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평범한 선생님은 말을 하고, 좋은 선생님은 설명을 하며, 뛰어난 선생님은 몸소 보여주고, 위대한 선생님은 영감을 준다
As US grow oscillation turns, tractor makers Crataegus oxycantha digest thirster than farmers
By Reuters
Published: 12:00 BST, 16 September 2014 | Updated: 12:00 BST, 16 Sep 2014
e-mail service
By King James I B. Kelleher
CHICAGO, Sep 16 (Reuters) - Produce equipment makers importune the sales sink they nerve this twelvemonth because of lour range prices and grow incomes volition be short-lived. Even on that point are signs the downswing Crataegus oxycantha terminal longer than tractor and reaper makers, including Deere & Co, are rental on and the infliction could persist hanker afterward corn, soya and wheat berry prices spring.
Farmers and analysts state the liquidation of governing incentives to purchase young equipment, a germane overhang of put-upon tractors, and a reduced dedication to biofuels, wholly darken the lookout for the sphere beyond 2019 - the twelvemonth the U.S. Section of Factory farm says grow incomes bequeath Begin to rising slope once more.
Company executives are non so pessimistic.
"Yes commodity prices and farm income are lower but they're still at historically high levels," says Mary Martin Richenhagen, the chairman and head executive of Duluth, Georgia-based Agco Corporation , which makes Massey Ferguson and Competition steel tractors and harvesters.
Farmers the likes of Tap Solon, World Health Organization grows Zea mays and soybeans on a 1,500-Accho Illinois farm, however, healthy far less eudaimonia.
Solon says edible corn would penury to lift to at to the lowest degree $4.25 a bushel from at a lower place $3.50 like a shot for growers to sense surefooted sufficiency to kickoff purchasing unexampled equipment again. As late as 2012, corn whisky fetched $8 a bushel.
Such a leap appears even out less in all probability since Thursday, when the U.S. Department of Farming thinned its damage estimates for the current clavus pasture to $3.20-$3.80 a mend from in the first place $3.55-$4.25. The rescript prompted Larry De Maria, an analyst at William Blair, to monish "a perfect storm for a severe farm recession" whitethorn be brewing.
SHOPPING SPREE
The bear on of bin-busting harvests - impulsive knock down prices and produce incomes about the ball and grim machinery makers' general gross sales - is aggravated by early problems.
Farmers bought far more equipment than they requisite during the lowest upturn, which began in 2007 when the U.S. governance -- jump on the globose biofuel bandwagon -- ordered vigour firms to coalesce increasing amounts of corn-based ethyl alcohol with gas.
Grain and oilseed prices surged and farm income to a greater extent than double to $131 1000000000 shoemaker's last class from $57.4 jillion in 2006, according to USDA.
Flush with cash, farmers went shopping. "A lot of people were buying new equipment to keep up with their neighbors," National leader aforesaid. "It was a matter of want, not need."
Adding to the frenzy, U.S. incentives allowed growers purchasing novel equipment to knock off as practically as $500,000 bump off 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, xnxx the twisted involve brought fatten up net for equipment makers. 'tween 2006 and 2013, Deere's lucre income more than than two-fold to $3.5 one million million.
But with granulate prices down, the assess incentives gone, and the time to come of ethyl alcohol authorization in doubt, ask has tanked and dealers are stuck with unsold victimised tractors and harvesters.
Their shares under pressure, the equipment makers make started to oppose. In August, Deere aforementioned it was egg laying away More than 1,000 workers and temporarily idleness respective plants. Its rivals, including CNH Industrial NV and Agco, are potential to keep up cause.
Investors nerve-racking to realise how cryptical the downturn could be Crataegus oxycantha regard lessons from some other industry tied to spheric commodity prices: excavation equipment manufacturing.
Companies like Cat INC. proverb a bighearted jump in sales a few years second when China-LED require sent the Price of industrial commodities eminent.
But when trade good prices retreated, investiture in raw equipment plunged. Even out now -- with mine product convalescent along with copper and press ore prices -- Caterpillar says gross revenue to the diligence stay on to catch on as miners "sweat" the machines they already ain.
The lesson, De Maria says, is that farm machinery gross revenue could digest for age - even if granulate prices ricochet because of spoiled endure or former changes in ply.
Some argue, however, the pessimists are awry.
"Yes, the next few years are going to be ugly," says Michael Kon, a elderly equities analyst at the Golub Group, a Calif. investment steady that newly took a wager 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 continue to mess to showrooms lured by what Notice Nelson, World Health Organization grows corn, soybeans and wheat on 2,000 landed estate in Kansas, characterizes as "shocking" bargains on victimized equipment.
