Ag equipment sales steady, but tougher times aheadDECATUR, Ill. (AP) — Even with drops in crop prices and the economic downturn, sales of tractors and other farm equipment remain relatively strong.
By: Associated Press, Worthington Daily Globe
DECATUR, Ill. (AP) — Even with drops in crop prices and the economic downturn, sales of tractors and other farm equipment remain relatively strong.
But the U.S. Department of Agriculture last week projected that farmers' income will drop 38 percent this year. And many farmers wandering through the annual Farm Progress Show in Decatur this week say they're a lot more interested in looking than buying.
Farmer Wayne Deters of Effingham says many farmers are just too nervous about the economy to spend much money.
Analyst Eli Lustgarten says ag equipment makers like Deere Co. are in for an up-and-down next 18 months. But he doesn't expect sales to drop off a cliff, either. He says farmers are still enjoying relatively good times.
The Farm Progress Show alternates every year between Illinois and Iowa. It runs through Thursday.