Ag Economy Barometer Shows Some Optimism

Farmer sentiment improved again in June as the Purdue University-CME Group Ag Economy Barometer rose 14 points to 117.

The barometer’s rise was fueled by improvements in both the Index of Current Conditions, which rose to a reading of 99, a19% month-over-month increase, as well as the Index of Future Expectations, which climbed 12% higher to 126. The improvement in farmer sentiment left the Ag Economy Barometer 7% lower than the number reported in June 2019. The Index of Future Expectations was still 10% below its June 2019 level.

However, the Index of Current Conditions was 2% higher than June of last year, likely reflecting considerably improved spring planting conditions throughout much of the nation, as well as support from USDA’s Coronavirus Food Assistance Program.

Four out of ten farmers surveyed said that as a result of concerns about COVID-19, they are conducting more business online, and over half of respondents said they are less likely to attend in-person educational events in 2020.

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