Survey says… agricultural producers are still feeling pretty good, according to the Purdue University/CME Group Ag Economy Barometer, released today. The barometer shot up in January. Though it has retreated from its peak, ag sentiment is still above its average since it was first measured in October 2015.
A majority of producers (63%) voiced their support for renegotiating the North American Free Trade Agreement (NAFTA), a process President Trump recently began instead of completely withdrawing from the agreement (actual negotiations won’t start before August 16). Overall, producers believe the renegotiation will be positive for both U.S. agriculture and the economy as a whole.
Looking towards the future, ag producers were feeling slightly more optimistic in May. The year started strong with the Index of Future Expectations hitting a peak before dropping in February and March and then inching back up in April and May.
The Index of Current Conditions has also had its ups and downs, but is still on the high end relative to all time.