U.S. farmers’ outlook improved in March as the Purdue University/CME Group Ag Economy Barometer index increased to 114, 3-points higher than in February.
The result was driven by producer concerns about current conditions and future prospects, specifically weakening crop prices coupled with high production costs and interest rates.
Nearly three-fourths of respondents said they view this as a bad time to make large investments in their farm operation while just 16% of producers this month said it’s a good time to make investments.
According to the latest Ag Economy Barometer from Purdue University, 40% of growers who said now is a bad time to make large investments were most worried about the rising prices of farm machinery and new construction.
According to the latest update to the Ag Economy Barometer from Purdue/CME Group, the Farm Capital Investment Index hit another record low reading in September at 31.
According to the Aug. 2 update to the Ag Economy Barometer from Purdue University, 44% of farmers said increases in prices for farm machinery and new construction was their primary reason to consider it a bad time to make large investments in their farm operations.
In this episode we take a look at how used tractor prices continue to increase while inventories remain low. In the Technology Corner Michaela Paukner breaks down the technology plans for strip-tillers based on Strip-Till Farmers 2022 benchmark study. Also in this episode: NAEDA completes its merger, the forecast for China tractor sales over the next 5 years, Purdue's Farm Capital Investment Index remains at a record low, and we introduce the pilot episode of our new docuseries Stories from Independent Ag Equipment Innovators.
The Purdue University/CME Group Ag Economy Barometer dropped to its lowest level since April 2020, down 22 points in May to a reading of 99. Agricultural producers’ perceptions regarding current conditions on their farms, as well as their future expectations, both weakened this month.
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