Farmer sentiment was unchanged in November as the Purdue University-CME Group Ag Economy Barometer Index came in at a reading of 102, the same as in October.
This month’s survey was conducted the week following the November U.S. elections but, unlike the period immediately following the two most recent presidential elections, there did not appear to be a noticeable sentiment swing attributable to the election outcomes.
- Two-thirds of respondents said they expect their farms’ financial performance in 2022 to equal or exceed that of the prior year
- A large majority of farmers think high prices for farm machinery and new construction make now a bad time to make large investments in their farming operations
- Although most producers expect farmland values to rise over both the next 12 months and the next five years, the percentage of producers who think values will decline in the year ahead has been rising
- Looking ahead to 2023, producers continue to cite high input costs as their number one concern
- Finally, just over one- fourth of respondents said they’ve made changes in their farm operation in response to a sharp rise in energy costs