Tractor Manufacturers Looking Good In 2008 31/01/2008
The ever increasing demand for ethanol has meant that growing corn has become a huge boom for farmers and resulted in a big upsweep in farming profits across the nation, starting in 2006.
With U.S. ethanol subsidies prompting farmers to grow corn and plenty of it, farming equipment has risen by as much as 15% since last year, 2007. According to Tom Stundza, editor of Purchasing magazine, forecasts show from surveys that tractor and farming manufacturers in 2008 should see a healthy rise of 15%- 16% again this year.
Agricultural and construction equipment maker CNH Global have seen their own sales rise by 28% for four straight quarters. High crop prices as well as the high price of corn, has produced the floury in farming equipment. Corn prices started to go up in 2006 analysts say which is then followed by the tractor industry and farming agriculture.