Farmer Sentiment Rebounds Amidst COVID Concerns
Optimism may reflect improved spring planting conditions and support from CFAP
Farmer sentiment improved again in June as the Purdue University-CME Group Ag Economy Barometer rose 14 points to a reading of 117.
The barometer’s rise was fueled by improvements in both the Index of Current Conditionswhich rose to a reading of 99, 19 percent higher than a month earlier, and the Index of Future Expectations which climbed to 126, 12 percent higher than in May.
The improvement in farmer sentiment left the Ag Economy Barometer7 percent below one year earlier, while the Index of Future Expectations was still 10 percent below its June 2019 level.
The Index of Current Conditions, however, was two percent higher than in June 2019, likely reflecting considerably improved spring planting conditions throughout much of the nation, in addition to support from USDA’s Coronavirus Food Assistance Program (CFAP).
The Ag Economy Barometer is calculated each month from 400 U.S. agricultural producers’ responses to a telephone survey. This month’s survey was conducted from June 22-26, 2020.
Read the full report here.