CME barometer measures positive ag sentiment

Farmer sentiment improved in June for the second month in a row, rebounding from the sharp declines in March and April, according to the Purdue University/CME Group Ag Economy Barometer. The index was up 14 points from May to a reading of 117 and is based on responses on 400 U.S. agricultural producers in June. Over the last two, months, farmers’ perspective regarding making large investments in their farming operations improved markedly. The Farm Capital Investment Index recovered to a reading of 60 in June, compared to just 50 a month earlier and a reading of 38 in April. The index though is well below its 2020 high established in February. The survey was conducted after the USDA announced details regarding the Coronavirus Food Assistance Program (CFAP). “A more favorable spring planting season combined with assistance from CFAP help explain this month’s improvement in farmer sentiment, yet a majority of producers believe additional economic assistance will be needed in 2020,” said James Mintert, the barometer’s principal investigator and director of Purdue University’s Center for Commercial Agriculture.Roughly 64% of farmers surveyed indicated they think it will be necessary for Congress to pass another bill to provide more economic assistance to U.S. farmers. While sentiment is improving, land values too are likely to rise over the next five years according to 55% of the respondents. Only 17% of those renting land expect to ask their landlords to lower their cash rental payments in 2021 due to COVID-19.

CME barometer measures positive ag sentiment

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