October 1, 2024 | Purdue/CME Group Ag Economy Barometer
Declining income expectations helped to push farmer sentiment down again in September as the Purdue University-CME Group Ag Economy Barometer Index fell 12 points to 88. Both of the barometer’s sub-indices, the Index of Current Conditions and the Index of Future Expectations, declined as well. The Current Conditions Index fell 7 points to 76, and the Future Expectations Index dropped 14 points to 94. These were the weakest barometer and future expectations readings since March 2016, when the farm economy was in the throes of an economic downturn. The current conditions assessment very nearly matched that of April 2020, when COVID concerns were top of mind for U.S. farmers. Weak output prices combined with high input costs were key problems cited by survey respondents in September. The September survey took place from September 9-13, 2024.
