Farmer sentiment rebounded in June as the Purdue University-CME Group Ag Economy Barometer rose 17 points to a reading of 121.
June’s sentiment improvement left the index near the April reading of 123 after a one-month swoon in May. Producers report a more optimistic view of the future as the Index of Future Expectations rose 25 points to 123, while their perception of the current situation was unchanged.
The Index of Current Conditions reading, at 116, was the same as in May. This month’s Ag Economy Barometer survey was conducted from June 12-16, 2023. The more optimistic view of the future held by respondents was reflected across the board as the Farm Financial Conditions, Short and Long-Term Farmland Value Expectations, and Farm Capital Investment indices all improved in June compared to May.
Looking ahead, one-fourth of corn/soybean producers said they expect farmland cash rental rates to rise in 2024.