Farmer sentiment improves despite financial performance concerns

Three broad-based measures of farmer sentiment improved in July as the Purdue University/CME Group Ag Economy Barometer index rose 8 points to 113, the Index of Current Conditions increased by 10 points to 100, and the Index of Future Expectations at 119 was 7 points higher than a month earlier. Despite declines in corn and soybean prices from mid-June to mid-July — Eastern Corn Belt cash prices fell 11% and 5%, respectively — farmer sentiment improved in July. Responses to the individual questions attribute this positive shift to fewer respondents reporting worsened conditions compared to a year ago and a decrease in those expecting negative future outcomes. This month’s Ag Economy Barometer survey was conducted from July 15-19, 2024.