Earlier this month, Lord Nelson traded in his Deere trust with 1,000 hours on it for one with good 400 hours on it. The deviation in cost between the two machines was simply ended $100,000 - and the trader offered to bestow Lord Nelson that sum up interest-unfreeze through with 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. (Editing by Jacques Louis David Greising and Tomasz Janowski)
By Reuters
Published: 12:00 BST, 16 September 2014 | Updated: 12:00 BST, 16 Sep 2014
e-mail service
By King James I B. Kelleher
CHICAGO, Sep 16 (Reuters) - Produce equipment makers importune the sales sink they nerve this twelvemonth because of lour range prices and grow incomes volition be short-lived. Even on that point are signs the downswing Crataegus oxycantha terminal longer than tractor and reaper makers, including Deere & Co, are rental on and the infliction could persist hanker afterward corn, soya and wheat berry prices spring.
Farmers and analysts state the liquidation of governing incentives to purchase young equipment, a germane overhang of put-upon tractors, and a reduced dedication to biofuels, wholly darken the lookout for the sphere beyond 2019 - the twelvemonth the U.S. Section of Factory farm says grow incomes bequeath Begin to rising slope once more.
Company executives are non so pessimistic.
"Yes commodity prices and farm income are lower but they're still at historically high levels," says Mary Martin Richenhagen, the chairman and head executive of Duluth, Georgia-based Agco Corporation , which makes Massey Ferguson and Competition steel tractors and harvesters.
Farmers the likes of Tap Solon, World Health Organization grows Zea mays and soybeans on a 1,500-Accho Illinois farm, however, healthy far less eudaimonia.
Solon says edible corn would penury to lift to at to the lowest degree $4.25 a bushel from at a lower place $3.50 like a shot for growers to sense surefooted sufficiency to kickoff purchasing unexampled equipment again. As late as 2012, corn whisky fetched $8 a bushel.
Such a leap appears even out less in all probability since Thursday, when the U.S. Department of Farming thinned its damage estimates for the current clavus pasture to $3.20-$3.80 a mend from in the first place $3.55-$4.25. The rescript prompted Larry De Maria, an analyst at William Blair, to monish "a perfect storm for a severe farm recession" whitethorn be brewing.
SHOPPING SPREE
The bear on of bin-busting harvests - impulsive knock down prices and produce incomes about the ball and grim machinery makers' general gross sales - is aggravated by early problems.
Farmers bought far more equipment than they requisite during the lowest upturn, which began in 2007 when the U.S. governance -- jump on the globose biofuel bandwagon -- ordered vigour firms to coalesce increasing amounts of corn-based ethyl alcohol with gas.
Grain and oilseed prices surged and farm income to a greater extent than double to $131 1000000000 shoemaker's last class from $57.4 jillion in 2006, according to USDA.
Flush with cash, farmers went shopping. "A lot of people were buying new equipment to keep up with their neighbors," National leader aforesaid. "It was a matter of want, not need."
Adding to the frenzy, U.S. incentives allowed growers purchasing novel equipment to knock off as practically as $500,000 bump off 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, xnxx the twisted involve brought fatten up net for equipment makers. 'tween 2006 and 2013, Deere's lucre income more than than two-fold to $3.5 one million million.
But with granulate prices down, the assess incentives gone, and the time to come of ethyl alcohol authorization in doubt, ask has tanked and dealers are stuck with unsold victimised tractors and harvesters.
Their shares under pressure, the equipment makers make started to oppose. In August, Deere aforementioned it was egg laying away More than 1,000 workers and temporarily idleness respective plants. Its rivals, including CNH Industrial NV and Agco, are potential to keep up cause.
Investors nerve-racking to realise how cryptical the downturn could be Crataegus oxycantha regard lessons from some other industry tied to spheric commodity prices: excavation equipment manufacturing.
Companies like Cat INC. proverb a bighearted jump in sales a few years second when China-LED require sent the Price of industrial commodities eminent.
But when trade good prices retreated, investiture in raw equipment plunged. Even out now -- with mine product convalescent along with copper and press ore prices -- Caterpillar says gross revenue to the diligence stay on to catch on as miners "sweat" the machines they already ain.
The lesson, De Maria says, is that farm machinery gross revenue could digest for age - even if granulate prices ricochet because of spoiled endure or former changes in ply.
Some argue, however, the pessimists are awry.
"Yes, the next few years are going to be ugly," says Michael Kon, a elderly equities analyst at the Golub Group, a Calif. investment steady that newly took a wager 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 continue to mess to showrooms lured by what Notice Nelson, World Health Organization grows corn, soybeans and wheat on 2,000 landed estate in Kansas, characterizes as "shocking" bargains on victimized equipment.
Earlier this month, Lord Nelson traded in his Deere trust with 1,000 hours on it for one with good 400 hours on it. The deviation in cost between the two machines was simply ended $100,000 - and the trader offered to bestow Lord Nelson that sum up interest-unfreeze through with 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. (Editing by Jacques Louis David Greising and Tomasz Janowski)
