I guess I question what the numbers mean. Are there systemic differences in how Canadian farms are structured that can explain some of this?

Two things that come to mind. Canadian dairy farmers have huge investments in quota that will affect those numbers a lot. Also, is it possible that Canadian farmers tend to own their land to a greater extent? My gut feel is that is the case based on my personal knowledge of my local area, and what I'm reading on this board. Both of these items will affect the ratios if I understand them correctly.

Agreed that interest swings will make a big difference. Even that will depend on how the debt is structured. If everything is being financed with variable rates, then things would change quickly. If much of the equipment is financed on fixed rates, then the loans will run their course and the equipment won't get replaced as quickly. Bad for us dealers, but won't necessarily hurt the farmers right away.

The key number I would have wanted to see would be the standard debt to equity ratio. How is that trending over time?