Scores of Montana agricultural producers and industry representatives attended the 2025 Agricultural Economics Conference in Bozeman on November 7. The event, part of Montana State University’s (MSU) annual Celebrate Ag week, brought together members of the state’s agriculture sector for networking, education, and recognition activities.
The conference is designed to provide agricultural producers with updates about economic trends affecting Montana agriculture, including how global markets influence local conditions. It also serves as a venue for MSU professors and Extension specialists to share their latest research. The event is free each fall for MSU students.
Joel Schumacher, conference organizer and Extension specialist with MSU’s Department of Agricultural Economics and Economics, said, “Events like this are one of many ways land-grant universities build connections between off-campus stakeholders and the MSU community. Every year, this event provides opportunities for information sharing and relationship building.”
The keynote lecture—named for M.L. Wilson, the state’s first agricultural Extension agent—focused on the long-term outlook for the U.S. cattle industry. Courtney Cowley, assistant vice president and Oklahoma City Branch Executive for the Federal Reserve Bank of Kansas City, delivered the address.
Cowley noted that cattle markets are currently performing better than crop markets based on indicators such as loan repayment rates and higher cash rents for ranchland. She said it is a favorable time to be a cow-calf producer because cattle prices have reached historic highs not seen since the 1950s after adjusting for inflation.
She also discussed challenges facing ranchers due to low cattle inventories: “It is often more attractive for a producer to sell their cows when prices are high instead of keeping them to grow the herd,” Cowley explained.
Schumacher provided an overview of Montana agriculture over the past year, highlighting strong calf prices and improved drought conditions compared to 2024. He also addressed difficulties faced by wheat and barley growers in light of changing global trade dynamics.
Andrew Swanson, assistant professor of agricultural economics at MSU, spoke about growth in the biofuels industry as a positive development for crop farmers. Biofuels made from oilseed crops such as soybeans and canola offer cleaner alternatives to petroleum diesel for vehicles and aircraft. Swanson found that rising demand from aviation combined with policy incentives has created new markets nationwide; however, he noted that limited domestic processing infrastructure restricts further expansion.
Other presentations included research on irrigation efficiency by Nick Hagerty; risk management strategies amid volatile trade conditions by department head Eric Belasco; updates from state departments; and studies on conservation easements, property tax legislation, and urban growth impacts by Kelsey Larson, Greg Gilpin, and Justin Gallagher.
Sponsors supporting the conference included Ag West Farm Credit, Montana Farm Bureau Federation, Montana Farmers Union, Montana Grain Growers Association, Montana Stockgrowers Association alongside MSU and MSU Extension. More information about Celebrate Ag events can be found at ag.montana.edu/celebrateag/.
