Photo by Kirsten Strough

U.S. farmer sentiment improved slightly in October, with the Purdue University–CME Group Ag Economy Barometer rising three points to 129. The gain was driven by an eight-point increase in the Index of Current Conditions, which reached 130.

The Index of Future Expectations held nearly steady at 129. This data highlights a widening divide between livestock and crop producers. Livestock producers remain optimistic, buoyed by strong profitability in the beef sector. In contrast, crop farmers face weak margins across major commodities, contributing to a more negative outlook.

The Farm Financial Performance Index dropped sharply to 78. This is down 10 points from September and well below its May peak of 109. Crop and livestock producers again differed in their expectations, with crop farmers anticipating significantly worse financial performance than they did a year ago, while livestock producers expect similar results to those of last year.

The survey, conducted from October 13 to 17, explored how corn growers may respond to low prices in 2026. About 30% plan no changes, while 29% expect to reduce phosphorus applications and 27% plan to switch to lower-cost seed traits. A smaller percentage will cut nitrogen or seeding rates.

Policy uncertainty remains a factor. Although 58% believe increased U.S. tariff use will strengthen agriculture long-term, confidence has declined since spring. Overall, about 70% still feel the country is moving in the right direction.

Read more from the Purdue University–CME Group Ag Economy Barometer here.