Farmers across Canada have varying levels of confidence about their ability to effectively market their crops now that they have recovered from the winter downturn, according to the latest Canadian Farmer Sentiment Index survey. Real agricultural research.
Note: The Canadian Farmer Sentiment Index is based on a scale of 0 to 200, with 100 being neutral. For more information on the CFSI, contact RealAgristudies. Real Agri Studies.
Overall confidence in marketing their crops has remained relatively stable since March 2023. Only twice since September 2022 (when the CFSI survey began) have farmers felt more confident in their plans to market their crops. This question has remained much more stable than the related question of which direction farmers feel the market is heading.
Breaking down this overall figure, the survey results show that there are differences in levels of confidence based on farm type and size. Crop producers are the most confident group in marketing their crops (87), compared to mixed farms (83) and primarily livestock farms (77). Primary livestock and mixed farms are very confident in marketing livestock, at 129, which is great.
Interestingly, farmers with revenues over $5 million reported lower confidence than farmers with lower revenues. This seems like a bit of a paradoxical data point, as based on past survey data, larger farmers are more likely to hire outside talent to help with their marketing strategies.
Interestingly, the survey also revealed little variation in marketing confidence levels based on farmer age. Farmers aged 55-64 were the most confident in their marketing abilities and those under 35 were the least confident. When looking at results for current farm financial performance, farmers under 35 were overwhelmingly happier with their situation compared to 12 months ago, but that doesn’t show up in this data set. In past surveys, age was a factor in marketing confidence.
Regional differences further highlight the differing levels of confidence. Historically, Western Canada has always been more confident about selling agricultural products than the Eastern region, and April 2024 was no exception. The Western region had a confidence score of 89, while the Eastern region had a score of 80.
Watch Shaun Haney of RealAgriculture and Justin Funk of RealAgristudies explain these slides and more below.
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