LAFAYETTE, IN - According to the latest data from the Purdue University/CME Group Ag Economy Barometer released earlier this week, more producers say they expect to reduce their machinery purchases and construction plans in the upcoming year.

The survey was conducted during mid-May and also reveals the percentage of producers who plan to reduce their farm machinery purchases in the upcoming year increased from 37 to 46 percent, while those planning to increase their farm machinery purchases held steady at 14 percent.

This month's survey also focused on producers' plans to construct new buildings or grain bins and found 59 percent of producers have lowered their construction plans for the immediate future while 28 percent say their plans for new buildings have not changed. Rising construction costs are likely a contributing factor to the weaker construction sentiment during May.
(SOURCE: All Ag News)