As much as we fantasize the #farmlifestyle, according to Purdue University’s Ag Economy Barometer, there has been a sharp decline in the producer’s economic sentiment for the month of September. Farmers are worried for their farm financial situation, this is the lowest the level has been in the past two years. The lowest the barometer has ever reached was Oct. 2016.
The barometer tracks 400 farms from across the country, according to Purdue University’s website. The September results show a 15 point decline from August, which was on the rise from the July reading. July saw a sharp decline as well, 26 points, but was still not as low as the month of September.
Some farmers are worried about the weak farm income projections. This isn’t shocking news to those of us involved in the agriculture sector. For a while, we have seen surrounding farms go bankrupt or barely scrape by. They have relied on hard work, dedication, and resilience to get through the years. There have been relief options to help out when prices aren’t where they need to be in order to result in a profitable year.
However, there is good news in the forecast. As of Sept. 30 the United States, Canada, and Mexico agreed to a trilateral trade agreement. This should be uplifting news for many farmers across the country. If the deal goes through, we can see an increase in trade and expand into new markets, increasing prices and options.