Declining income expectations helped to push farmer sentiment down again in September as the Purdue University-CME Group Ag Economy Barometer Index fell 12 points to 88.

Farmer sentiment plunged in April as the Purdue University-CME Group Ag Economy Barometer fell 15 points below a month earlier to a reading of 99. 

Farmer sentiment took a downturn at the start of 2024 as the January Purdue University-CME Group Ag Economy Barometer Index fell to a reading of 106.

U.S. farmers’ sentiment changed very little in December compared to the preceding month.

The result was driven by producer concerns about current conditions and future prospects, specifically weakening crop prices coupled with high production costs and interest rates. 

Top concerns among producers continue to be high input costs and rising interest rates.

Nearly three-fourths of respondents said they view this as a bad time to make large investments in their farm operation while just 16% of producers this month said it’s a good time to make investments. 

Operating income for the quarter was $27 million, a decrease of $8.2 million, or 23%, compared to operating income of $35.2 million in the prior year third quarter.