Feedback from farmers, agricultural lenders, suppliers, and other interests in the ag sector, gathered informally by the Minneapolis Fed over the past year or so in meetings and other venues, has suggested that farm balance sheets are increasingly stressed.
It’s not a secret or surprising that farmers first look at reducing or totally eliminating purchases of equipment when they need to cut costs. This reality was further reinforced by a recent survey of more than 500 farmers by Farm Journal Media and posted on its AgWeb.com website on April 7.
In the latest episode we take a look at Kubota’s acquisition of Great Plains Mfg., John Deere’s second quarter financials, the collaboration between Agricultural Electronics Foundation and AgGateway’s Precision Ag Council on a new project, the link farm balance sheets have to ag equipment demand and Cervus Equipment’s first quarter revenues.
It would seem that the lackluster pace of U.S. farmers’ spending for big ticket items, most notably equipment, during the first half of the year will continue into the second six months of 2015.
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Precision ag pioneer Al Myers is a member of the Farm Equipment Shortline Legends Hall of Fame 2024 class. It’s been almost 35 years since the Ag Leader founder introduced the groundbreaking Yield Monitor 2000.