U.S. farmer sentiment drifts, rising interest rates contribute to concern

The Purdue University/CME Group Ag Economy Barometer from the University of Agriculture and the Chicago Mercantile Exchange (CME) Group fell to 112 in September, down 5 points from last month. Weak producers' perception of the current conditions led to a decline in farmer sentiment as the Current Conditions Index slipped to 109, down 9 points.

There is also a weakening of the Index of Future Expectations, and its decrease by 3 points compared to the previous month. At the moment, the value of the  Index of Future Expectations is 113. Compared to last year, this month, the economic barometer was 10% lower, and manufacturers' assessment of current conditions decreased by 22%.

This data contrasts with the Index of Future Expectations in September, which is 2% lower than it was in september 2021. The Ag Economy Barometer is calculated monthly using a telephone survey of 400 US producers of crops and livestock. Last month, the survey was conducted by United States Department of Agriculture from September 19 to 23, one week after the USDA World Agricultural Supply and Demand Assessment (WASDE).