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Financial performance for many farms better than expected in ’23

Farmers are more confident in their farms’ financial performance according to the latest Purdue University/CME Group Ag Economy Barometer. 

Ag economist Jim Mintert, director of the Center for Commercial Agriculture, says the Farm Financial Performance Index has risen 11 points since before harvest. “A lot of that was related to the fact that yields were better than expected,” he says. “Particularly think about what was taking place during the dry weather period of last summer. People were very concerned about yields and the impact that was going to have on their farms’ financial situation. That turned out better than expected for most people.”

He tells Brownfield the financial situation at the end of the year was also surprising. “To some extent, prices held up better than expected,” he says. “We’ve seen some weakness obviously lately, but nevertheless during a bulk of the fall harvest period and up to when we were doing the survey, people felt better about that.”

Overall, the Ag Economy Barometer fell one point to 114, and both sub-indices, the Index of Current Conditions and the Index of Future Expectations, also fell one point from their November readings.

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.

AUDIO: Jim Mintert, Purdue Center for Commercial Agriculture

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