Just after the Russian grain embargo in 1980, the prime lending rate soared from an average of 6.8% in 1976 to an all-time high of 21.5% in 1981 and farm debt for land and equipment purchases soared. This table, compiled by White Farm Equipment, in a 1983 competitive analysis, showed what was happening with farm equipment manufacturers from 1981 to 1982. Massey Ferguson and Allis-Chalmers (now part of AGCO) and International Harvester (merged with Case to form Case International) all reported losses in excess of $200 million in 1982.
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