Over half of the 70 ag economists surveyed in Farm Journal’s Monthly Survey of Ag Economists believe the U.S. agriculture economy is in a recession.  And 75% of the remaining economists believe the Ag economy is on the brink of a recession.  The number of those that believe the ag economy is on the brink of a recession is up from 56% reported a month earlier.

 

Purdue University’s Michael Langemeier, one of the economists who says the Ag industry is in a recession, describes the current recession as one of the worst the U.S. has seen in the past two decades.  “So my short answer to the question is yes,” Langemeier said. “Just looking at where the prices are currently at, this is the worst year we’ve seen since 2007.”

 

Producer expectation levels have dropped back to those last seen in 2016.

 

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