Farmer sentiment strengthened in November as rising crop prices and improved export prospects pushed the Purdue University/CME Group Ag Economy Barometer to 139—its highest reading since June.

Much of the increase was driven by a sharp 15-point jump in future expectations, even as current conditions held steady. Financial outlooks improved alongside a 10–15% rally in fall delivery corn and soybean bids, helping offset weaker cattle prices in the livestock sector. Yet producers remain cautious: capital investment sentiment slipped further, and fewer farmers view today as a good time to expand. Long-term farmland value expectations reached a record high, while most corn producers anticipate stable cash rents heading into 2026.

The survey also highlights shifting crop production strategies as growers respond to projected tight operating margins—considering lower-cost seed traits, reduced phosphorus applications and adjustments to seeding and nitrogen rates.

Recent barometer surveys have included two questions that focus on farmers’ attitudes regarding 2025’s policy shifts. A majority of respondents, 59% in November and 58% in October, said they expect that use of tariffs by the U.S. will ultimately strengthen the agricultural economy. However, that is lower than last spring, when 70% of respondents said they expected tariffs to strengthen the agricultural economy in the long run. More producers in recent months reported being uncertain regarding the long-run impact of the U.S. tariff policy. In October and November, 16% and 17% of survey respondents, respectively, said they were uncertain about the impact that tariff policy will have, roughly double the 8% of respondents who felt that way in April and May. Meanwhile, two-thirds (67%) of farmers in the November survey said the U.S. is headed in the “right direction”, down from the 72% who felt that way in October.

The full report can be found here.