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Capital News Service
For the past 25 years, Leann Szakal and her husband have operated a dairy farm with 80 cows in Corunna, Michigan, with the help of their three children.
As the price of milk began to decline in 2015 and operating costs increased, Szakal struggled to meet her operating loan payments with GreenStone Farm Credit Services. Unable to make the payments in spring 2020, Szakal refinanced her loan which she will now repay over the next 20 years.
“Input costs have drastically changed in the last five years,” Szakal said. “It’s nearly impossible for a small farm to survive because input costs are too high.”
David McNew/Getty Images Deere is betting that American farmers are ready to buy new equipment as grain prices reach multiyear highs and agricultural profits climb.
Bloomberg | Feb 19, 2021
By Joe Deaux and James Attwood
Deere & Co. lifted its earnings guidance above analyst estimates, with elevated crop prices and an improving farm economy signaling a record windfall for the biggest maker of agricultural machinery. Shares surged to an all-time high.
After a trade war and pandemic disruptions, Deere is betting that American farmers are finally ready to overhaul aging fleets as grain prices reach multiyear highs and agricultural profits soar amid a flood of government aid. Federal Reserve Bank of Chicago economist David Oppedahl called the agricultural outlook “the rosiest in years” based on a survey of bankers.