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E.Central MN | You bring up a point that a lot of people are missing. The average size farm today is a lot bigger than the average size farm back in the tough time periods of the 70-80's. So except for the ones that are maxed out on debt there probably is a bigger cushion built in to most operations which can cover some payments for a new pickup or ATV if they need/want one and it's not cost effective to keep repairing the old one. Many could withstand a couple years if they burn thru their built up equity. But during that time a lot of farmers are going to say forget about it, I'm not going to jeopardize the farm, I'll rent it out first. | |
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When does farming react to low prices?
