The April Purdue/CME Ag Economy Barometer fell to 121 in April, down from 127 in March, driven by an 11-point drop in confidence about current conditions and a 4-point decline in future expectations, placing the latter 28 points below last year’s April reading. The monthly survey gathered responses from 400 farmers nationwide between April 13 and 17.

The Farm Capital Investment Index slid nine points to 44, marking its lowest level since October 2024. Only 15% of producers reported improved financial conditions year-over-year, while 28% expect worse performance versus 25% anticipating better results. Approximately two-thirds of respondents foresee reduced net farm income in 2026, and many anticipate corn break-even prices rising by up to 6% or more.

Short-Term Farmland Value Expectations fell to 121 from 125, and Long-Term Expectations dropped to 155 from 159, as producers pointed to alternative investments, interest rates and inflation as primary influences. About 58% of surveyed farmers believe their operations have lower per-unit fixed costs than their most efficient peers, including 9% who strongly agree.