The Purdue/CME Group Ag Economy Barometer rose in November for the second month in a row, climbing to 153, 17 points higher than in October when the index stood at 136.
This month’s rise in the ag economy sentiment index left the barometer tied with July for the highest reading of 2019.
Once again, the rise was driven by improvements in farmers’ perceptions of both current economic conditions, and their belief that conditions will improve in the future, with the biggest boost coming from improved views of current conditions.
Producers in November became much more confident that the trade dispute with China will be settled soon.
On the November survey, 57% of respondents said they expect a resolution soon, up from 42% in October.
Additionally, 80% of respondents now say they believe the trade dispute will end in a beneficial outcome for U.S. farmers.
The index is based on a survey of 400 agricultural producers on economic sentiment each month.