Farmer Sentiment Drifts Lower, Rising Interest Rates Contribute to Uneasiness

The Purdue University-CME Group Ag Economy Barometer index drifted lower to a reading of 112 in September which was 5 points lower than a month earlier. The decline in farmer sentiment was primarily the result of producers’ weaker perception of current conditions as the Current Conditions Index declined to 109, 9 points lower than in August. The Index of Future Expectations also weakened slightly, declining 3 points from a month earlier to a reading of 113. Compared to a year earlier, the barometer this month was 10% lower while producers’ assessment of current conditions was down 22%. These results stand in contrast with future expectations in September which was only 2% weaker than a year ago. The Purdue University-CME Group Ag Economy Barometer sentiment index is calculated each month from 400 U.S. agricultural producers’ responses to a telephone survey. This month’s survey was conducted from September 19-23, 2022, a week or more following USDA’s September Crop Production and World Agricultural Supply and Demand Estimates (WASDE).

View Complete Report