying back to Brazil while primarily reflective of income expectations for the current year, improved 2 points to a reading of 83 in the strength of the U.S. dollar is pricing the United June, yet remains at one of the index’s lowest read- States out of the market. By most accounts, Brazil’s 2022 soybean crop yields were strong and Brazil is ings over the past two years. When asked about already anticipating a jump in soybean acreage. expectations for their farm’s financial condition in Does this leave U.S. farmers out in the cold? By June 2023 compared to June 2022, 51 percent of adding soybean acres in 2023, will the United survey respondents said they expect their farms to be worse off financially a year from now. This is the States see a crash in market price for a crop with no market? The optimistic U.S. farmer doesn’t seem most negative response received to this question too concerned with the prospect. since data collection began in 2015. Of course it’s a long way to the harvest of 2023 For the second month in a row, the Farm Capital and anything can happen. Soybean carryover has Investment Index held at a record low of 35, as probeen shrinking steadily and some are expressing ducers continue to say now is not a good time to concern over supply. So a bumper U.S. soybean crop make large investments in their farm operation. this year shouldn’t sound many alarms; but if the Supply chain issues continue to frustrate farmers. In May and June, 50 percent of producers said that 2022 crop sits in storage while farmers plant more soybeans in 2023, even the most optimistic grower tight machinery inventories were impacting their might get caught looking in the rearview mirror. farm machinery purchase plans. Paul Malchow is the managing editor of The Land. The top concerns for producers in the upcoming He may be reached at editor@TheLandOnline.com. v year continue to be input prices (43 percent), fol-
OPINION
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