Farmer Sentiment Unchanged Last Month

According to the Purdue University-CME Group Ag Economy Barometer, farmer sentiment in July was virtually unchanged from a month earlier. The index rose just one point to a reading of 118. That small change in the barometer left it 30% below its peak of the year, which occurred in February and 23% below its level one year ago.

Although there was little change in the barometer this month, there was a shift in producers' perspective on current compared to future conditions. The Index of Current Conditions rose 12 points to 111 while the Index of Future Expectations fell to a reading of 121, five points lower than in June. The Ag Economy Barometer is calculated each month from 400 U.S. agricultural producers' responses to a telephone survey. This month's survey was conducted from July 20-24, 2020.

Organizers of the index say Producers were somewhat less concerned about the impact of coronavirus on their farm's profitability. However, two-thirds of respondents still said they feel Congress needs to pass another bill to provide economic support to farmers.

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