Farmer sentiment falls 6 points to 113 as Purdue-CME barometer flags input-cost stress

The June Purdue University/CME Group Ag Economy Barometer dropped 6 points to 113, and the Current Conditions Index fell to an 18-month low of 102. Producers are pointing squarely at high input costs as the weight on farm finances. Together, those two prints indicate that on-farm stress has been building, not easing into mid-year.

The numbers in focus

June's barometer reading of 113 puts the prior month at 119. Six points is a notable single-cycle move for a sentiment gauge that tracks month to month in increments. The sharper number is the Current Conditions Index at 102, released July 7 from West Lafayette, Indiana.

An 18-month low on current conditions means the sub-index has not been this depressed since approximately early 2025. That framing separates present-tense farm stress from any expectations component, and 102 puts the here-and-now read at a weaker level than most of the prior year and a half.

The Purdue University/CME Group Ag Economy Barometer is a monthly survey published jointly. CME Group (CME) co-produces the report and operates the agricultural futures markets where shifts in producer sentiment eventually register on the tape.

Input costs and the farm finance picture

Producers in the June survey cited continued concern about farm finances, with high input costs named as the driver. The release does not specify which input categories are most stressed or break out the data by region.

The persistence of the concern at these levels carries its own signal. A return to a multi-year low on the Current Conditions Index, after what the 18-month framing implies was a sustained period of better readings, indicates producers see no near-term easing in their cost structure.

What to watch

The July Ag Economy Barometer is the next confirmable read. A Current Conditions Index print that holds at 102 or moves lower would extend the low established in June.