Purdue/CME Group Ag Economy Barometer Drops
The Department of Agriculture’s National Agricultural Statistics Service is starting work on two surveys this fall on vegetable’s and farm management resources. For both the Vegetable Chemical Use Survey and the Agricultural Resource Management Survey NASS will collect the data through in-person interviews. After months of improved farmer sentiment toward the Ag economy, things took a different turn in the August Purdue/CME Group Ag Economy Barometer. Declining commodity prices weighed heaviest on farmer outlooks in August. The barometer index fell to 95 in the month of August, down from 112 in July. That represents the largest one month decline since November 2015.
China is the world’s top soybean importer, but they’re taking steps to reverse that trend. Agri Money dot Com reports that China plans to massively increase its oilseed production over the next four years. China’s top policy body announced a goal of increasing soybean production 56 percent from 2014 to 2020. China’s demand for soybeans is driven by the largest chicken and pork sector in the world, while rising world incomes are driving the demand for meat higher as well.