A monthly measure of the agriculture economy shows post-harvest price rallies have lifted the spirits of farmers over the past month. The Purdue University-CME Group Ag Economy Barometer released Tuesday reached an index point of 116 for November, considerably higher than the October reading of 92. The Barometer surveys 400 farmers monthly. A rating below 100 is negative, while a rating above 100 indicates positive sentiment regarding the agriculture industry.
Organizers of the survey say the improved rating can be attributed to an improvement in farmers’ perspective about the future, which was motivated in part by better corn and soybean prices. However, organizers also note the jump in producer sentiment was reflected by fewer respondents with a negative outlook, rather than a notable shift toward a positive outlook on the agricultural economy.
Source: NAFB News Service