Low commodity prices, high input costs, and disappointing 2023 growing season results are influencing farmer decisions in 2024.
The “2024 Farmer Speaks†survey reveals that farmers are taking a more conservative approach in their decision-making. They’re making fewer changes overall, driven by concerns about short-term prospects and long-term finances. Fertilizer remains the primary focus for adjustments despite more moderate prices. Fifty-two percent of growers purchased fertilizer early, marking a decrease of seven percent from last year’s record high. Farmers say their intent to buy more ag equipment has dropped by 24 percent in one year.
Farmers are also switching crop protection products far less than ever before. Survey respondents indicate they’re using the same products as last year or are undecided. Thirty-six percent of farmers reported purchasing seeds early, anticipating possible shortages in 2024. Approximately half of the farmers are actively evaluating options or have already signed carbon credit contracts.
