When asked about how rising interest rates are affecting his plans for 2023, Tom Barcellos, who farms 1,800 acres of primarily dairy feeds in Tipton, Calif., said he was worried about increases simply because he bought his neighbor last year.
The ag equipment industry is facing a variety of challenges at the moment: new equipment shortages, rising interest rates and fear of a global recession, to name a few. This has some in the industry wondering: which factors are impacting equipment purchase plans for next year the most?
The U.S. Federal Reserve has implemented four interest rate hikes so far in 2022. Federal Reserve Bank of Chicago President Charles Evans said another 75 basis-point increase could be coming later this month.
The Creighton University Rural Mainstreet Index (RMI) declined in January, though it remained above growth neutral for the 14th straight month, according to the Jan. 20, 2022, release of the monthly survey of bank CEOs in a 10-state rural area.
According to the Kansas City Federal Reserve Bank's first quarter 2019 Databook, non-real estate lending continued to increase at a moderate pace in the first 3 months of the year. The volume of non-real estate loans increased 9% from a year ago.
It wasn’t good news this summer to see ag producers’ pessimism when asked what they thought the future had in store for the value of their land. But it appears that within the last month or two they have become more optimistic about the future of their land values.
Nearly two-thirds of farm equipment dealers surveyed in earlier this year expect higher interest rates on retail equipment will cause their farm customers to think twice before deciding to buy new equipment in 2018.
Nearly two-thirds of farm equipment dealers surveyed in early February expect higher interest rates on retail equipment will cause their farm customers to think twice before deciding to buy new equipment in 2018.
It’s not getting any easier for farmers to borrow funds for ongoing operations, let alone ag equipment. Farm lenders are taking a much closer look at crop producers’ loan status as concerns about repayment are starting to grow.
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In this episode of On the Record, Pinion Principal Marc Johnson forecasts 4-6% growth in large ag equipment sales in 2023. In the Technology Corner, Noah Newman takes a closer look at Verge Ag’s Equipment Explorer, which was launched at the 2023 Precision Farming Dealer Summit. Also in this episode, a preview of the 10th annual Precision Farming Dealer benchmark study and a look at ag retailer sprayer purchase plans for the year ahead.