The Purdue University/CME Group Ag Economy Barometer index rose four points to 110 in October.
The barometer for future expectations rose by five points and the one for current conditions rose by three points.
Farmers in this month’s survey were slightly less concerned about the risk of lower prices for crops and livestock and felt somewhat better about their farms’ financial situation than a month earlier.
Farmers’ more optimistic view of their farms’ financial situation was reflected in the Farm Financial Performance Index, which rose six points in October compared with September. This month’s index value of 92 was the highest farm financial performance reading since April and pushed the index seven per cent above its reading from a year ago.
That contrasts with the United States Department of Agriculture’s forecast for 2023 net farm income to fall below last year.
