It's the time of year in agriculture when we start asking what if? This is a time-tested business practice where managers and others begin creating various scenarios and ask themselves and their teams what could happen and how could the company or industry cope if this or that situation crops up.
While the drought throughout the Midwest grain-producing region of the U.S. has industry observers speculating about its impact on farm machinery sales for all of 2012, North American retail sales have more than held its own through June and the first six months of the year.
USDA's issued its Prospective Plantings report last Thursday and it got the attention of most industry observers as it projected the most acreage planted to corn in 75 years. At the same time, it forecast that soybean and wheat acres would slip below 2011 plantings.
Deere & Co.'s (DE) U.S. farm machinery business plowed through the economic recession mostly unscathed, but the business is now attracting increased scrutiny because of concerns that farmers' appetites for new equipment is reaching its limit.
This morning, USDA lowered its 2010 corn acreage forecast by 0.9 million acres to 87.9 million acres. According to Henry Kirn, analyst for UBS, the revised forecast represents a 2% increase from last year’s 86.5 million acres.
Deere & Co.'s Waterloo Foundry update is not only good for the Cedar Valley, it's a great move for the company, according to an industry analyst who is considered an expert on the Moline, Ill.-based company.
Yesterday, USDA reported that with 97% of the corn crop now panted, the 2010 crop is off to an outstanding start. Last year at this time, 92% or the corn crop was planted. Over the past 5 years, the planting rate averaged 96% on June 1.
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