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Are You an Average Farmer?

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NY 986
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PostPosted: Tue Aug 13, 2019 1:51 pm    Post subject: Re: Are You an Average Farmer? Reply to specific post Reply with quote

Forty years ago there were guys carrying that much debt on a Harvestore product. Neighbor back then on his blue high moisture silo said it cost 1,000 dollars per vertical foot to put up and his was 85 feet tall. Don't know how it worked in Canada back then but the credit institutions here were pretty abundant with loans back in the 1970's so plenty of guys got into debt up to their eyeballs. After the grain embargo in 1980 combined with subpar milk and meat prices these lenders turned the tap right off when guys needed a rework of their finances.
 
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mudcreek183
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PostPosted: Tue Aug 13, 2019 1:57 pm    Post subject: Re: Are You an Average Farmer? Reply to specific post Reply with quote

We had one a county over when he went under he owed over 3 million.
 
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Philip d
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PostPosted: Tue Aug 13, 2019 1:57 pm    Post subject: Re: Are You an Average Farmer? Reply to specific post Reply with quote

I guess I was above average lol
 
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NY 986
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PostPosted: Tue Aug 13, 2019 2:05 pm    Post subject: Re: Are You an Average Farmer? Reply to specific post Reply with quote

We all see different things based on what part of the world or even the US we live in. Here the Amish and Mennonites are huge drivers in land values. Land quality is too inconsistent in most parts of NY for somebody to setup a 10,000 acre grain operation or 5,000 cow dairy. Corn could run 180 bushels per acre or 35 tons of corn silage one year and produce 140 bushels of corn or 27 tons of corn silage the next year. The science community has become more and more disconnected from farming on a personal level. Fewer people know or are related to somebody in farming to drive their decision making. A lot of them only care about feeding a person if they are into food production and don't make it a priority that conventional agriculture benefits. A lot of research has been done towards replicating animal protein in food.
 
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john in la
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PostPosted: Tue Aug 13, 2019 2:15 pm    Post subject: Re: Are You an Average Farmer? Reply to specific post Reply with quote

A debt of $100.00 or $100 million means nothing unless you know the net worth and income figures.
Plenty of business out there (and farming is a business) that have a weekly payroll over a million dollars.
 
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Traditional Farmer
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PostPosted: Tue Aug 13, 2019 3:46 pm    Post subject: Re: Are You an Average Farmer? Reply to specific post Reply with quote

The feed the World thing is pretty much been proven wrong,starving people in many places right now, food surpluses in the USA.Perfect match right? One little problem people are starving in the first place not because of a lack of food available but because the starving folks have no means to pay for the food.That has always been the issue and will
be worse in the future.So unless US farmers are going to give the food they produce away its a non starter and terrible business model.People with some wealth have all the food they can eat now and will into the future.
 
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Traditional Farmer
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PostPosted: Tue Aug 13, 2019 3:50 pm    Post subject: Re: Are You an Average Farmer? Reply to specific post Reply with quote

The USA is 22 Trillion$ in debt and going in deeper every year.So how long can the gov't money that is fueling agriculture and other parts of the economy be around? Probably not that much longer without gov't money agricultural land values/prices will drop like a rock.
 
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Traditional Farmer
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PostPosted: Tue Aug 13, 2019 3:58 pm    Post subject: Re: Are You an Average Farmer? Reply to specific post Reply with quote

Ask the people with big loans on houses how that line of thinking worked out for them back in 07-09 their Million$ on paper houses were suddenly only worth a fraction of
that,same thing can happen to farmland and other ag assets.Values are reset by buyers willingness and ability to pay all the time.If I had loans and only farm income to repay them
I'd be one worried fellow these days.
 
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Philip d
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PostPosted: Tue Aug 13, 2019 4:05 pm    Post subject: Re: Are You an Average Farmer? Reply to specific post Reply with quote

I know a local potato farm the government lent them 2.5 million last year to put their crop in because the lenders cut them off and another 3.5 million this spring because one lender called in their loans. They could still afford a new top of the line pickup this spring and 2 months vacation in Florida. I?m guessing in 3-5 years all will be forgiven and off they go again,sure wouldn?t be their first time.
 
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Case Nutty 1660
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PostPosted: Tue Aug 13, 2019 4:06 pm    Post subject: Re: Are You an Average Farmer? Reply to specific post Reply with quote

I have no farm debt, I do not borrow operating money I am in no way well off but I am happy with what i have, this season and last I have lost 50K worth of income,, and NO I do not carry insurance as they never would have pid a dime either year any way, tried that junk for over 10 years they always find a way not to pay
 
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Absent Minded Farmer
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PostPosted: Tue Aug 13, 2019 4:24 pm    Post subject: Re: Are You an Average Farmer? Reply to specific post Reply with quote

Avar.... what?

Mike
 
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moresmoke
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PostPosted: Tue Aug 13, 2019 4:47 pm    Post subject: Re: Are You an Average Farmer? Reply to specific post Reply with quote

Probably higher than that in reality. That figure will buy you a combine, grain cart, and tractor to pull it. Never mind planter, trucks, sprayer, etc. and the annual expenses.
 
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olgentdc
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PostPosted: Tue Aug 13, 2019 5:59 pm    Post subject: Re: Are You an Average Farmer? Reply to specific post Reply with quote

not wanting to steer of topic of debt, but hiway death
deserves mention ...There were 50,000 killed annually in 1970 on
the roads of the USA ,,.TODAY pat yourself on the back , our cars
are safer,yet faster ,roads are better and safer and the traffic
level load is triple of 1970 . and most of us are better drivers ar
being aware of those around us ..Back in 1970 , Most cars only had
a driver side rear view mirror.
 
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JD Seller
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PostPosted: Tue Aug 13, 2019 6:44 pm    Post subject: Re: Are You an Average Farmer? Reply to specific post Reply with quote

George I saw a figure a while back on the amount of debt free land in Iowa. It is 82% debt free. WOW Now the other numbers. 65% of the landowners are over 65 in 2017. 35% of the landowners are over 75. That number has just about doubled in 30 years. In 1982 the owners over 65 was only 35%.

P.S. 60% of the land is not farmed by the owner. The land being in older hands and with fewer actually owning what they farm is not a good thing for the long term future in my Option.
 
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oldtanker
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PostPosted: Tue Aug 13, 2019 6:54 pm    Post subject: Re: Are You an Average Farmer? Reply to specific post Reply with quote

CVPost-NY 986 wrote:
(quoted from post at 14:51:10 08/13/19) Forty years ago there were guys carrying that much debt on a Harvestore product. Neighbor back then on his blue high moisture silo said it cost 1,000 dollars per vertical foot to put up and his was 85 feet tall. Don't know how it worked in Canada back then but the credit institutions here were pretty abundant with loans back in the 1970's so plenty of guys got into debt up to their eyeballs. After the grain embargo in 1980 combined with subpar milk and meat prices these lenders turned the tap right off when guys needed a rework of their finances.


Lot of Havestores went up around here in the 70's. And they were some of the first to fail with the 80's farm crisis. So much so that some of the older guys here still call them "blue tombstones". In fact a lot of silos of all types went up around here in 70's. Most of them sit unused anymore. Those feeding livestock are bagging or feeding out of a bunker. Lot less labor intensive.

Rick
 
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