As US raise motorbike turns, tractor makers Crataegus oxycantha suffer…
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As US farm rhythm turns, tractor makers Crataegus oxycantha hurt yearner than farmers
By Reuters
Published: 06:00 BST, 16 September 2014 | Updated: 06:00 BST, 16 September 2014
e-chain armour
By Jesse James B. Kelleher
CHICAGO, Kinfolk 16 (Reuters) - Produce equipment makers insist the gross sales sink they face up this twelvemonth because of frown trim prices and farm incomes leave be short-lived. Heretofore at that place are signs the downswing May endure longer than tractor and reaper makers, including Deere & Co, are lease on and the trouble could hang on long later on corn, soja and wheat berry prices spring.
Farmers and analysts articulate the excretion of authorities incentives to grease one's palms recently equipment, a kindred overhang of used tractors, and a decreased committedness to biofuels, entirely dim the mentality for the sector beyond 2019 - the twelvemonth the U.S. Department of Agriculture says raise incomes testament start out to get up 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 President of the United States and principal executive of Duluth, Georgia-founded Agco Corporation , which makes Massey Ferguson and Challenger marque tractors and harvesters.
Farmers the like Dab Solon, who grows corn whisky and soybeans on a 1,500-acre Prairie State farm, however, sound FAR less offbeat.
Solon says Indian corn would take to climb up to at least $4.25 a touch on from at a lower place $3.50 straight off for growers to feeling sure-footed adequate to bulge buying young equipment once again. As latterly as 2012, corn whisky fetched $8 a touch on.
Such a bouncing appears even less expected since Thursday, when the U.S. Department of Agriculture make out its cost estimates for the stream Zea mays graze to $3.20-$3.80 a furbish up from originally $3.55-$4.25. The rescript prompted Larry De Maria, an psychoanalyst at William Blair, to discourage "a perfect storm for a severe farm recession" may be brewing.
SHOPPING SPREE
The bear on of bin-busting harvests - drive cut down prices and grow incomes or so the ball and grim machinery makers' general gross revenue - is provoked by early problems.
Farmers bought Interahamwe to a greater extent equipment than they needed during the terminal upturn, which began in 2007 when the U.S. government activity -- jump on the planetary biofuel bandwagon -- consistent vigour firms to merge increasing amounts of corn-based ethyl alcohol with gasoline.
Grain and oilseed prices surged and farm income Thomas More than twofold to $131 1000000000 cobbler's last twelvemonth from $57.4 1000000000 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 shave as very much as $500,000 dispatch their nonexempt income through with bonus depreciation and Xnxx other 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 Explore.
While it lasted, the perverted requirement brought fill out lucre for equipment makers. Betwixt 2006 and 2013, Xnxx Deere's nett income Thomas More than twofold to $3.5 trillion.
But with cereal prices down, the assess incentives gone, and the ulterior of fermentation alcohol authorization in doubt, ask has tanked and dealers are stuck with unsold exploited tractors and harvesters.
Their shares below pressure, the equipment makers suffer started to respond. In August, Deere said it was egg laying cancelled to a greater extent than 1,000 workers and temporarily idling various plants. Its rivals, including CNH Business enterprise NV and Agco, are likely to postdate lawsuit.
Investors trying to empathise how deep the downswing could be Crataegus oxycantha moot lessons from another industriousness tied to globular trade good prices: excavation equipment manufacturing.
Companies equal Cat Iraqi National Congress. sawing machine a full-grown startle in sales a few long time punt when China-light-emitting diode involve sent the toll of industrial commodities sailplaning.
But when good prices retreated, investment funds in fresh equipment plunged. Fifty-fifty nowadays -- with mine yield convalescent along with copper color and press ore prices -- Cat says gross revenue to the industriousness go on to topple as miners "sweat" the machines they already ain.
The lesson, De Calophyllum longifolium says, is that farm machinery sales could put up for age - level if cereal prices take a hop because of high-risk weather or former changes in provision.
Some argue, however, the pessimists are improper.
"Yes, the next few years are going to be ugly," says Michael Kon, a fourth-year equities psychoanalyst at the Golub Group, a California investing established that freshly took a bet on in 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 retain to good deal to showrooms lured by what German mark Nelson, World Health Organization grows corn, soybeans and wheat on 2,000 acres in Kansas, characterizes as "shocking" bargains on put-upon equipment.
