Survey Shows Farmers Less Optimistic About Future
(photo courtesy of AgriNovus Indiana)
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As a subscriber you can listen to articles at work, in the car, or while you work out. Subscribe NowA monthly survey of farmers conducted by Purdue University shows increasing concern about rising input costs. The Purdue/CME Group Ag Economy Barometer fell 21 points last month, showing farmers were less optimistic about current conditions and their expectations for the future.
The Ag Economy Barometer is calculated from survey responses from 400 agricultural producers across the country. Purdue says since the barometer’s peak in April, optimism among farmers has fallen sharply.
The Farm Financial Performance Index, which is determined by producers’ expectations of their farm’s financial performance this year compared to last year, fell 30 points in June.
“Farmers expect their input costs to rise much more rapidly in the year ahead than they have over the last decade, contributing to their concerns about their farm finances and financial future,” said James Mintert, the barometer’s principal investigator and director of Purdue’s Center for Commercial Agriculture.
Additionally, the Farm Capital Investment Index fell 11 points to its lowest reading since May 2020. Purdue says the decline “appears to be driven more by plans to hold back on constructing new farm buildings and grain bins than purchasing farm machinery.”
You can view the full Ag Economy Barometer by clicking here.