Ag Economy Barometer reaches second highest level in March
CHICAGO, IL – The Ag Economy Barometer rose in March to 177, the highest reading for the barometer since the record high reading of 184 in October.
This month’s 12-point rise in the barometer was attributable almost entirely to ag producers’ more optimistic view of the future as the Index of Future Expectations climbed to 164, 16 points above February’s index.
Although the Index of Current Conditions, at 202, changed little from a month earlier when it stood at 200, it did mark a return to the index’s record high, first reached in December.
Strong ag commodity prices and improved farm financial conditions continue to support the Ag Economy Barometer readings as we head into spring.
The Purdue University/CME Group Ag Economy Barometer is a nationwide measure of the health of the U.S. agricultural economy. On the first Tuesday of each month, the Ag Economy Barometer provides a sense of the agricultural economy’s health with an index value. The index is based on a survey of 400 agricultural producers on economic sentiment each month. Quarterly, the index is accompanied by an in-depth survey of 100 agriculture and agribusiness thought leaders.