Weakening crop prices hit barometer

Agricultural-producer sentiment declined for the second month in a row during September as the Purdue University-CME Group Ag Economy Barometer decreased 9 points to a reading of 106. Producers expressed concern about both the current situation as well as future prospects for their farms. The Current Conditions and Futures Expectations Indices both declined 10 points in September leaving the Current Conditions Index at a reading of 98 while the Future Expectations Index stood at 109. Weakening prices for major crops and ongoing concerns about inflated production costs and interest rates weighed on producer minds this month. September’s declines left all three indices at less than year-ago levels. This month’s Ag Economy Barometer survey was conducted Sept. 11-15, 2023.