Stagnant Ag Barometer Shows Lack of Farmer Confidence

October 3, 2017 12:08 PM
 
 

As farmers are working toward the finish line to get the 2017 crop out of the field, the Purdue University-CME Group Ag Barometer is showing farmers aren’t as confident in the future as they were nine months ago.

The September reading is steady, coming in at a 132, the same as August, staying in the range of the barometer over the last six months between 130 and 139. It has dropped 21 points since its peak of 153 in January.

Looking ahead to the future, farmer’s aren’t as confident as they once thought.

“Even though we had no change in the barometer itself, you did see some changes in the underlying sub-indexes,” said Jim Mintert, director of the Purdue University Center for Commercial Agriculture. “We’ve seen a fairly sharp drop off in the index of future expectations, meaning producers have lost some confidence that they had on where the ag economy was headed.”

The survey also noted there was an erosion of confidence in the general economy. Trade was also a point of discussion. Of the 400 producers surveyed, 59 percent said NAFTA is good for U.S. farmers and ranchers, while the remaining 41 percent said it’s bad for agriculture.

Watch Mintert’s full comments on trade above.

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