Agricultural producer sentiment rose in May to its highest level since January 2017, as producers expressed an improved view of current conditions and future expectations of the U.S. agricultural economy, according to the Purdue University/CME Group Ag Economy Barometer.
The May barometer reading of 141 was 16 points higher than April. The rise in the barometer, a sentiment index derived from a monthly survey of 400 agricultural producers across the U.S., was driven both by producers’ improved view of current conditions in the production agriculture sector and, especially, their more optimistic view of the future, according to a Purdue news release.
Driving the optimism was a large improvement in producers’ expectations regarding the future for both the U.S. agricultural economy and their own farms’ financial conditions, the news release said.
