A monthly Purdue survey says farmers plan to store more of their crop than normal during the fall harvest, likely because of sharp declines in commodity prices since spring. More than 40 percent of respondents told the Ag Economy Barometer that they have priced a smaller portion of their crops than they would in a typical year.
“These results suggest not only that demand for storage this fall will be very strong but also that producers expect positive storage returns on their fall 2016 crops,” said Jim Mintert, director of Purdue’s Center for Commercial Agriculture.
The Ag Economy Barometer said farmers expect better conditions in the future but were dour about the economy at present. The index of future expectations, at 109 points, was the second-highest reading of the year. The reading for current conditions, 83, was the fourth-lowest since the survey began in fall 2015. The barometer is based on a survey of 400 crop and livestock producers.