Producer outlook fell to its weakest reading since July 2022, as the Purdue University-CME Group Ag Economy Barometer Index declined 19 points to 104 in May.
The new reading was fueled by declines in both of the barometer’s sub-indices.
The Index of Future Expectations declined 22 points to 98, while the Index of Current Conditions fell 13 points below a month earlier to 116.
Weak crop prices helped trigger the sentiment decline.
Nearly half of producers feel that the most important aspect of new Farm Bill legislation will be the Crop Insurance Title, while a fourth of producers say the Commodity Title will be the most important.
