U.S. farmers feel slightly better about Ag Sector’s economy survey shows
Successful Farming reports U.S. farmers are feeling slightly better about the current and future farm economy according to a study released by Purdue University.
In May, the latest reading, the index was up 7 points from April to a reading of 103.
The Index of Current Conditions improved in May, up 11 points from April as did the Index of Future Expectations, up four points.
In May’s survey, there was a slight increase in farmers’ intent to make large investments in their farming operations.
“This month’s survey was conducted the same week that USDA announced the details of the Coronavirus Food Assistance Program (CFAP), so awareness of that program’s details could be one of the key reasons for this month’s barometer improvement,” James Mintert, the barometer’s principal investigator and director of Purdue University’s Center for Commercial Agriculture, stated in the press release. “Yet some farmers remain worried about their bottom line and are still looking for options to alleviate those concerns.”
There are still major concerns over the COVID-19 pandemic. In May the survey showed more than 70% of respondents indicated they were “very worried” about the impact of the coronavirus on their farm’s profitability.
The two largest concerns were market access and financial, with health and safety coming in third according to the Purdue University release.