Word on the Street - Guarded Optimism
Last August, farmer and dealer attitudes seemed to be at an all-time low when corn prices fell below $3/bushel and cattle prices fell as well. Summer and fall farm show attendance was down and the farmers who did attend seemed to “just walk the show.” Then harvest came and record yields boosted attitudes. As one farmer said, “Big yields bailed us out from low commodity prices.”
This improved attitude carried into both of the Association’s winter farm shows – the Nebraska and Iowa Power Farming Shows. Farmer attitudes were much better than anyone expected and exhibitors experienced good results.
The latest Industry Conditions Summary conducted by the Association of Equipment Manufacturers showed a positive reading for the first time since the beginning of 2014. They, too, are waiting for the next quarterly report to see if this momentum can continue.
Dealers are reporting equipment sales with $50,000 (as trade difference or the price of the item) being the upper limit of what farmers are willing to spend right now. While ticket sales are lower, it is better than no sales at all.
A few dealers stated, “If the ag economy doesn’t get any worse than this, we can live with it.” Many also indicated that they are still able to show a profit.
There is currently a guarded optimism among dealers. Cattle prices have moved up from their lows. Another grow- ing season is upon us and all of the acres will be planted with some type of crop.
Just like last year, dealers will wait out the summer to see what direction the ag economy will take. A short harvest somewhere will increase grain prices, while another bumper crop in the U.S. will deflate grain prices even more. Only time will tell, but it seems like dealers may have experienced the “low” of the ag economy.
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Or call Peter Flora – Regional Service Manager | 515.727.1612 | 6165 NW 86th St., Suite 225 | Johnston, IA 50131 May/June | The Retailer Magazine | 9
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