All three broad-based measures of farmer sentiment improved in the July Purdue University/CME Group Ag Economy Barometer. The index rose eight points from June to 113. The Index of Current Conditions increased 10 points to 100. The Index of Future Expectations rose seven points from June to 119. Farmer sentiment improved in July despite declines in corn and soybean prices from mid-June to mid-July.
The July survey showed that higher input costs remain the biggest concern to 34 percent of the respondents. Also, 29 percent of the respondents cited lower crop and livestock prices as their number one concern. The Farm Financial Performance Index dropped four points in July to 81, six points lower than July 2023. Despite concerns about farms’ financial performance, the Farm Capital Investment Index rose six points in July to 38. However, at seven points lower than July 2023, it does remain at a weak level.
-NAFB