Farmers less likely to make farm machinery purchases
Farmers are less likely to increase their farm machinery purchases in the upcoming year, according to the Purdue University/CME Group Ag Economy Barometer.
Jim Mintert is the director of the Purdue Center for Commercial Agriculture.
“If you look at the percentage of people that said that they were going to increase their farm machinery purchases, that was 10 percent in November,” he says. “In October it was 14 percent.”
Fifty percent of farmers surveyed plan to keep their machinery purchases in line with purchases made a year ago and 40 percent said they would reduce farm machinery purchases.
Mintert says the changes to farm machinery purchases reflect the uncertainty farmers are experiencing.