Farmers feelin’ input price pain sent the March Ag Economy Barometer plummeting to its lowest point since May of 2020.
The first set of specific survey questions on impacts of the war in Ukraine show sentiment is sinking. Farmers predict that input prices will be the biggest ramifications from the war, followed by crop prices.
The Farm Capital Investment Index also fell off in March, plummeting further as producers see supply chain problems persisting across farm machinery and construction sectors.
By the numbers:
- March 2022 Ag Economy Barometer landed 36% lower than in March 2021
- One in five producers say input availability was one of their top concerns
- Farmers’ view of current conditions was down 44% and their expectations for the future were down 31% from this time last year
- The Farm Financial Performance Index was up slightly from February but 30% lower than last year
Sentiment Soundbite: “…there’s so much uncertainty out there and it’s created a level of anxiety and generated the relatively weak sentiment index readings we’re picking up,” according to Jim Mintert. You can say that again, Jim.