U.S. farmers’ outlook improved in March as the Purdue University/CME Group Ag Economy Barometer index increased to 114, 3-points higher than in February.
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.
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.
The March update to the Ag Economy Barometer from Purdue University and CME Group saw the farm capital investment index rise 1 point in February to a reading of 43.
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In this episode of On the Record, brought to you by Associated Equipment Distributors, Deere Director of Investor Relations Josh Beal told JP Morgan analysts that the OEM is confident it will be “producing to demand” in fiscal year 2025.