Farmer Sentiment Plummets as Coronavirus Concerns Rise
Center for Commercial Agriculture
The Ag Economy Barometer plummeted in March, dipping 47 points (28%) from a month earlier to a reading of 121. The point drop was the largest one-month fall in the life of the index, which dates to October 2015. Declines in agricultural commodity prices and concerns about the coronavirus crisis impact on the U.S. economy and agricultural sector weighed heavily on farmer sentiment in March. This month’s decline in the barometer erased the sentiment improvement that took place this past fall and winter and leaves the index unchanged from its September 2019 reading. The Ag Economy Barometer is generated each month from 400 U.S. agricultural producers’ survey responses. This month’s survey was conducted from March 16-20, 2020 as the coronavirus crisis escalated in the U.S. and around the world.
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