The lack of a Farm Bill in place is weighing heavy on the minds of those surveyed in the new Purdue/CME Group Ag Barometer. The barometer's November reading is 134.
That's down just over one point from last month. The current number is 6% below its most recent peak in June. That's before the trade wars started to really kick in.
Researchers say farmers are becoming more optimistic that current trade conditions won't hurt exports in the long run, but 75% of them were concerned about the lack of a new Farm Bill at the time when they were asked.
Also interesting, farmers are expected to plant fewer soybeans this year. 30% of those asked say they plan to reduce their soybean acreage. 69% said they plan to reduce their soybean acreage by more than 10%. They say they plan to plant corn on those acres instead.
A link to the full report is here.