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Farmer sentiment in November rose for a second straight month, as measured by the Purdue University/CME Group Ag Economy Barometer index. It advanced 5 points to 115, a 12% increase from a year earlier.
The sentiment growth is attributable to “farmers’ improved perceptions of their farms’ financial conditions and prospects,” according to a statement from the Purdue University Center for Commercial Agriculture and CME Group.
The Index of Current Conditions rose 12 points to 113 while the Index of Future Expectations improved by 2 points to 116.
The Farm Financial Performance Index also rose in November to a reading of 95, up 3 points from the prior month. The financial index reached its low point last spring. The November reading was 25% higher than in May and 10% higher than at the start of fall harvest in September.
“Farmers’ expectations regarding financial performance have improved, with fewer producers’ expecting worse performance than a year ago,” James Mintert, director of Purdue University’s Center for Commercial Agriculture, said in a statement.
