Farmers are becoming decidedly more optimistic, according to surveys conducted by Purdue University in Indiana and the Chicago Mercantile Exchange.
The latest Ag Economy Barometer shows farmer sentiments rose to a reading of 177 this month. That’s the highest reading since the record high hit in October of 2020.
The main driver was the continued strength in commodity prices, which also led to an improved farm financial outlook.
"That index rose 16 points to a reading of 164 this month and that's the highest reading we've seen on that index since last fall,” said Jim Mintert, director for the Center for Commercial Agriculture at Purdue University.
“The index of current conditions rose slightly to a reading of 202 versus 200, so the real driver in the improvement of the barometer was really from the index of future expectations," he said.