Farmer sentiment dropped in April as the Purdue University-CME Group Ag Economy Barometer Index declined from 127 in March to 121, said Michael Langemeier and Joana Colussi, Purdue Center for Commercial Agriculture economists, in a university release.
The April barometer survey was conducted among 400 farmers across the nation from April 13–17, 2026.
FUTURE EXPECTATIONS DROP
The Current Conditions Index fell by 11 points, while the Future Expectations Index decreased by four points.
This month’s Future Expectations Index was 16 points below last year’s December index and 28 points below last year’s April index, the report said. The percentage of respondents who listed high input costs as their biggest concern remained at 46% this month, while the percentage who listed input availability as their biggest concern increased from 11% to 14%.
The percentage of respondents who thought the US is headed in the “right direction” and who expected land prices to be higher five years from now also decreased.
Only 15% of respondents indicated their farm operations were better off in April than they were a year ago, the report said. Looking ahead to the next 12 months, 28% expected worse financial performance, compared with 25% who expected better.
The Farm Capital Investment Index fell nine points to 44, its lowest level since October 2024, indicating a decline in willingness to make large investments.
THE IRAN CONFLICT
This month’s survey included questions related to the effect of the Iran conflict on net farm income and corn breakeven prices in 2026, the report said. About two-thirds of the respondents expected their net farm income to decline in 2026 because of the Iran conflict, which began in late February and affected fertilizer and natural gas prices worldwide.
Among respondents who planted corn in 2025, about one-half expected corn breakeven prices to increase by as much as 6%; 14% expected breakeven prices to increase 6% to 9%, and 37% expected breakeven prices to increase 10% or more.
COMPETITIVE POSITION
Periodically, the monthly survey includes questions pertaining to a farm’s competitive position and its ability to manage strategic risk. This month’s survey asked respondents how strongly they agreed or disagreed with the following statement: “We have low per-unit fixed costs relative to our most efficient peers.” About 58% of respondents agreed with this statement, with 9% indicating they strongly agreed.
The Short-Term Farmland Value Expectations Index decreased from 125 to 121, and the long-term index decreased from 159 in March to 155 in April, the report said. Alternative investments, interest rates and inflation were cited as the three factors having the greatest influence on farmland values.
As in the last few months, producers were asked whether the US was headed in the “right direction” or on the “wrong track.” The percentage of producers who reported that the US was headed in the “right direction” fell from 65% in March to 57% in April.
CATTLE, BEEF RECAP
The USDA reported formula and contract base prices for live FOB steers and heifers this week ranged from $246.25 per cwt to $259.00, compared with last week’s range of $246.00 to $250.77 per cwt. FOB dressed steers and heifers went for $388.77 per cwt to $402.31, compared with $385.81 to $392.76.
The USDA choice cutout Wednesday was down $2.72 per cwt at $389.62 while select was off $2.61 at $389.63. The choice/select spread inverted to a minus $0.01 from a plus $0.10 with 85 loads of fabricated product and 22 loads of trimmings and grinds sold into the spot market.
The USDA-listed the weighted average wholesale price for fresh 90% lean beef as $455.81 per cwt, and 50% beef was $187.03.
The USDA said basis bids for corn from feeders in the Southern Plains were unchanged at $1.08 to $1.20 a bushel over the Jul corn contract, which settled at $4.687 1/2 a bushel, down $0.11 1/2.
The CME Feeder Cattle Index for the seven days ended Tuesday was $375.19 per cwt, down $0.14. This compares with Wednesday’s May contract settlement of $372.40, up $0.57.