Farmer sentiment remained weak in June as the Purdue University-CME Group Ag Economy Barometer fell to a reading of 97, two points below its May reading.
During June farmers were a bit more optimistic about current conditions, however, the small improvement in current conditions was more than offset by weaker expectations for the future.
Just over half of respondents to this month’s survey said they expect their farms to be worse off financially a year from now, which was the most negative response received to this question since data collection began in 2015.
Rising input costs and uncertainty about the future continue to weigh on farmer sentiment.
One out of five crop producers in the June survey said they intend to change their crop mix in 2023 with the largest percentage of respondents planning a move toward more soybean production.
Although both farmland value indices remain at strong levels, producers were noticeably less confident that farmland values will continue to rise than they were last fall.
In the report's first attempt to learn about corn/soybean farmers’ expectations for 2023 cash rental rates, over half of producers said they expect to see rental rates rise.
