800 326 9054Farmer sentiment weakened a bit last month as producers’ future outlook softened somewhat, and there is ongoing concern about prospects for soybean exports, according to the Purdue University-CME Group Ag Economy Barometer.
The barometer’s overall index dropped three points to 136 and the index of future expectations fell four points to 140. The index of current conditions was unchanged in December, based on the survey conducted Dec. 1-5.
Farmers’ expectations for the financial performance of their own operations were largely unchanged.
Producers were more optimistic than they had been in their broad outlook toward exports, with only 5% of those surveyed saying they expect exports to decline this year.
“However, when asked to focus more specifically on soybeans, a key agricultural export, their outlook was notably less sanguine. In December, 13% of corn and soybean growers said they expect soybean exports to decline over the upcoming five years, up from 8% of growers who felt that way in November,” according to a summary of the report.
“Similarly, the percentage of growers who expect soybean exports to increase in the next five years fell from 47% in November to 39% in December.”
Brazil is of particular concern. Some 84% of the corn and soybean producers surveyed said they were concerned or very concerned about the competitiveness of U.S. soybean exports relative to Brazil’s.
*Sourced from Agri-Pulse.