Farm Economy
The October Monthly Monitor reflects cautious optimism in certain areas of agriculture, marked by export strengths and potential price recoveries, but shadowed by long-term rebuilding challenges, weather dependencies and the impact of the upcoming election.
When ag equipment manufacturers start shedding union line workers, shuttering plants and shifting factories to Mexico, and there’s a glut of used equipment covering dealer lots, you know the tide is quickly turning.
Two land sales last week came in at a whopping $17,000 per acre, and one in Iowa topped $20,0000 just this week.
As agriculture faces multiple challenges, USDA’s latest net farm income forecast is masking the reality for farmers. While livestock margins have improved for 2024, high input costs and below breakeven prices for row crops means margins could be the worst in nearly 20 years.
Despite concerns over rising costs and current economic challenges in agriculture, the market for used equipment remains strong, particularly for older, simpler models.
Northern Illinois farmer Dan Hartmann made a big leap by purchasing a used sprayer with See & Spray technology. He says when looking at just his soybean acres, the technology will pay for itself in 18 months.
Two factors add up to alternative storage paying off.
Machinery Pete says going the online auction route has tangible implications if you’re looking to sell a piece of equipment (or five) to manage cash flow.
Newton succeeds Terrain founder, Don Close, who will continue with the organization as a cattle and beef analyst.
The effects are already visible, with declining French barley exports to China and the U.S. struggling to sell corn for the new season.