With fall right around the corner, farmers are gearing up to harvest one of the largest crops in history. Corn production for 2014/15 is forecast 172 million bushels higher at a record 14 billion bushels. USDA’s first survey-based corn yield forecast, at a record 167.4 bushels per acre, is up 2.1 bushels from last month’s trend-based projection.
In Mid-June, more than 581 farmers across the country took part in AgWeb’s 2014 Equipment and Machinery Research survey. Participants were surveyed on product questions across eight categories, including: tractors combines, sprayers, irrigation, grain storage, implements, tillage and financial sectors.
With a bumper crop on the way, commodity prices are predicted to continue falling. As a result, according to the survey, agriculture industries could see the affects, including the machinery sector.
More than 70% of the participants answered that the recent decline in commodity prices would affect their willingness to buy machinery in 2014. More than 17% remained unchanged and more than 10% answered that prices will not affect their purchase decisions.
Even with the forecast bumper crop and low prices, participants said if they were to purchase equipment before the end of the year, a planter would be at the top of their lists, with a corn head following in close second.
Here are other highlights from the survey:
- 82% do not own irrigation equipment, 17% do own irrigation equipment
- 83% are not likely to purchase irrigation equipment, 10% plan to purchase new irrigation equipment within the next 3-5 years
- 44% own or lease one pull-behind, 23% own or lease one self-propelled
- 31% are likely to buy a self-propelled in 2016 or beyond, 29% are likely to buy a pull-behind in 2016 or beyond
- 36% conventional tillage, 34% partial no-till, 17% no-till