Farmer Speaks Winter 2018 Results Summary of Responses from 2018 FARMER SPEAKS RESEARCH Conducted by Millennium Research, January 2018. 2018 J.L. Farmakis, Inc.
Winter Survey 2018 Released January 5, 2018 A total of 113 farmers completed the survey Mirrors 2017 survey Overall confidence interval is +/-10% at the mid-point distribution. (50/50 response)
Respondent locations
Number of Farmers Acreage Ranges
Total Crop Acres In the Survey Acres How many acres of the following crops do you intend to grow? Crops
Crop Acres By Farm Size Acres Average acres by crop and farm size How many acres of the following crops do you intend to grow?
Trendwatch: Acres farmed to be largely unchanged for 2018 Land Rent and Purchase Reflects Challenging Market
Major expansion of acres is not happening On average, 45% of farmland is rented No significant changes in rented acres* Opportunistic buying of farmland continues for 1000+ acre growers but at much lower acres than 2016 *Do you plan to change your rented acres for 2018 from 2017?
Large land purchases soften in 2018 Average purchases 35 acres for 500-999 farmers 81 acres for 1,000-1,999 farmers 185 acres for farmers 2000+ Percent of Farmers Who Purchased Land Have you purchased any farmland in the past 12 months?
Land rent negotiations less successful in 2018 Percent Successful In Rent Reduction 72% did not try 16% tried without success 12% success in reducing rent Year Since last fall, have you been able to renegotiate more favorable land rents due to lower commodity prices?
Trendwatch: 50% of growers are changing their input plans Farmers Are Continuing To Pursue Input Cost Reductions
Farmers positive on 2017 results 2000+ acre farmers satisfaction with 2017 crop rebounds from 57% last year to 72% Overall satisfaction average 72% Overall, on a scale of 0 to 100%, where 100% is things couldn t have been any better, and 0 is things could have been any worse, please rate how you think your 2017 season was in terms of how good your production decisions and production results were?
Nearly ½ of farmers say they are not making drastic changes for 2018 So ½ of farmers are... In which of the following areas, if any, have you made or will you make changes for the 2018 season, compared to 2017?
Changes in 2017 compared to 2018 plans Percent of Farmers Making A Specific Change 2017 2018 Change Categorized By Type & Year In which of the following areas, if any, have you made or will you make changes for the 2018 season, compared to 2017?
Changes pursued by size indicate different priorities in 2018 Percent of Farmers Making A Specific Change 500-999 1000-1999 2000+ Change Categorized By Type & Farm Size In which of the following areas, if any, have you made or will you make changes for the 2018 season, compared to 2017?
Trendwatch: Equipment purchases swing widely year over year Large Equipment Purchases Slowly Climb
Dramatic shifts in equipment purchases in the recent past Percent of Farmers Making A Specific Equipment Changes 2017 2018 Categorized By Equipment Type & Year Please check the box that most closely describes your farm equipment actions or plans for 2018? Equipment type: Buy new
Tractor & Combine Claw Back, Planters Dive After 2017 Percent of Farmers Making A Specific Equipment Changes 2017 2018 Categorized By Equipment Type & Year Please check the box that most closely describes your farm equipment actions or plans for 2018? Equipment type: Buy new
Trendwatch: Farmers delay crop protection product decisions Using the same product as the previous year falls to new low
Of the 28% making changes in corn and soybean herbicides 2/3 are uncommitted or changing as of January 2018 Think about specific types of crop protection products. For each crop and category, please check the column that most closely represents where you are right now.
