Farmers are clearly worried about the impact of the COVID-19 pandemic on their businesses, prompting the largest-ever monthly drop in the Purdue University barometer.
The Purdue University/CME Group Ag Economy Barometer involves a survey of 400 farm businesses.
The barometer dropped 47 points to 121.
“Farmers also became less optimistic in March about the outcome of the trade dispute with China and whether it would be resolved in a way that benefits U.S. agriculture,” Purdue researchers said.
In January 69 per cent felt the deal would be beneficial for soybeans; in mid-March it was down to 47 per cent.
In another measure, “the percentage of producers that expect the trade dispute to be resolved in a way that's ultimately beneficial to U.S. agriculture was down to 68 per cent this month from an average of just over 80 percent who felt that way in January and February,” the researchers reported.
