According to an October interim report from USDA and the Office of the United States Trade Representative, China has purchased approximately 71% of its agricultural product goal for 2020, which was established as part of the U.S.-China trade agreement signed in January.
The latest USDA Crop Progress report, which reports data for the week ended Oct. 18, 2020, shows 60% of corn has been harvested, above the 28% harvested this time last year and the 5 year average of 43%.
A confluence of factors — from rising ag commodity exports to China, to lower crop production estimates and increasing demand for meat — are converging to paint a more optimistic picture for ag equipment sales than the industry has seen in recent years.
According to the latest crop progress report from USDA, 61% of soybeans have been harvested as of the week ended Oct. 11, 2020. This surpasses both the 23% harvested this time last year and the 5 year average of 42%.
According to data from the most recent crop progress report from USDA, one quarter of corn in the U.S. has been harvested, surpassing the 14% that was harvested this time last year and the 5 year average of 24%.
The latest USDA Crop Progress report showed 75% of corn mature as of the week ended Sept. 27, 2020. This surpassed both the 39% reported mature in the same week last year and the 5 year average of 65%.
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Happy New Year! The latest episode of On the Record is now available. In this week’s program we discuss dealers’ record low used equipment inventory levels. In the Technology Corner, Jack Zemlicka discusses how the lifecycle of precision services are evolving. Also in this episode, the latest earnings reports from Buhler, manufacturer of the Versatile and Farm King brands of equipment, and Claas, as well as an improvement in farmer sentiment and farm equipment purchasing plans and the Dallas Federal Reserve Bank reports weaker ag conditions in the fourth quarter of 2020.