Farmers' sentiment toward making large investments remains down, with many saying it's due to the rising costs of machinery and construction.
After dipping to a new record low last month, the Farm Capital Investment Index improved to a reading of 38. The rise in the investment index was driven by a reduction in the percentage of producers who said now is a bad time to make large investments.
When producers who view this as a bad time for large investments were asked to identify their primary reason, increasing costs of farm machinery and new construction remained the top reasons with 40% choosing that option, though this was down from 46% in the previous survey. The percentage of growers choosing rising interest rates fell slightly to 20% from 21%, and the percentage choosing uncertainty about farm profitability rose from 13% to 17%.
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