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US ag economy barometer posts sharp declines in May

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US ag economy barometer posts sharp declines in May

10 June 2021

The Ag Economy Barometer fell by 20 points in May as producers remain bullish on farmland values.

The Purdue University/CME Group Ag Economy Barometer saw a significant decline in May, down 20 points to a reading of 158. This marks the lowest reading for the survey since September of 2020.

Producers were less optimistic about both current conditions and the future of the agricultural economy. The Index of Current Conditions dropped 17 points to a reading of 178 and the Index of Future Expectations fell 20 points to a reading of 149. The Ag Economy Barometer is calculated each month from 400 US agricultural producers’ responses to a telephone survey. This month’s survey was conducted from 10 to 14 May 2021.

“The potential for changing tax rules and rising input costs appeared to be on producers minds this month and were the primary drivers for the Ag Barometer’s decline,”…

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