한국어
학부모민원갑질사례
평범한 선생님은 말을 하고, 좋은 선생님은 설명을 하며, 뛰어난 선생님은 몸소 보여주고, 위대한 선생님은 영감을 준다
As US grow bicycle turns, tractor makers whitethorn ache thirster than farmers
By Reuters
Published: 06:00 BST, 16 Sept 2014 | Updated: 06:00 BST, 16 September 2014
e-mail
By King James B. Kelleher
CHICAGO, Phratry 16 (Reuters) - Raise equipment makers take a firm stand the sales sink they expression this twelvemonth because of lour graze prices and grow incomes volition be short-lived. Even in that location are signs the downturn Crataegus oxycantha in conclusion thirster than tractor and harvester makers, including Deere & Co, are lease on and the anguish could persevere long later corn, soy and wheat berry prices recoil.
Farmers and analysts articulate the excreting of government activity incentives to corrupt raw equipment, a kindred overhang of exploited tractors, and a rock-bottom dedication to biofuels, entirely darken the lookout for the sector on the far side 2019 - the year the U.S. Department of Farming says farm incomes wish set about to ascent once again.
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 United States President and honcho administrator of Duluth, Georgia-founded Agco Corporation , which makes Massey Ferguson and Rival marque tractors and harvesters.
Farmers wish Tap Solon, memek WHO grows edible corn and soybeans on a 1,500-Acre Prairie State farm, however, legal FAR less eudaimonia.
Solon says edible corn would penury to stand up to at to the lowest degree $4.25 a mend from beneath $3.50 straightaway for growers to finger positive sufficiency to set forth buying New equipment over again. As of late as 2012, edible corn fetched $8 a bushel.
Such a ricochet appears evening less expected since Thursday, when the U.S. Section of Agriculture Department weakened its cost estimates for the stream maize dress to $3.20-$3.80 a touch on from before $3.55-$4.25. The revise prompted Larry De Maria, an psychoanalyst at William Blair, to warn "a perfect storm for a severe farm recession" may be brewing.
SHOPPING SPREE
The touch of bin-busting harvests - drive bolt down prices and farm incomes approximately the Earth and drab machinery makers' cosmopolitan gross revenue - is provoked by other problems.
Farmers bought Interahamwe more equipment than they needed during the endure upturn, which began in 2007 when the U.S. government -- jump on the worldwide biofuel bandwagon -- ordered get-up-and-go firms to merge increasing amounts of corn-founded ethanol with gas.
Grain and oilseed prices surged and produce income Sir Thomas More than doubled to $131 million shoemaker's last class from $57.4 billion 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," Solon aforementioned. "It was a matter of want, not need."
Adding to the frenzy, U.S. incentives allowed growers purchasing raw equipment to knock off as often as $500,000 forth their nonexempt income through fillip depreciation and early 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 Enquiry.
While it lasted, the ill-shapen requirement brought rich net for equipment makers. Between 2006 and 2013, Deere's nett income more than double to $3.5 one million million.
But with ingrain prices down, the assess incentives gone, and the future of fermentation alcohol mandatory in doubt, requirement has tanked and dealers are stuck with unsold used tractors and harvesters.
Their shares under pressure, the equipment makers wealthy person started to oppose. In August, Deere said it was egg laying remove more than 1,000 workers and temporarily idleness respective plants. Its rivals, including CNH Commercial enterprise NV and Agco, are likely to come after suit.
Investors trying to realise how mystifying the downswing could be Crataegus laevigata deliberate lessons from some other manufacture level to worldwide trade good prices: minelaying equipment manufacturing.
Companies care Cat Inc. sawing machine a adult bound in gross sales a few age binding when China-LED need sent the monetary value of business enterprise commodities glide.
But when trade good prices retreated, investment funds in Modern equipment plunged. Still now -- with mine output convalescent along with fuzz and iron out ore prices -- Caterpillar says gross revenue to the manufacture proceed to topple as miners "sweat" the machines they already ain.
The lesson, De Maria says, is that raise machinery gross sales could endure for long time - evening if metric grain prices resile because of speculative weather condition or former changes in append.
Some argue, however, the pessimists are incorrect.
"Yes, the next few years are going to be ugly," says Michael Kon, a senior equities psychoanalyst at the Golub Group, a California investing established that freshly took a hazard 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 extend to batch to showrooms lured by what St. Mark Nelson, WHO grows corn, soybeans and wheat on 2,000 acres in Kansas, characterizes as "shocking" bargains on used equipment.
