Bushel released its annual State of the Farm Report, sharing the voice of the U.S. farmer with preferences and opinions on farming practices, grain marketing strategies, and technology usage and perceptions. It is one of the largest farmer surveys in the industry. Started in 2017, the Bushel State of the Farm Report is based on one of the largest farmer surveys in the industry.
Many of the respondents represent larger farms than average, with 58% of respondents farming 500 acres or more, contrasted with the most recent USDA Census of Agriculture. The report also shows a high number of growth-oriented respondents with 39% reporting aggressive growth plans for the next five years (10% growth or more). More than 60% of respondents who indicated they have plans for high growth are in the 18-40 age group. This parallels the USDA Census of Agriculture, which noted a rise in the number of new and beginning (operating 10 or fewer years on any farm) as well as younger (under the age of 35) producers.
"Not only will today's 'young farmers' be the future decision-makers and influencers, but our report shows they have aggressive growth plans. It could be easy to overlook these segments - and their preferences and behaviors - but they may represent a much larger share of the market in 10-plus years," said Bushel product marketer Julie Christensen. "How will agribusinesses position themselves to build and grow relationships, beginning today? Technology may be an important factor."
Key takeaways
- Large farms (2,000-plus acres) can account for a disproportionately larger share of the market.
- Farmers under 40 years old and high-growth farmers represent future customers and markets.
- There is aggressive adoption of technology by younger and growing farmers.
- Price of equipment, profitability, and inflation are the top three concerns reported by surveyed farmers.
- 'Increasing operational efficiencies,' 'improving marketing strategy,' and 'tracking/improving field performance' were the highest-rated management opportunities.
Use of technology
- Weather, accounting, and financial record-keeping are the highest-ranked activities for which farmers use a farm-related app or software. Farmers under 40 view software's value beyond just convenience - with an even split between helping them manage costs and increasing revenue.
- Nearly 65% of respondents are willing to submit grain offers / sell grain to grain buyers through an app or website compared to last year's response of 47%.
- 70% of respondents use one or more farm record-keeping tools. While the majority still use "old-school" pen and paper, it is down 11%.
- While only 30% of respondents admit to having a documented marketing plan, it has increased 12% from 2022.
- More than 40% of farmer respondents said they are willing to share data with accountants and crop insurance providers. More than a third are willing to share with their agronomist and banker/lenders.
For more information:
Julia Eberhart
Bushel
Tel.: +1 605-690-1418