Farmer sentiment plummets as production costs skyrocket

The Purdue University/CME Group Ag Economy Barometer dropped in May to its lowest level since April 2020, down 22 points to a reading of 99. Agricultural producers’ perceptions regarding current conditions on their farms, as well as their future expectations, both weakened during the month. The Index of Current Conditions dipped 26 points to a reading of 94 and the Index of Future Expectations fell 21 points to a reading of 101. Calculated each month from 400 U.S. agricultural producers’ responses to a telephone survey, the…