The April Ag Economy Barometer reading climbed 6 points, indicating a shift in on-farm financial improvements. Purdue University asks producers to look ahead one year and asks them how they expect to be financially. Last month, more people replied saying they expect to be better off financially, largely due to the changing interest rate environment.
The barometer found 34% of survey respondents expect the prime rate to remain unchanged or possibly decline, up a whopping 25% from February. However, 70% of respondents feel it is a bad time to make investments, a trend expected to shift later in 2023. Purdue expects progress on the farm bill to be a key indicator in the remaining 2023 survey results.
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