Over half of the 70 ag economists surveyed in Farm Journal’s Monthly Survey of Ag Economists believe the U.S. agriculture economy is in a recession. Seventy-five percent of the other economists believe the ag economy is on the brink of a recession, up from the 56 percent who responded that way in the previous month’s survey.

Michael Langemeier of Purdue University is one of the economists who say it’s in a recession and says he defines the current recession as one of the worst we’ve seen in the last 20 years. “So my short answer to the question is yes,” Langemeier said. “Just looking at where the prices are currently at, this is the worst year we’ve seen since 2007.”

Producer expectation levels have dropped back to those last seen in 2016.