Following months of stagnation, ag producer sentiment got a boost in July, as reported in the latest Purdue University/CME Group Ag Economy Barometer. The overall ag producer sentiment barometer hit 139 last month — the second highest level since the barometer began in October 2015.
While the year started with ag producers feeling optimistic about the future, they are now feeling even better about current conditions. The index of current conditions illustrates the upward trend since last August, when the barometer read an all-time low of 80. It’s been steadily rising since then, last month’s hitting an all-time high of 142.
Ag producers are feeling more optimistic due to the early summer market and improved commodity price expectations. They expect higher corn, soybean, and wheat prices within the next 12 months. On the flip side, ag producers expect cotton prices to decline over the same time frame.
Read the full July report here.
