Farmer sentiment in July was virtually unchanged from a month earlier, according to the Purdue University-CME Group Ag Economy Barometer. The index rose just one point to a reading of 118. The small change in the barometer left it 30 percent below its February 2020 peak and 23 percent below its level a year ago.
Although there was little change in the barometer this month, there was a shift in producers’ perspective on current vs. future conditions. The Index of Current Conditions rose 12 points to 111 while the Index of Future Expectations fell to a reading of 121, five points lower than in June. The Ag Economy Barometer is calculated each month from 400 U.S. agricultural producers’ responses to a telephone survey.
This month’s survey was conducted from July 20-24, 2020. Organizers of the index say Producers were somewhat less concerned about the impact of coronavirus on their farm’s profitability. However, two-thirds of respondents still said they feel Congress needs to pass another bill to provide economic support to farmers.
NAFB News Service