The U.S. Energy Information Administration (EIA) recently released new biodiesel estimates in the State Energy Data System (SEDS), EIA’s comprehensive source for annual state energy statistics.
Estimates show overall annual damage of roughly $788 million for corn, $213 million for soybean, over $2.5 billion for ethanol, $658 million for fed cattle, $34 million for calves and feeder cattle and $2.1 billion for hogs.
Total tractor sales in October fell about 8%, with utility tractors (40-100 horsepower) showing the only growth at up 6%. Compact tractor (under 40 horsepower) sales fell 11% last month and high horsepower tractors (over 100 horsepower) fell 18%.
Worldwide economic unrest along with political unrest both here and abroad has placed a black cloud over the U.S. agricultural economy and has slowed large equipment sales to almost a crawl.
While the majority of producers are still buying their equipment outright, there continues to be a number of farmers who have been nudged toward lease contracts in order to conserve capital and still have new, dependable equipment with which to farm their land.
Farmers across Michigan and Ohio are voicing their concerns for the struggling planting season and petitioning their state legislators to provide relief. A substantial number of farmers have been impacted by the rainy season, with some opting out of planting for farm insurance and others planting a late crop against the odds of fall frosts.
The FCA (Farm Credit Administration) recently released its quarterly analysis of the agriculture sector, including its tracking of commodity prices, margins, farm programs, and crop insurance.
While poor planting conditions are challenging U.S. growers throughout the country’s Corn Belt this spring, farmers in Canada have their own weather problems to contend with.
This spring has been called the wettest on record in the Corn Belt and other major growing regions of the U.S. and the pace of planting would seem to verify this claim. As of Sunday, May 26, corn planting in the U.S. is 32 days behind the 5 year average and soybeans are 37 days behind the 5 year average.
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In this episode of On the Record, brought to you by Associated Equipment Distributors, we take an initial look at the Dealer Business Outlook & Trends Report and what dealers are forecasting for 2025.