Only 1/3 plan to keep corn herbicides the same as 2017 For 2018 corn acres, will you: Non selective corn herbicides Use same products as 2017 Broad leaf corn herbicides 34% (58%) Grass corn herbicides 34% (68%) Switch to generic to save money 56% (76%) 19% (6%) Average = 545 acres Use a different product than 2017 9% (18%) Average = 950 acres 19% (15%) Average = 282 acres 28% (29%) Average = 699 acres 19% (6%) Average = 282 acres 25% (21%) Average = 670 acres Not sure yet what will do for 2018 13% (9%) Average = 793 acres 19% (6%) Average = 720 acres 22% (12%) Average = 1,146 acres Corn insecticides 28% (50%) 25% (18%) Average = 227 acres Corn fungicides 41% (47%) 16% (9%) Average = 243 acres Seed treatments 63% (56%) 6% (0%) Average = 675 acres Do Not Use This Type of Product accounts for missing percentages. 3% (3%) 6% (9%) Average = 500 acres 6% (24%) Average = 350 acres 25% (27%) Average = 478 acres 19% (29%) Average = 642 acres 22% (18%) Average =714 acres
Soybean decisions up in the air For 2018 soybean acres, will you: Use same products as 2017 Switch to generic to save money Use a different product than 2017 Not sure yet what will do for 2018 Non selective soybean herbicides 47% (72%) 6% (6%) Average Acres = 575 16% (19%) Average Acres = 845 22% (3%) Average Acres = 1,104 Broad leaf soybean herbicides 31% (38%) 16% (19%) Average Acres = 466 22% (44%) Average Acres = 807 25% (6%) Average Acres = 783 Grass soybean herbicides 44% (47%) 16% (22%) Average Acres = 466 13% (28%) Average Acres = 432 22% (6%) Average Acres = 836 Soybean insecticides 16% (41%) 6% (13%) Average Acres = 475 9% (0%) Average Acres = 441 22% (28%) Average Acres = 850 Soybean fungicides 25% (44%) 13% (9%) Average Acres = 373 9% (3%) Average Acres = 414 22% (34%) Average Acres = 871 Seed treatments 50% (69%) 6% (3%) Average Acres = 468 Do Not Use This Type of Product accounts for missing percentages. 9% (9%) Average Acres = 733 19% (13%) Average Acres = 803
Trendwatch: Despite the headlines, farmers embrace new technology Dicamba herbicides welcomed with positive reception Growers 50 and under were 3x more likely to use than older growers Which, if any, of the following systems for weed control do you intend to use this season, 2017? What products did you use in 2018?
Better weed control was number one reported benefit for these products Better Weed Control Yield Increase What was the impact on your soybean production of using (this product)?
2000+ acre growers surveyed used these products most often Product Did you use any of these products in 2017? Percent
2018 Intentions Percentage of farmers who will not use one of these products in 2018 Product Thinking ahead to next season, 2018, which, if any, of these products will you not use? Percent
Trendwatch: Farmers look for savings on seed Soybean traits rise with new weed control options
Soybeans to see the greatest increase in trait use Regarding SOYBEAN seed traits, indicate the number of acres for each of the following you have done or plan to do for 2018.
Corn sees little change in trait use Regarding CORN seed traits, indicate the number of acres for each of the following you have done or plan to do for 2018.
Saving on seed for 2018 Seed Changes I will make for 2018 are: Lock in more seed early with promotional pricing Take advantage of seed company financing offers Switch brand for better performance Overall 500 to 999 acres 1,000 to 1,999 acres 2,000+ acres 79% 100% 50% 88% 58% 40% 67% 63% 53% 40% 57% 50% Change brand to lower costs 47% 60% 50% 38% Delay ordering of seed 42% 40% 50% 38% Change brand for better onfarm/agronomic support 31% 20% 33% 38% Regarding your seed purchases and offers for seed, which of the following have you done or plan to do for 2018?
Trendwatch: Fertilizer tops the list of changes for 2018 Drive to cut costs and adopt precision application for crop nutrients
Managing fertilizer efficiency increasingly important in 2018 Percent of Farmers Making A Specific Fertilizer Change 2017 2018 Categorized By Type & Year When thinking about fertilizer application and efficiency, what do you expect to be your approach?
Fertilizer Changes Fertilizer for 2018 shifts to more precision Intend to do the same as 2017 Switch form of fertilizer to save money Increase precision to save money/ increase yields Add stabilizer to reduce loss Reduce actual applied rates Increase actual applied rates Still thinking about 2018 Anhydrous ammonia 37% 6% 3% 3% 9% Dry urea 20% 9% 3% 17% Liquid nitrogen 37% 3% 6% 11% 6% 9% Phosphate 60% 3% 17% 6% 9% Potash 54% 3% 17% 11% 9% Micronutrients 31% 3% 9% 3% 9% 14% Micronutrients-Foliar 14% 6% 6% 14% Manure 23% 11% 6% When thinking about fertilizer application and efficiency, what do you expect to be your approach? Do Not Use This Type of Product accounts for missing percentages.
Trendwatch: Farmers use internet resources at an increasing rate FBN is most prominent online tool for the business of farming 75% of farmers know about FBN The internet has provided new tools for growers to shop for better prices, share data for benchmarking and gain more information on the products they use. What is your level of awareness of these services?
How is FBN used by farmers for business? What is your level of use for each of these services? FBN Uses Functionality Used Percent of FBN Users