Ag Producer Confidence Drops in Monthly Survey

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The Purdue/CME Group Ag Economy Barometer dropped seven points in November, signaling a slump in U.S. agricultural producers’ confidence compared to a month earlier. At 128, the measure of producer optimism was the second weakest observed this year, and just four points above the lowest reading in 2017, of 124, last March. However, organizers say that although indicating producers were less confident about the agricultural economy than in October, the survey still suggest agricultural producers remain more optimistic than they were prior to the fall 2016 election. The November slide in producer sentiment was driven by producers taking a less optimistic view of the future. The Index of Future Expectations declined ten points compared to October as the index fell to 127. However, the Index of Current Conditions reading of 129 in November was unchanged from October. A rating below 100 is negative, while a rating above 100 indicates positive sentiment regarding the agriculture industry.