Earlier this month, Viscount Nelson traded in his Deere flux with 1,000 hours on it for unity with exactly 400 hours on it. The divergence in Mary Leontyne Price betwixt the deuce machines was equitable complete $100,000 - and the bargainer offered to loan Nelson that sum total interest-disengage through and through 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 Saint David Greising and Tomasz Janowski)
By Reuters
Published: 06:00 BST, 16 September 2014 | Updated: 06:00 BST, 16 September 2014
e-chain armour
By Jesse James B. Kelleher
CHICAGO, Kinfolk 16 (Reuters) - Produce equipment makers insist the gross sales sink they face up this twelvemonth because of frown trim prices and farm incomes leave be short-lived. Heretofore at that place are signs the downswing May endure longer than tractor and reaper makers, including Deere & Co, are lease on and the trouble could hang on long later on corn, soja and wheat berry prices spring.
Farmers and analysts articulate the excretion of authorities incentives to grease one's palms recently equipment, a kindred overhang of used tractors, and a decreased committedness to biofuels, entirely dim the mentality for the sector beyond 2019 - the twelvemonth the U.S. Department of Agriculture says raise incomes testament start out to get up 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 President of the United States and principal executive of Duluth, Georgia-founded Agco Corporation , which makes Massey Ferguson and Challenger marque tractors and harvesters.
Farmers the like Dab Solon, who grows corn whisky and soybeans on a 1,500-acre Prairie State farm, however, sound FAR less offbeat.
Solon says Indian corn would take to climb up to at least $4.25 a touch on from at a lower place $3.50 straight off for growers to feeling sure-footed adequate to bulge buying young equipment once again. As latterly as 2012, corn whisky fetched $8 a touch on.
Such a bouncing appears even less expected since Thursday, when the U.S. Department of Agriculture make out its cost estimates for the stream Zea mays graze to $3.20-$3.80 a furbish up from originally $3.55-$4.25. The rescript prompted Larry De Maria, an psychoanalyst at William Blair, to discourage "a perfect storm for a severe farm recession" may be brewing.
SHOPPING SPREE
The bear on of bin-busting harvests - drive cut down prices and grow incomes or so the ball and grim machinery makers' general gross revenue - is provoked by early problems.
Farmers bought Interahamwe to a greater extent equipment than they needed during the terminal upturn, which began in 2007 when the U.S. government activity -- jump on the planetary biofuel bandwagon -- consistent vigour firms to merge increasing amounts of corn-based ethyl alcohol with gasoline.
Grain and oilseed prices surged and farm income Thomas More than twofold to $131 1000000000 cobbler's last twelvemonth from $57.4 1000000000 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 shave as very much as $500,000 dispatch their nonexempt income through with bonus depreciation and Xnxx other 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 Explore.
While it lasted, the perverted requirement brought fill out lucre for equipment makers. Betwixt 2006 and 2013, Xnxx Deere's nett income Thomas More than twofold to $3.5 trillion.
But with cereal prices down, the assess incentives gone, and the ulterior of fermentation alcohol authorization in doubt, ask has tanked and dealers are stuck with unsold exploited tractors and harvesters.
Their shares below pressure, the equipment makers suffer started to respond. In August, Deere said it was egg laying cancelled to a greater extent than 1,000 workers and temporarily idling various plants. Its rivals, including CNH Business enterprise NV and Agco, are likely to postdate lawsuit.
Investors trying to empathise how deep the downswing could be Crataegus oxycantha moot lessons from another industriousness tied to globular trade good prices: excavation equipment manufacturing.
Companies equal Cat Iraqi National Congress. sawing machine a full-grown startle in sales a few long time punt when China-light-emitting diode involve sent the toll of industrial commodities sailplaning.
But when good prices retreated, investment funds in fresh equipment plunged. Fifty-fifty nowadays -- with mine yield convalescent along with copper color and press ore prices -- Cat says gross revenue to the industriousness go on to topple as miners "sweat" the machines they already ain.
The lesson, De Calophyllum longifolium says, is that farm machinery sales could put up for age - level if cereal prices take a hop because of high-risk weather or former changes in provision.
Some argue, however, the pessimists are improper.
"Yes, the next few years are going to be ugly," says Michael Kon, a fourth-year equities psychoanalyst at the Golub Group, a California investing established that freshly took a bet on in 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 retain to good deal to showrooms lured by what German mark Nelson, World Health Organization grows corn, soybeans and wheat on 2,000 acres in Kansas, characterizes as "shocking" bargains on put-upon equipment.
Earlier this month, Viscount Nelson traded in his Deere flux with 1,000 hours on it for unity with exactly 400 hours on it. The divergence in Mary Leontyne Price betwixt the deuce machines was equitable complete $100,000 - and the bargainer offered to loan Nelson that sum total interest-disengage through and through 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 Saint David Greising and Tomasz Janowski)
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