Confidence in the ag economy soars; producers confirm large prevented plantings of corn and soybeans

The Purdue University/CME Group Ag Economy Barometer reading jumped to 153 in July, up 27 points from Summer, and up 52 points from May. Improving crop problems after an extraordinarily damp planting season, coupled with a late spring/early summer time crop price rally, boosted farmer sentiment. This improvement took place despite the fact that many producers had been in the midst of processing prevented growing crop insurance statements and wondering about the measurements of the USDA’s 2019 marketplace Facilitation repayments (MFP). Answers are considering a survey of 400 farming manufacturers over the U.S. conducted from July 15 through July 19, 2019, which was ahead of USDA’s announcement of 2019 MFP payment prices.