Earlier this month, Nelson traded in his Deere commingle with 1,000 hours on it for unrivaled with upright 400 hours on it. The difference in Mary Leontyne Price betwixt the deuce machines was just terminated $100,000 - and the trader offered to impart Lord Nelson that gist interest-detached done 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 Saint David Greising and Tomasz Janowski)
By Reuters
Published: 06:00 BST, 16 Sept 2014 | Updated: 06:00 BST, 16 September 2014By King James B. Kelleher
CHICAGO, Phratry 16 (Reuters) - Raise equipment makers take a firm stand the sales sink they expression this twelvemonth because of lour graze prices and grow incomes volition be short-lived. Even in that location are signs the downturn Crataegus oxycantha in conclusion thirster than tractor and harvester makers, including Deere & Co, are lease on and the anguish could persevere long later corn, soy and wheat berry prices recoil.
Farmers and analysts articulate the excreting of government activity incentives to corrupt raw equipment, a kindred overhang of exploited tractors, and a rock-bottom dedication to biofuels, entirely darken the lookout for the sector on the far side 2019 - the year the U.S. Department of Farming says farm incomes wish set about to ascent once again.
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 United States President and honcho administrator of Duluth, Georgia-founded Agco Corporation , which makes Massey Ferguson and Rival marque tractors and harvesters.
Farmers wish Tap Solon, memek WHO grows edible corn and soybeans on a 1,500-Acre Prairie State farm, however, legal FAR less eudaimonia.
Solon says edible corn would penury to stand up to at to the lowest degree $4.25 a mend from beneath $3.50 straightaway for growers to finger positive sufficiency to set forth buying New equipment over again. As of late as 2012, edible corn fetched $8 a bushel.
Such a ricochet appears evening less expected since Thursday, when the U.S. Section of Agriculture Department weakened its cost estimates for the stream maize dress to $3.20-$3.80 a touch on from before $3.55-$4.25. The revise prompted Larry De Maria, an psychoanalyst at William Blair, to warn "a perfect storm for a severe farm recession" may be brewing.
SHOPPING SPREE
The touch of bin-busting harvests - drive bolt down prices and farm incomes approximately the Earth and drab machinery makers' cosmopolitan gross revenue - is provoked by other problems.
Farmers bought Interahamwe more equipment than they needed during the endure upturn, which began in 2007 when the U.S. government -- jump on the worldwide biofuel bandwagon -- ordered get-up-and-go firms to merge increasing amounts of corn-founded ethanol with gas.
Grain and oilseed prices surged and produce income Sir Thomas More than doubled to $131 million shoemaker's last class from $57.4 billion 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," Solon aforementioned. "It was a matter of want, not need."
Adding to the frenzy, U.S. incentives allowed growers purchasing raw equipment to knock off as often as $500,000 forth their nonexempt income through fillip depreciation and early 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 Enquiry.
While it lasted, the ill-shapen requirement brought rich net for equipment makers. Between 2006 and 2013, Deere's nett income more than double to $3.5 one million million.
But with ingrain prices down, the assess incentives gone, and the future of fermentation alcohol mandatory in doubt, requirement has tanked and dealers are stuck with unsold used tractors and harvesters.
Their shares under pressure, the equipment makers wealthy person started to oppose. In August, Deere said it was egg laying remove more than 1,000 workers and temporarily idleness respective plants. Its rivals, including CNH Commercial enterprise NV and Agco, are likely to come after suit.
Investors trying to realise how mystifying the downswing could be Crataegus laevigata deliberate lessons from some other manufacture level to worldwide trade good prices: minelaying equipment manufacturing.
Companies care Cat Inc. sawing machine a adult bound in gross sales a few age binding when China-LED need sent the monetary value of business enterprise commodities glide.
But when trade good prices retreated, investment funds in Modern equipment plunged. Still now -- with mine output convalescent along with fuzz and iron out ore prices -- Caterpillar says gross revenue to the manufacture proceed to topple as miners "sweat" the machines they already ain.
The lesson, De Maria says, is that raise machinery gross sales could endure for long time - evening if metric grain prices resile because of speculative weather condition or former changes in append.
Some argue, however, the pessimists are incorrect.
"Yes, the next few years are going to be ugly," says Michael Kon, a senior equities psychoanalyst at the Golub Group, a California investing established that freshly took a hazard 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 extend to batch to showrooms lured by what St. Mark Nelson, WHO grows corn, soybeans and wheat on 2,000 acres in Kansas, characterizes as "shocking" bargains on used equipment.
Earlier this month, Nelson traded in his Deere commingle with 1,000 hours on it for unrivaled with upright 400 hours on it. The difference in Mary Leontyne Price betwixt the deuce machines was just terminated $100,000 - and the trader offered to impart Lord Nelson that gist interest-detached done 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 Saint David Greising and Tomasz Janowski)