(IARN) — Current research suggests delays in agricultural retail purchases.
A financial advisor provides reasoning behind this revelation and a commodities broker shares when to make essential purchases.
The latest Farmers Speaks research, conducted by Millennium Research and commissioned by J.L. Farmakis, Inc., suggests farmers and ranchers are temporarily delaying Ag retail purchases.
“A lot of the delays are because folks don’t have their financing in place. If you’re talking about purchasing inputs, that is part of it,” Landell said. “We’re seeing a lot of waiting for information coming back from banks and the banks are trying to get through it and get it done. It seems to get worse every year. Renewals get kicked down the road further and further.”
Landell voiced concern, as producers need to be making some of those decisions soon. Greg McBride, commodities broker with Allendale, Inc., encourages producers to start looking at input deliveries, especially as coronavirus builds domestically and internationally.
“It might be worth it, if you’re not quarantined, to deliver a little bit of cash to keep the cash flow going. It might also be worth looking into input deliveries ahead of time to make sure if this does last longer, we can still get to the fields as needed,” McBride said.
Story courtesy of the Iowa Agribusiness Radio Network.
