By Jamie Martin
A recent survey by Purdue University indicates a brighter outlook for US farmers. The Purdue/CME Group Ag Economy Barometer index rose 9 points in May, reaching 108. This positive shift is likely due to a combination of rising crop prices and good progress in planting.
By mid-May, corn and soybean prices had increased compared to April. Corn prices in the Eastern Corn Belt rose 6-7%, while soybeans saw a 2-3% increase. This upward trend in crop prices is a significant factor contributing to the improved farmer sentiment.
The survey, conducted in mid-May 2024, involved phone interviews with 400 US agricultural producers. The results not only showed improved farmer sentiment but also revealed a growing interest in solar energy leasing on farms.
While higher crop prices are a positive development, the survey suggests farmers are also looking towards additional income streams. Solar energy leasing could provide an opportunity for farmers to generate extra revenue while potentially using less productive land on their farms.
Photo Credit: gettyimages-eugenesergeev
Categories: National