The Purdue University/CME Group Ag Economy Barometer experienced an unexpected surge in October. The index increased 27 points to 115, driven by a rise in producers’ confidence in the future. The Future Expectations Index jumped 30 points to 124. The survey indicated some optimism that economic conditions may strengthen.

The survey, conducted from October 14 to 18, reports that 53% of producers anticipate challenging times for the ag economy next year. This is a decrease from 73% in September. Of the respondents, 23% expect worsening financial conditions on their farms. This is a decrease from 38% in September.

Respondents’ concerns about the upcoming year included higher input costs and lower output prices. Only 15% of those responding cited interest rates as a top concern, compared with 26% in late 2023. A 22-point improvement in the Farm Financial Performance Index suggests expectations for better performance in 2025 compared to 2024.

Read more about the rebound in farmer sentiment here.