Farmer sentiment saw an unexpected surge in October ahead of the upcoming U.S. election, according to the latest Purdue University/CME Group Ag Economy Barometer.
The index rose to 115, marking a 27-point increase from September. This boost in sentiment was primarily driven by a rise in producers’ confidence in the future, with the Future Expectations Index jumping 30 points to 124. While the Current Conditions Index also improved, reaching 95, it still reflected farmers’ concerns that economic conditions this year are worse than last year and weaker than the barometer’s base period of 2015-16 during the early days of a multiyear downturn in the U.S. farm economy.
Despite current challenges, the October survey indicated some optimism among producers that economic conditions may strengthen, avoiding an extended downturn in the farm economy. This month’s survey was conducted from Oct. 14-18, 2024.
Read the full report here: https://ag.purdue.edu/commercialag/ageconomybarometer/farmer-sentiment-in-october-rebounded-ahead-of-the-u-s-election/?utm_medium=email&utm_source=delivra-Barometer110524&utm_campaign=Barometer-20241105Report&utm_id=46885180
