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Farm equipment, land prices maintain improvement in Creighton report

Monday, October 25, 2010

Tractor sales continued to show improvement.
Tractor sales continued to show improvement.

Creighton University's Rural Mainstreet Index showed farm equipment sales saw growth for yet another month.

October saw farm equipment transactions rise to 61 from 56.2 in September. August saw the index at 52.7, as transactions continued to show positive results.

"While businesses on rural mainstreet continue to struggle, farm indicators remain very strong, including farmland prices and the sale of agriculture equipment," said Ernie Goss, a professor who helped create the survey.

Overall, the Rural Mainstreet Index showed economic conditions remained lower than growth neutral for the fourth month in a row, rising from 47.6 to 48.4. The farmland-price listing increased from 57.7 to 60 and showed the ninth consecutive period of growth.

Goss said both the banking and farming portions of the rural economy should continue to be solid. This may be supported by farm prices that are high and above-average crop yields.

Higher global demand tied to lower supplies may could also help American farmers bring in more money. In fact, a recent report from the Federal Reserve System indicated growers in the Chicago District were hanging on to corn in anticipation of an increase in prices.

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