Agricultural producer sentiment inched up in April following a two-month decline, as reported in the latest Purdue University/CME Group Ag Economy Barometer. The boost in optimism came despite the fact that producers and agricultural thought leaders expect the price of corn and soybeans to weaken. Survey results continue to show that sentiment is not determined solely by profitability.
The year started strong with the Index of Future Expectations spiking up to 169, but it fell sharply in February and March, down to 126. In April, the index climbed back up to 132.
The Index of Current Conditions also inched up, from 120 to 127, and sentiment among agricultural thought leaders increased 12% between January and April.
Despite the rise, fall, and rise again to start 2017, overall producer sentiment this year is still high compared to most months since the survey began in October 2015.