One contributing factor to this improved outlook is the rise in crop prices. By mid-May, cash corn prices in the Eastern Corn Belt had increased by 6% to 7%, while soybean prices had risen by 2% to 3% since April.
These price gains, coupled with favorable planting progress for corn and soybeans, likely bolstered farmer confidence.
The May 2024 Ag Economy Barometer survey, conducted from May 13-17, provided valuable insights into farmers' views on the agricultural economy.
Purdue ag economists James Mintert and Michael Langemeier discussed the survey findings on a Purdue Commercial AgCast episode, offering analysis on the factors contributing to the uplift in farmer sentiment.