USDA’s Economic Research Service is projecting 2016 net cash farm income will slip to $90.1 billion and net farm income to $66.9 billion, largely the result of declining animal and animal product receipts.
Dairy producers in the U.S. looking to improve efficiency — or simply to handle a shortage of labor — helped one of the industry’s leading robotic dairy equipment makers to record revenues.
ERS’s current farm income forecast for 2014 includes $4.4 billion in Livestock Forage Disaster Program (LFP) payments, an over 700% increase from total LFP payments made during the previous 5 years combined.
The outlook for equipment dealers catering to the livestock segment of U.S. agriculture will gradually improve as 2013 progresses with projected prices for cattle, hogs, broilers and milk continuing to rise and, in some cases, hit record highs. But many dealers expect that sales of hay tools will lag until input costs show some semblance of balance.
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In this episode of On the Record, brought to you by Associated Equipment Distributors, Deere Director of Investor Relations Josh Beal told JP Morgan analysts that the OEM is confident it will be “producing to demand” in fiscal year 2025.