J.L.Farmakis, Inc has just released a new research study conducted in February by Millennium Research that shows plans farmers are making this year in reaction to lower commodity prices.
Among the findings of the “Farmer Speaks Study” are:
• Half of the farmers surveyed are seeking off-farm employment
• 74% will switch to generics or change brands of crop protection products
• No new equipment purchases will be made by 37% of the farmers
• Reduced traits in seeds and changes in fertilizer practices were significant.
• Increased attention to marketing aims to raise revenue through better prices
“Our goal was to help better understand what farmers are thinking, so that our media partners, their advertisers and growers can work together to address the changes as they happen.” said Bill Farmakis, President of J.L. Farmakis, who notes that shifts of this magnitude have not been seen since the 1980s.
The initial study was conducted with 160 growers primarily in the Midwest, but also with farmers from other agriculture areas around the county. A follow-up Farmer Speaks study is being planned with Millennium Research with an expanded farmer panel later this year. If interested, a copy of the study can be requested from J.L. Farmakis, Inc. at jlfarmakis.com/farmerspeaks.
Farmakis talks about the study results and what they mean for the agribusiness industry in this interview: Interview with Bill Farmakis