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Farmer sentiment declines to lowest level since June 2022 amid weakened financial outlook |
April witnessed a steep decline in U.S. farmer sentiment, as indicated by the Purdue University/CME Group Ag Economy Barometer, which fell 15 points from March to a reading of 99. Both subindexes of the barometer also saw declines: The Current Condition Index dropped by 18 points to 83, while the Future Expectations Index fell by 14 points to 106. April marked the lowest farmer sentiment reading since June 2022 and the weakest current condition rating since May 2020. The sentiment decline was driven by worries regarding the current financial situation on farms and anticipated financial challenges in the coming year.
“Farmers’ sentiment took a significant hit in April, reflecting broader concerns about financial performance and farmland values,” said James Mintert, the barometer’s principal investigator and director of Purdue University’s Center for Commercial Agriculture.
The Farm Financial Performance Index declined to 76 in April, marking a 7-point drop from the previous month and a 21-point decrease from last fall’s peak of 97. This downturn reflects farmers’ growing concerns about the upcoming year’s financial outlook, with fewer respondents expecting better or equal performance than last year.
“Looking ahead, energy production activities could provide some support for farmland values and expectations in some regions,” said Mintert.
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