Agricultural producer sentiment improved slightly in July as the Purdue University/CME Group Ag Economy Barometer index rose two points to a reading of 123.
Farmers were also more optimistic about their perception of current conditions and future expectations on their farms. The Index of Current Conditions rose 5 points to a reading of 121, while the Index of Future Expectations was up one point to 124. 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 between July 10 and 14.
“Producers were slightly more confident about the farming economy in July, despite recent crop price volatility and continued concerns about rising interest rates,” said James Mintert, the barometer’s principal investigator and director of Purdue University’s Center for Commercial Agriculture.