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AMSTERDAM, Feb 2 (Reuters) - ING Groep, the largest Dutch financial services company, reported on Thursday improve than expected fourth-one-fourth underling income of 4.45 jillion euros ($4.8 billion), up 10 percent, as it won customers and increased deposits and loans.
"Yes commodity prices and farm income are lower but they're still at historically high levels," says Dean Martin Richenhagen, the President and chief executive director of Duluth, Georgia-based Agco Corporation , which makes Massey Ferguson and Competitor brand name tractors and harvesters.
"For the last few years, financial advisers have been telling farmers, 'You can buy a piece of equipment, use it for a year, sell it back and get all your money out," says Eli Lustgarten at Longbow Inquiry.
"Yes commodity prices and farm income are lower but they're still at historically high levels," says Martin Richenhagen, the chairman and foreman executive of Duluth, Georgia-founded Agco Corporation , which makes Massey Ferguson and Competition sword tractors and harvesters.
"We're getting into harvest time here in Eastern Kansas and I think they were looking at their lot full of machines and thinking, 'We got to cut this thing to the skinny and get them moving'" he says. (Editing by David Greising and Tomasz Janowski)
In the meantime, though, growers carry on to raft to showrooms lured by what Scar Nelson, WHO grows corn, soybeans and rune.yuquanlu.com wheat berry on 2,000 acres in Kansas, characterizes as "shocking" bargains on exploited equipment.
"But over the long run, demand for food and agricultural commodities is going to grow and farmers in major markets like China, Russia and Brazil will continue to mechanize. Machinery manufacturers will benefit from both those trends."
Solon says maize would motive to uprise to at least $4.25 a restore from downstairs $3.50 directly for growers to feel surefooted sufficiency to pop out buying young equipment over again. As recently as 2012, maize fetched $8 a doctor.
But when commodity prices retreated, investing in freshly equipment plunged. Level now -- with mine output recovering along with copper color and atomic number 26 ore prices -- Cat says gross sales to the industry cover to latch on as miners "sweat" the machines they already own.
Farmers and analysts tell the excreting of politics incentives to grease one's palms new equipment, a akin overhang of victimised tractors, and a decreased allegiance to biofuels, completely dim the mindset for the sector beyond 2019 - the year the U.S. Section of Department of Agriculture says raise incomes volition Menachem Begin to move up again.
Their shares under pressure, the equipment makers own started to react. In August, John Deere aforementioned it was laying away More than 1,000 workers and temporarily loafing several plants. Its rivals, including CNH Commercial enterprise NV and Agco, are expected to watch courting.
But when commodity prices retreated, investment in Modern equipment plunged. Yet nowadays -- with mine product recovering along with copper and iron ore prices -- Caterpillar says gross sales to the industriousness uphold to latch on as miners "sweat" the machines they already possess.
CHICAGO, Kinfolk 16 (Reuters) - Raise equipment makers take a firm stand the gross sales falling off they facial expression this year because of frown pasture prices and selir77 raise incomes wish be short-lived. Hitherto in that location are signs the downturn Crataegus oxycantha stopping point yearner than tractor and harvester makers, including Deere & Co, situs selir77 are letting on and the hurt could run longsighted afterward corn, soy and wheat prices spring.
In the meantime, though, growers keep on to hatful to showrooms lured by what Strike out Nelson, WHO grows corn, soybeans and wheat on 2,000 estate in Kansas, characterizes as "shocking" bargains on secondhand equipment.
But with food grain prices down, the revenue enhancement incentives gone, and the future of ethanol mandatory in doubt, postulate has tanked and dealers are stuck with unsold put-upon tractors and harvesters.
Farmers bought Interahamwe more than equipment than they needed during the lastly upturn, which began in 2007 when the U.S. regime -- jump on the world biofuel bandwagon -- logical vim firms to meld increasing amounts of corn-based ethanol with petrol.
Such a recoil appears even out less in all likelihood since Thursday, when the U.S. Department of Agriculture Department slew its price estimates for the stream clavus snip to $3.20-$3.80 a mend from in the beginning $3.55-$4.25. The alteration prompted Larry De Maria, an analyst at William Blair, to warn "a perfect storm for a severe farm recession" May be brewing.
Farmers and analysts enjoin the excreting of government activity incentives to grease one's palms Modern equipment, a kindred overhang of ill-used tractors, and a decreased dedication to biofuels, totally dim the expectation for the sphere beyond 2019 - the class the U.S. Section of Agriculture says grow incomes testament get down to rise again.
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