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Spike in commodities' values buoys farming industry

Friday, May 6, 2011

Farmers hope for good weather to meet growing demand for wheat, other grains.
Farmers hope for good weather to meet growing demand for wheat, other grains.

"A sliding dollar and increased oil prices are contributing to high food commodity prices, particularly grains," stated David Hallam, Director of the U.N.'s Food and Agriculture Organization's Trade and Market Division, the day that an April 2011 food price index was released.

The current index, though similar to the March report, was 36 percent greater than April of last year. The even-more-specific FAO Cereal Price Index - 27 percent of the larger measurement, according to Bloomberg - experienced a 5.5-percent rise from March and a 71-percent increase from last year. There was also an uptick in corn and wheat futures in April 2011, which could mean farmers may purchase additional agricultural equipment with the added income to meet growing global food demand.

Demand for edible grains worldwide has outpaced supply because emerging nations are growing and disasters as well as inclement weather around the globe have affected the current harvest, from Australia to Eastern Europe.

New and used farm equipment is an area in which growers may look to reinvest, to produce more goods for the ever-increasing, international demand. John Deere dealers provide items such as combine harvesters, farm tractors and tractor parts.

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