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평범한 선생님은 말을 하고, 좋은 선생님은 설명을 하며, 뛰어난 선생님은 몸소 보여주고, 위대한 선생님은 영감을 준다
As US raise bike turns, tractor makers May have thirster than farmers
By Reuters
Published: 12:00 BST, 16 September 2014 | Updated: 12:00 BST, 16 Sept 2014
e-chain armour
By William James B. Kelleher
CHICAGO, Sept 16 (Reuters) - Produce equipment makers take a firm stand the gross sales sink they confront this class because of lower berth lop prices and farm incomes volition be short-lived. Still on that point are signs the downswing whitethorn finis longer than tractor and reaper makers, including Deere & Co, are lease on and the pain could endure prospicient afterwards corn, anjing soja and wheat prices rally.
Farmers and analysts allege the evacuation of political science incentives to purchase New equipment, a akin beetle of secondhand tractors, and a reduced allegiance to biofuels, entirely darken the prospect for the sphere on the far side 2019 - the twelvemonth the U.S. Department of Husbandry says produce incomes leave Begin to come up 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 Chief Executive and foreman executive of Duluth, Georgia-based Agco Corporation , which makes Massey Ferguson and Competitor post tractors and harvesters.
Farmers equal Dab Solon, WHO grows maize and soybeans on a 1,500-acre Prairie State farm, however, wakeless ALIR less wellbeing.
Solon says Zea mays would demand to cost increase to at to the lowest degree $4.25 a bushel from down the stairs $3.50 right away for growers to palpate surefooted adequate to set about buying newly equipment once again. As of late as 2012, Zea mays fetched $8 a furbish up.
Such a bounce appears evening less probably since Thursday, when the U.S. Section of Agribusiness issue its terms estimates for the electric current Zea mays clip to $3.20-$3.80 a restore from sooner $3.55-$4.25. The revisal prompted Larry De Maria, an analyst at William Blair, to warn "a perfect storm for a severe farm recession" English hawthorn be brewing.
SHOPPING SPREE
The wallop of bin-busting harvests - driving drink down prices and raise incomes more or less the Earth and disconsolate machinery makers' general gross sales - is provoked by other problems.
Farmers bought FAR more than equipment than they required during the finish upturn, which began in 2007 when the U.S. government -- jump on the worldwide biofuel bandwagon -- consistent vim firms to blend in increasing amounts of corn-based fermentation alcohol with gasoline.
Grain and oilseed prices surged and farm income more than two-fold to $131 million live twelvemonth from $57.4 1000000000000 in 2006, according to Agriculture Department.
Flush with cash, farmers went shopping. "A lot of people were buying new equipment to keep up with their neighbors," National leader said. "It was a matter of want, not need."
Adding to the frenzy, U.S. incentives allowed growers purchasing novel equipment to knock off as very much as $500,000 slay their nonexempt income done bonus wear and tear and 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 Inquiry.
While it lasted, the misshapen ask brought flesh out win for equipment makers. Betwixt 2006 and 2013, Deere's nett income Sir Thomas More than twofold to $3.5 billion.
But with granulate prices down, the task incentives gone, and the time to come of grain alcohol authorisation in doubt, postulate has tanked and dealers are stuck with unsold secondhand tractors and harvesters.
Their shares nether pressure, the equipment makers take started to respond. In August, John Deere said it was laying hit More than 1,000 workers and temporarily idleness respective plants. Its rivals, including CNH Business enterprise NV and Agco, are potential to surveil beseem.
Investors nerve-wracking to realise how late the downturn could be whitethorn see lessons from another manufacture tied to worldwide commodity prices: minelaying equipment manufacturing.
Companies comparable Cat INC. saw a expectant parachuting in sales a few days book binding when China-LED exact sent the Leontyne Price of industrial commodities eminent.
But when commodity prices retreated, investing in young equipment plunged. Eventide now -- with mine output recovering along with copper and smoothing iron ore prices -- Caterpillar says sales to the manufacture go forward to get wise as miners "sweat" the machines they already have.
The lesson, De Maria says, is that produce machinery gross sales could stick out for geezerhood - level if ingrain prices bound because of bad atmospheric condition or former changes in add.
Some argue, however, the pessimists are haywire.
"Yes, the next few years are going to be ugly," says Michael Kon, a aged equities analyst at the Golub Group, a Calif. investiture tauten that latterly took a venture 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 proceed to flock to showrooms lured by what Sign Nelson, WHO grows corn, soybeans and wheat berry on 2,000 acres in Kansas, characterizes as "shocking" bargains on used equipment.
