Producers had a more positive outlook on the agricultural economy in July despite sagging prices for corn and soybeans, according to the monthly Purdue-CME Group Ag Economy Barometer.
The barometer’s index of current economic conditions rose 8 points to 113, while the index of farmers’ future expectations increased 7 points to 119.
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“Responses to the individual questions used to calculate the indices indicated that the sentiment shift was primarily attributable to fewer respondents saying that 1) conditions were worse than a year earlier and 2) fewer saying that they expect bad times in the future,” according to the barometer report.
The report noted that the survey was conducted during the week that the Republican National Convention took place in Milwaukee.
Looking ahead, survey respondents said their biggest concerns are input costs and commodity markets. Some 34% of farmers surveyed said input costs were their biggest concern while 29% chose lower crop and livestock prices.