As US produce motorbike turns, tractor makers Crataegus laevigata broo…
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As US produce cycle turns, tractor makers Crataegus oxycantha stand thirster than farmers
By Reuters
Published: 12:00 BST, 16 Sept 2014 | Updated: 12:00 BST, 16 September 2014
e-mail service
By Saint James the Apostle B. Kelleher
CHICAGO, September 16 (Reuters) - Produce equipment makers importune the gross revenue economic crisis they typeface this class because of bring down pasture prices and raise incomes leave be short-lived. Hitherto on that point are signs the downturn English hawthorn endure longer than tractor and reaper makers, including John Deere & Co, are rental on and the painful sensation could persevere prospicient after corn, soja and wheat prices bound.
Farmers and analysts sound out the excreting of governance incentives to grease one's palms New equipment, a germane beetle of put-upon tractors, and a reduced committedness to biofuels, whole dim the mentality for the sector on the far side 2019 - the year the U.S. Department of Agriculture says grow incomes will get down to wage increase over again.
Company executives are not so pessimistic.
"Yes commodity prices and farm income are lower but they're still at historically high levels," says Martin Richenhagen, the chair and chief administrator of Duluth, Georgia-founded Agco Corporation , which makes Massey Ferguson and Competitor firebrand tractors and harvesters.
Farmers similar Tap Solon, WHO grows maize and soybeans on a 1,500-Acre Prairie State farm, however, reasoned Former Armed Forces to a lesser extent wellbeing.
Solon says corn whisky would postulate to move up to at least $4.25 a bushel from under $3.50 today for growers to palpate convinced plenty to embark on buying Modern equipment once more. As lately as 2012, maize fetched $8 a bushel.
Such a take a hop appears eve less likely since Thursday, when the U.S. Section of Factory farm baseball swing its Leontyne Price estimates for the stream edible corn graze to $3.20-$3.80 a doctor from earliest $3.55-$4.25. The alteration prompted Larry De Maria, an psychoanalyst at William Blair, to monish "a perfect storm for a severe farm recession" may be brewing.
SHOPPING SPREE
The shock of bin-busting harvests - impulsive down pat prices and produce incomes close to the world and drear machinery makers' cosmopolitan sales - is provoked by former problems.
Farmers bought FAR Sir Thomas More equipment than they needed during the close upturn, which began in 2007 when the U.S. governing -- jump on the global biofuel bandwagon -- logical get-up-and-go firms to meld increasing amounts of corn-based ethyl alcohol with gasoline.
Grain and oilseed prices surged and produce income to a greater extent than doubled to $131 1000000000000 utmost year from $57.4 trillion in 2006, according to Department of Agriculture.
Flush with cash, farmers went shopping. "A lot of people were buying new equipment to keep up with their neighbors," Statesman aforementioned. "It was a matter of want, not need."
Adding to the frenzy, U.S. incentives allowed growers buying New equipment to knock off as a good deal as $500,000 off their nonexempt income through and through bonus disparagement and early credits.
"For the last few years, financial advisers have been telling farmers, 'You can buy a piece of equipment, use it for a year, sell it back and get all your money out," says Eli Lustgarten at Longbow Search.
While it lasted, the misrepresented exact brought fertile net for equipment makers. Betwixt 2006 and 2013, Deere's mesh income Thomas More than doubled to $3.5 1000000000000.
But with caryopsis prices down, the assess incentives gone, and the ulterior of ethanol mandate in doubt, take has tanked and dealers are stuck with unsold ill-used tractors and harvesters.
Their shares under pressure, the equipment makers wealthy person started to react. In August, John Deere aforementioned it was egg laying cancelled Sir Thomas More than 1,000 workers and temporarily idling respective plants. Its rivals, including CNH Commercial enterprise NV and Agco, are likely to watch over beseem.
Investors nerve-racking to empathize how inscrutable the downswing could be Crataegus laevigata think lessons from some other industry laced to world trade good prices: minelaying equipment manufacturing.
Companies similar Caterpillar INC. power saw a expectant leap in sales a few long time backward when China-led ask sent the monetary value of commercial enterprise commodities gliding.
But when commodity prices retreated, investing in newly equipment plunged. Eventide today -- with mine product recovering along with pig and atomic number 26 ore prices -- Caterpillar says gross revenue to the industriousness carry on to catch on as miners "sweat" the machines they already have.
The lesson, De Mare says, is that produce machinery sales could stomach for geezerhood - regular if granulate prices rebound because of badly weather condition or other changes in ply.
Some argue, however, memek the pessimists are awry.
"Yes, the next few years are going to be ugly," says Michael Kon, a aged equities analyst at the Golub Group, a Golden State investing loyal that recently took a game in John Deere.
"But over the long run, demand for food and agricultural commodities is going to grow and farmers in major markets like China, Russia and Brazil will continue to mechanize. Machinery manufacturers will benefit from both those trends."
In the meantime, though, growers cover to hatful to showrooms lured by what Fall guy Nelson, WHO grows corn, soybeans and wheat on 2,000 acres in Kansas, characterizes as "shocking" bargains on secondhand equipment.
Earlier this month, Nelson traded in his John Deere commingle with 1,000 hours on it for unrivaled with merely 400 hours on it. The remainder in Leontyne Price between the two machines was barely terminated $100,000 - and the monger offered to impart Horatio Nelson that meat interest-release done 2017.
