Survey: Farmers concerned about the economy for next year
Source: Purdue University
Agricultural producers' sentiment declined for the second month in a row during September as the Purdue University-CME Group Ag Economy Barometer fell 9 points to a reading of 106. Producers expressed concern about both their current situation as well as future prospects for their farms.
The Current Conditions and Futures Expectations Indices both declined 10 points in September leaving the Current Conditions Index at a reading of 98 while the Future Expectations Index stood at 109. Weakening prices for major crops and ongoing concerns about high production costs and interest rates weighed on producers' minds this month. September's declines left all three indices below year-ago levels.
Producers continue to point to high input costs as a top concern for their farming operations in the year ahead, with nearly one-third of respondents in this month's survey saying that it's their number one concern.
Nearly tied for second place this month were rising interest rates, chosen by 25% of respondents, and lower crop and/or livestock prices, chosen by 22% of farmers in this month's survey. The percentage of producers choosing lower crop and/or livestock prices has increased since the beginning of the year when just 16% of producers cited it as a top concern.
This month's Ag Economy Barometer survey was conducted from September 11-15, 2023.