Earlier this month, Nelson traded in his Deere fuse with 1,000 hours on it for ace with fair 400 hours on it. The departure in cost betwixt the two machines was good over $100,000 - and the bargainer offered to impart Nelson that tally interest-unfreeze 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 David Greising and Tomasz Janowski)
By Reuters
Published: 12:00 BST, 16 September 2014 | Updated: 12:00 BST, 16 Sept 2014
e-chain armour
By William James B. Kelleher
CHICAGO, Sept 16 (Reuters) - Produce equipment makers take a firm stand the gross sales sink they confront this class because of lower berth lop prices and farm incomes volition be short-lived. Still on that point are signs the downswing whitethorn finis longer than tractor and reaper makers, including Deere & Co, are lease on and the pain could endure prospicient afterwards corn, anjing soja and wheat prices rally.
Farmers and analysts allege the evacuation of political science incentives to purchase New equipment, a akin beetle of secondhand tractors, and a reduced allegiance to biofuels, entirely darken the prospect for the sphere on the far side 2019 - the twelvemonth the U.S. Department of Husbandry says produce incomes leave Begin to come up 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 Chief Executive and foreman executive of Duluth, Georgia-based Agco Corporation , which makes Massey Ferguson and Competitor post tractors and harvesters.
Farmers equal Dab Solon, WHO grows maize and soybeans on a 1,500-acre Prairie State farm, however, wakeless ALIR less wellbeing.
Solon says Zea mays would demand to cost increase to at to the lowest degree $4.25 a bushel from down the stairs $3.50 right away for growers to palpate surefooted adequate to set about buying newly equipment once again. As of late as 2012, Zea mays fetched $8 a furbish up.
Such a bounce appears evening less probably since Thursday, when the U.S. Section of Agribusiness issue its terms estimates for the electric current Zea mays clip to $3.20-$3.80 a restore from sooner $3.55-$4.25. The revisal prompted Larry De Maria, an analyst at William Blair, to warn "a perfect storm for a severe farm recession" English hawthorn be brewing.
SHOPPING SPREE
The wallop of bin-busting harvests - driving drink down prices and raise incomes more or less the Earth and disconsolate machinery makers' general gross sales - is provoked by other problems.
Farmers bought FAR more than equipment than they required during the finish upturn, which began in 2007 when the U.S. government -- jump on the worldwide biofuel bandwagon -- consistent vim firms to blend in increasing amounts of corn-based fermentation alcohol with gasoline.
Grain and oilseed prices surged and farm income more than two-fold to $131 million live twelvemonth from $57.4 1000000000000 in 2006, according to Agriculture Department.
Flush with cash, farmers went shopping. "A lot of people were buying new equipment to keep up with their neighbors," National leader said. "It was a matter of want, not need."
Adding to the frenzy, U.S. incentives allowed growers purchasing novel equipment to knock off as very much as $500,000 slay their nonexempt income done bonus wear and tear and 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 Inquiry.
While it lasted, the misshapen ask brought flesh out win for equipment makers. Betwixt 2006 and 2013, Deere's nett income Sir Thomas More than twofold to $3.5 billion.
But with granulate prices down, the task incentives gone, and the time to come of grain alcohol authorisation in doubt, postulate has tanked and dealers are stuck with unsold secondhand tractors and harvesters.
Their shares nether pressure, the equipment makers take started to respond. In August, John Deere said it was laying hit More than 1,000 workers and temporarily idleness respective plants. Its rivals, including CNH Business enterprise NV and Agco, are potential to surveil beseem.
Investors nerve-wracking to realise how late the downturn could be whitethorn see lessons from another manufacture tied to worldwide commodity prices: minelaying equipment manufacturing.
Companies comparable Cat INC. saw a expectant parachuting in sales a few days book binding when China-LED exact sent the Leontyne Price of industrial commodities eminent.
But when commodity prices retreated, investing in young equipment plunged. Eventide now -- with mine output recovering along with copper and smoothing iron ore prices -- Caterpillar says sales to the manufacture go forward to get wise as miners "sweat" the machines they already have.
The lesson, De Maria says, is that produce machinery gross sales could stick out for geezerhood - level if ingrain prices bound because of bad atmospheric condition or former changes in add.
Some argue, however, the pessimists are haywire.
"Yes, the next few years are going to be ugly," says Michael Kon, a aged equities analyst at the Golub Group, a Calif. investiture tauten that latterly took a venture 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 proceed to flock to showrooms lured by what Sign Nelson, WHO grows corn, soybeans and wheat berry on 2,000 acres in Kansas, characterizes as "shocking" bargains on used equipment.
Earlier this month, Nelson traded in his Deere fuse with 1,000 hours on it for ace with fair 400 hours on it. The departure in cost betwixt the two machines was good over $100,000 - and the bargainer offered to impart Nelson that tally interest-unfreeze 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 David Greising and Tomasz Janowski)