Ag equipment has been top of mind lately as farm incomes – and costs - are both rising. According to a Farm Journal AgWeb article, the Rural Mainstreet Index (RMI) from Creighton University went negative in June to 49.8. June’s reading was down from May’s 57.7 and was the first negative reading since September 2020. The lower June tally reflects rising farm costs and higher borrowings. The Index is generated by a monthly survey of bank CEOs in rural areas of a 10-state region dependent on agriculture and/or energy and ranges from 0-100 with 50 representing neutral growth and anything above 50 indicating positive growth.
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