News

Farmers predict farm financials to rise this year, just slightly

According to the latest Purdue University/CME Group Ag Economy Barometer, the farm financial performance index rose slightly.

Jim Mintert with Purdue’s Center for Commercial Agriculture tells Brownfield the rise was surprising.

“Producers seem to have a bottoming out of their farm financial performance expectations at about planning time and then as the growing season starts to progress they start to see their expectations for financial performance to improve somewhat,” he says.

Mintert says he’s noticing a pattern.

“In 2021, that index bottomed out in May and then improved as we progressed into the growing season,” he says. “In 2022, it did the same thing. It bottomed out in May and then improved as we went through the growing season. Same pattern in 2023.”

The Purdue University/CME Group Ag Economy Barometer is a nationwide measure of the health of the U.S. agricultural economy and surveys 400 agricultural producers on economic sentiment each month. The next survey comes out August 6th.