Farmers are hopeful that agricultural economy conditions are improving, according to the latest study by Purdue University.
The Purdue/CME Group Ag Economy Barometer rose in November for the second month in a row, climbing to 153, 17 points higher than in October when the index stood at 136.
The rise was driven by improvements in farmers’ perceptions of both current economic conditions and their belief that conditions will improve in the future. In the November survey, 57 percent of respondents said they expect a trade resolution with China soon, up from 42 percent in October. Additionally, 80 percent of respondents now say they believe the trade dispute will end with a beneficial outcome for U.S. farmers.
The index is based on a survey of 400 agricultural producers on economic sentiment each month. This month’s rise in the ag economy sentiment index left the barometer tied with July for the highest reading of 2019.