I don't use this as a trading signal, but the AG economy barometer index from Purdue University and CME provides some context on what farmers are thinking. It is not good. Current conditions are falling, and future expectations are rangebound. The overall barometer is not at lows but heading in that direction. The index has a month lag and does not reflect the current rebound in price, so it will be interesting to see the response to price; nevertheless, farm income will still be constrained.
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