Farmer views of the ag economy improved in October according to a monthly survey by Purdue University and the CME Group.
The overall rating of farmer sentiment in the Ag Economy Barometer rose to a reading of 110, an increase from September's 106 but slightly lower than the 115 rating reported in August.
Farmers surveyed in October “were a bit less concerned about the risk of lower prices for crops and livestock and felt somewhat better about their farms’ financial situation than a month earlier.”
As usual, producers were asked about their biggest concern for the next year. Keeping tradition with previous months, the highest percentage of producers (36% of those surveyed) pointed to higher input costs; a quarter of those surveyed said that rising interest rates were their biggest concern while 18% said lower crop and/or livestock prices.
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The survey asked corn and soybean producers what changes they had made in their operations in response to long-term changes in weather. The top three changes were adopting or increasing the usage of no-till, changing the mix of crops planted, and planting more drought-resistant varieties, at 25%, 23% and 20% respectively.
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