The March Purdue University/CME Group Ag Economy Barometer increased 12 points in March to the highest barometer reading since October 2020. The increase is due to a boost in the Index of Future Expectations. Carryover corn and soybean supplies are expected to remain tight, boosting confidence crop prices could remain strong. “Even with the bump in acreage in 2021, with a return to trendline yields we’ll have relatively tight corn and soybean supplies. That gives people more confidence these crop prices may stick around awhile,” said Jim Mintert, director, the Center for Commercial Agriculture. “The week we did the survey was also the same week USDA released the Hogs and Pigs report. The report gave a boost to the livestock sector as well.” The survey results did not take into account the March 31 USDA reports.
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