The 2023 State of the Farm Report, recently published by Bushel, an independent software technology company specializing in digital tools for the agricultural supply chain, has shed light on the correlation between farmers’ grain marketing satisfaction and their knowledge and utilization of cost of production data.
Bushel’s comprehensive survey, which forms the basis of the report, garnered responses from over 1,350 U.S. farmers. The survey delved into various aspects, including technology adoption, grain marketing practices, industry payment methods, sustainability opportunities, and future priorities.
Julie Christensen, a product marketer for Bushel Farm, the innovative farm management software, stated that their company is dedicated to keeping up with industry trends and their software users. One way they achieve this is through their State of the Farm report, which also allows them to share valuable insights with customers and the wider industry for a greater impact.
Key Insights from the Report:
- Survey Demographics: The State of the Farm Report was started by FarmLogs (now known as Bushel Farm) in 2017. It has become one of the most comprehensive surveys for farmers, with 1,350 people participating in 2023. Half of the respondents (50%) were from larger farms that cultivate over 500 acres, which is significantly different from the USDA’s 2017 Census which reported only 15% of farms in the US of this size. It’s worth noting that 86% of the participants said that they were the main financial decision-makers for their farms.
- Confidence in Grain Marketing: Out of all the respondents, only 4% expressed a high level of satisfaction with their grain marketing outcomes. Interestingly, 74% of the satisfied group shared that they used cost of production data to set their initial crop prices. On the other hand, only 50% of the dissatisfied group utilized this data for their marketing strategies.
- Experimenting with Technology: Out of all the people surveyed, 44% are willing to try out new advancements in agriculture. The age demographic of 18-40 is the most curious about these technologies. Moreover, it’s noteworthy that 31% are inclined to utilize apps or websites for selling grains, which is a considerable increase from 2022 when 75% were opposed to this idea.
- New Ways of Thinking about Transactions: It is surprising that despite 82% of grain payments being made through paper checks, almost 40% of farmers are aware of digital payment methods. This trend coincides with the findings of the 2022 American Finance Professionals Digital Payments Survey, which revealed a 50% decrease in B2B check payments from 2004 to 2023.
- Sustainability Opportunities: 84% of respondents are keen on sustainability programs, but only 10% currently participate. The main barrier? A lack of information, with 60% needing more details to engage.
- Priorities for the Future: Farmers’ top three priorities for the upcoming year include increasing profitability, tracking/improving individual field performance, and refining marketing strategies.
The full report is available at Bushel Farm’s official website for a deeper dive into the findings.
Photo by no one cares on Unsplash
