The 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 barometer reading of 2019. Once again, the rise in the barometer 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 perceptions of current conditions.
This month’s Index of Current Conditions rose from 115 in October to 153 in November while the Index of Futures Expectations climbed just 7 points to reach a reading of 153. The Ag Economy Barometer and related indices are all based upon results from a nationwide telephone survey of 400 U.S. crop and livestock producers. This month’s survey was conducted from November 11-15, 2019. As a result, most survey responses were received before USDA’s announcement on November 15th that the second round of 2019 Market Facilitation Program (MFP) payments would be made to farmers in November.