Farmer sentiment rises in October
The head of Purdue University’s Center for Commercial Agriculture says the latest Purdue/CME Group Ag Economy Barometer shows modest improvement in farmer sentiment.
Jim Mintert says the index of future expectations rose 5 points for October. “If you’re trying to figure out what’s going on there, I think the biggest single thing we’re able to identify is that farm financial index rose,” he says. “People became a little more optimistic about their farms’ current financial situation compared to a year ago.”
He tells Brownfield weather was also a likely factor. “With so many of the yield reports being above expectations and above average for so many people,” he says. “We think that might have fed back into an improved economic outlook for folks and maybe that fed back into the barometer itself.”
Mintert says Thursday’s USDA report will provide better insight to the overall yield picture.
MIntert says while the October reading of 110 is up, it’s down from the 121 reading in October 2021 and the 183 reading at the same time of year in 2020.
The Ag Economy Barometer is a monthly national survey of 400 U.S. agricultural producers.
AUDIO: Jim Mintert, Purdue Center for Commercial Agriculture