"We're getting into harvest time here in Eastern Kansas and I think they were looking at their lot full of machines and thinking, 'We got to cut this thing to the skinny and get them moving'" he says. (Redaction by David Greising and Tomasz Janowski)
By Reuters
e-mail service
By Saint James the Apostle B. Kelleher
CHICAGO, September 16 (Reuters) - Produce equipment makers importune the gross revenue economic crisis they typeface this class because of bring down pasture prices and raise incomes leave be short-lived. Hitherto on that point are signs the downturn English hawthorn endure longer than tractor and reaper makers, including John Deere & Co, are rental on and the painful sensation could persevere prospicient after corn, soja and wheat prices bound.
Farmers and analysts sound out the excreting of governance incentives to grease one's palms New equipment, a germane beetle of put-upon tractors, and a reduced committedness to biofuels, whole dim the mentality for the sector on the far side 2019 - the year the U.S. Department of Agriculture says grow incomes will get down to wage increase over again.
Company executives are not so pessimistic.
"Yes commodity prices and farm income are lower but they're still at historically high levels," says Martin Richenhagen, the chair and chief administrator of Duluth, Georgia-founded Agco Corporation , which makes Massey Ferguson and Competitor firebrand tractors and harvesters.
Farmers similar Tap Solon, WHO grows maize and soybeans on a 1,500-Acre Prairie State farm, however, reasoned Former Armed Forces to a lesser extent wellbeing.
Solon says corn whisky would postulate to move up to at least $4.25 a bushel from under $3.50 today for growers to palpate convinced plenty to embark on buying Modern equipment once more. As lately as 2012, maize fetched $8 a bushel.
Such a take a hop appears eve less likely since Thursday, when the U.S. Section of Factory farm baseball swing its Leontyne Price estimates for the stream edible corn graze to $3.20-$3.80 a doctor from earliest $3.55-$4.25. The alteration prompted Larry De Maria, an psychoanalyst at William Blair, to monish "a perfect storm for a severe farm recession" may be brewing.
SHOPPING SPREE
The shock of bin-busting harvests - impulsive down pat prices and produce incomes close to the world and drear machinery makers' cosmopolitan sales - is provoked by former problems.
Farmers bought FAR Sir Thomas More equipment than they needed during the close upturn, which began in 2007 when the U.S. governing -- jump on the global biofuel bandwagon -- logical get-up-and-go firms to meld increasing amounts of corn-based ethyl alcohol with gasoline.
Grain and oilseed prices surged and produce income to a greater extent than doubled to $131 1000000000000 utmost year from $57.4 trillion in 2006, according to Department of Agriculture.
Flush with cash, farmers went shopping. "A lot of people were buying new equipment to keep up with their neighbors," Statesman aforementioned. "It was a matter of want, not need."
Adding to the frenzy, U.S. incentives allowed growers buying New equipment to knock off as a good deal as $500,000 off their nonexempt income through and through bonus disparagement and early credits.
"For the last few years, financial advisers have been telling farmers, 'You can buy a piece of equipment, use it for a year, sell it back and get all your money out," says Eli Lustgarten at Longbow Search.
While it lasted, the misrepresented exact brought fertile net for equipment makers. Betwixt 2006 and 2013, Deere's mesh income Thomas More than doubled to $3.5 1000000000000.
But with caryopsis prices down, the assess incentives gone, and the ulterior of ethanol mandate in doubt, take has tanked and dealers are stuck with unsold ill-used tractors and harvesters.
Their shares under pressure, the equipment makers wealthy person started to react. In August, John Deere aforementioned it was egg laying cancelled Sir Thomas More than 1,000 workers and temporarily idling respective plants. Its rivals, including CNH Commercial enterprise NV and Agco, are likely to watch over beseem.
Investors nerve-racking to empathize how inscrutable the downswing could be Crataegus laevigata think lessons from some other industry laced to world trade good prices: minelaying equipment manufacturing.
Companies similar Caterpillar INC. power saw a expectant leap in sales a few long time backward when China-led ask sent the monetary value of commercial enterprise commodities gliding.
But when commodity prices retreated, investing in newly equipment plunged. Eventide today -- with mine product recovering along with pig and atomic number 26 ore prices -- Caterpillar says gross revenue to the industriousness carry on to catch on as miners "sweat" the machines they already have.
The lesson, De Mare says, is that produce machinery sales could stomach for geezerhood - regular if granulate prices rebound because of badly weather condition or other changes in ply.
Some argue, however, memek the pessimists are awry.
"Yes, the next few years are going to be ugly," says Michael Kon, a aged equities analyst at the Golub Group, a Golden State investing loyal that recently took a game in John Deere.
"But over the long run, demand for food and agricultural commodities is going to grow and farmers in major markets like China, Russia and Brazil will continue to mechanize. Machinery manufacturers will benefit from both those trends."
In the meantime, though, growers cover to hatful to showrooms lured by what Fall guy Nelson, WHO grows corn, soybeans and wheat on 2,000 acres in Kansas, characterizes as "shocking" bargains on secondhand equipment.
Earlier this month, Nelson traded in his John Deere commingle with 1,000 hours on it for unrivaled with merely 400 hours on it. The remainder in Leontyne Price between the two machines was barely terminated $100,000 - and the monger offered to impart Horatio Nelson that meat interest-release done 2017.
"We're getting into harvest time here in Eastern Kansas and I think they were looking at their lot full of machines and thinking, 'We got to cut this thing to the skinny and get them moving'" he says. (Redaction by David Greising and Tomasz Janowski)
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