A Roundup of News from the Agricultural Sector.
As one of the largest sellers of used heavy equipment, Ritchie Bros. has its finger on the pulse of multiple equipment industries – construction, transportation, and agriculture, just to name a few. Here’s a roundup of recent news from the farming sector.
Rising inflation not linked to grain prices
Industry experts are saying the rising prices of grain like corn and soybean are not impacting inflated food prices in grocery stores. As reported in the Western Producer, corn and soybean futures prices increased 70 to 80 percent between August 2020 and May 2021, as short crops decreased supply and the COVID pandemic increased demand for the commodities.
Consumer food trends set to shift says study
A research group called MotivBase has discovered three consumer interests – food miles, hydroponic vertical farms, and cultured meats – that they expect to gain traction in the coming years. The website agriculture.com is examining the trajectory of these consumer food trends.
Declining loan demand shows strength in ag sector
Agricultural production loan demand declined 6.7% during the COVID-19 pandemic, according to a report in AgWeb Farm Journal. For 2020, total farm lending was $98.6 billion in the US, a slight decrease from 2019. Government payments also enabled producers to pay down existing loan balances, according to the report.
World Ag Expo slated to be live in 2022
The International Agri-Center showgrounds in Tulare, Calif., will be the site of the 2022 World Ag Expo. The event will be live, as opposed to the digital format of the 2021 show due to COVID-19. Farm Equipment has the full press release here.
Tractor sales continue to soar
A report from April shows tractor sales were up almost 23% year over year. According to a Tractor and Combine retail report, the tractor retail market is led by sales of units 40 horsepower and under.
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