U.S. farmer sentiment brightens in May

Jun 05, 2024

Price increases and planting progress boost morale

By Farms.com

In May, the Purdue University/CME Group Ag Economy Barometer climbed to 108, signaling increased optimism among U.S. farmers.

This uptick, driven by improvements in both the Index of Future Expectations and the Current Conditions Index, reflects positive sentiments among agricultural producers.

One contributing factor to this improved outlook is the rise in crop prices. By mid-May, cash corn prices in the Eastern Corn Belt had increased by 6% to 7%, while soybean prices had risen by 2% to 3% since April.

These price gains, coupled with favorable planting progress for corn and soybeans, likely bolstered farmer confidence.

The May 2024 Ag Economy Barometer survey, conducted from May 13-17, provided valuable insights into farmers' views on the agricultural economy.

Purdue ag economists James Mintert and Michael Langemeier discussed the survey findings on a Purdue Commercial AgCast episode, offering analysis on the factors contributing to the uplift in farmer sentiment.

Video: Evolution of Beef Cattle Farming

The Clear Conversations podcast took to the road for a special episode recorded in Nashville during CattleCon, bringing listeners straight into the heart of the cattle industry. Host Tracy Sellers welcomed rancher Steve Wooten of Beatty Canyon Ranch in Colorado for a wide-ranging discussion that blended family history and sustainability, particularly as it relates to the future of beef production.

Sustainability emerged as a central theme of the conversation, a word that Wooten acknowledges can mean very different things depending on who you ask. For him, sustainability starts with the soil. Healthy soil produces healthy grass, which supports efficient cattle capable of producing year after year with minimal external inputs. It’s an approach that equally considers vegetation, animal efficiency, and long-term profitability.

That philosophy aligned naturally with Wooten’s involvement in the U.S. Roundtable for Sustainable Beef, where he served as a representative for the Colorado Cattlemen’s Association. The roundtable brings together the entire beef supply chain—from producers to retailers—along with universities, NGOs, and allied industries. Its goal is not regulation, Wooten emphasized, but collaboration, shared learning, and continuous improvement.