Purdue University reports that farmers’ thoughts about the economy rebounded in October after hitting its lowest level since 2016 in September.
The university’s Ag Economy Barometer hit 136 up by 22 points from September.
The university and the CME Group conduct a monthly survey of 400 producers.
The barometer’s two sub-indices both increased in October; the Index of Current Conditions rose 19 points to 115 and the Index of Expectations rose 24 points to a reading of 146.
“We continue to see large month-to-month variations in the barometer readings as a result of swings in major commodity prices and emerging news about trade negotiations with key ag trade partners,” said James Mintert, the barometer’s principal investigator and director of Purdue University’s Center for Commercial Agriculture.
The Trump Administration announced the renegotiated U.S.-Mexico-Canada Agreement in early October.
More than 60 percent of producers said the agreement would at least somewhat relieve their farm income concerns; 25 percent of producers said it would not.
