Farm equipment sales hit record low
BUSINESS RECORD STAFF Mar 19, 2015 | 3:36 pm
1 min read time
153 wordsAg and Environment, All Latest NewsThe Rural Mainstreet Index from Creighton University had bad news for March, starting with farm equipment sales so weak they set a record for futility.
Other highlights:
- The index was below growth neutral, falling to its lowest level in five years.
- Farmland prices fell for the 16th straight month.
- Almost one-third of bankers say the Federal Reserve should not raise interest rates in 2015.
- Only 7.2 percent of ethanol plants have reduced production due to lower energy prices.
The monthly survey of bank CEOs in rural areas of a 10-state region with large agricultural and energy industries found an index of 43.6 on a scale of 0 to 100. That was down from February’s 46.4.
“The stronger U.S. dollar is undermining the farm and energy sectors by weakening agricultural exports, crop prices, livestock prices and energy prices,” said Ernie Goss, Jack A. MacAllister chair in regional economics at Creighton University’s Heider College of Business.