Economic Indicators Remain Weak

Creighton University released survey findings in April that confirmed sales of farm machines and prices for farmland continue to be weak.

The report showed negative sales prospects on machinery for the 21st consecutive month, although the index rebounded slightly from its historic low of 15.2 in March to 15.6 in April. Ernie Goss, Ph.D., Chairman of Regional Economics at Creighton, said farmers are reluctant to buy equipment as they anticipate lower returns this year.

Farmland prices fell for the 17th successive month. The index dropped from 39.4 in March to 33.4, suggesting an accelerated decline. Prices in Missouri fell the most, while Nebraska, Kansas, and Illinois experienced increases in farm prices.

In the same data, Creighton also reported an increase in the value of farmland for rent. Bankers surveyed said the rent rate for an acre of land averages about $227, which surpasses expectations; bankers forecast rents to be $214 per acre earlier this year. S