Equipment sales up
Farm equipment manufacturers continue to experience an increase in sales. A member survey from the Equipment Manufacturers Institute reports that sales in all tractor sectors and self-propelled combines grew. The number of 4-wd tractors sold through July this year (2,254 tractors) increased 17.4% from last year (1,920 tractors). Total number of farm tractors sold from January to July 2001 was 102,291, up from 95,676 tractors sold for the same period in 2000.
Seed financing deals
Finance your DeKalb and Asgrow seed purchases through a new program. The FarmFlex program offers 0% financing for growers who enroll by January 10, 2002, on a minimum of $7,500 in seed purchases. The financing rate increases to 2.9% for growers enrolling by February 28, 2002.
Livestock receipts boost farm incomes
A recent report on farm income from USDA’s Economic Research Service states that farm net income is up to an estimated $50.4 billion, an increase of 9% from 2000. This marks the first time farm income will reach $50 billion since 1996. The government payments this year total $20 billion, accounting for a substantial portion of farm income. The report noted a performance disparity between livestock producers, who are experiencing higher markets, and crop producers with moderate grain prices. Market receipts for livestock are forecast at $205 billion, which is just 1.5% lower than the 1997 record level. Dairy takes credit for much of the increase with receipts increasing 23% over last year. Crop receipts increased only slightly this year, by 1 to 2%.