Monthly survey of farmer sentiment continues to plummet

Purdue University graph

A monthly survey of 400 U.S. farmers has found "the weakest farmer sentiment reading since April 2020," Purdue University reports on its latest Ag Economy Barometer, done with CME Group.

"The May 2022 barometer reading marked just the ninth time since data collection began in fall 2015 that the overall measure of farmer sentiment fell below 100," Purdue reports. "Agricultural producers’ perceptions regarding current conditions on their farms, as well as their future expectations, both weakened this month. The Index of Current Conditions fell 26 points to a reading of 94, while the Index of Future Expectations declined 21 points to 101 in May. Notably, this month saw a rise in the percentage of respondents who feel their farm is worse off financially now than a year earlier, an indication that escalating production costs are troubling producers."

The survey of 400 U.S. agricultural producers is conducted by telephone each month. The latest survey was conducted May 16-20.