Ag Barometer Insight: February 2024 Survey Results

The latest Purdue University/CME Group Ag Economy Barometer reveals a modest increase in farmer sentiment compared to the previous month, though concerns remain regarding farm financial performance in the year ahead. The barometer rose in February posting a reading of 111, 5 points higher than a month earlier. The modest rise in the barometer was attributable to producers expressing somewhat more optimism about the future as the Future Expectations Index rose 7 points to a reading of 115 while the Current Conditions Index was unchanged, both compared to a month earlier. Although farmers’ expectations for the future improved in February, their financial performance expectations did not. February’s Farm Financial Performance Index reading of 85 was 1 point lower than in January and 13 points below its most recent peak in December. Weak crop prices continue to weigh on financial expectations as mid-February Eastern Corn Belt cash prices for corn and soybeans were 7 and 8% lower, respectively, than two months earlier when the December survey was conducted. The February Ag Economy Barometer survey was conducted from February 12-16, 2024.

The Ag Economy Barometer sentiment index is calculated each month from 400 U.S. agricultural producers’ responses to a telephone survey. Purdue ag economists James Mintert and Michael Langemeier share some insight into the results of the February 2024 Ag Economy Barometer survey. The full report is available at https://purdue.ag/agbarometer.

Podcast provided by Purdue University's Center for Commercial Agriculture. For more economic information and insights on the Ag Economy Barometer, visit us at http://purdue.edu/commercialag.