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Purdue University Economy Index Rises for May

06/06/2024

The Purdue University-CME Group Economy Barometer Index relating to Agriculture rose in May to 108, nine points above April 2024 at 99. The rise was due to the Future Expectations Index that was up eleven points to 117.  The Index of Current Conditions was up six points from April to 89. The Index is derived from the responses of 400 U.S. farmers and was conducted from May 13th through the 17th.

 

Evident conclusions from the survey is that farmers are encouraged by declining inflation, the prospect of lower interest rates, anticipated higher commodity prices and progress in spring planting. Many respondents indicated that they would carry higher debt burdens in 2024 mainly due to increased costs of inputs including seed and fertilizer.