Indiana farmers to generate record revenue

Posted by IronPlanet on Mar 30, 2012 8:23:00 AM

Farmers in Indiana are expected to pull in record revenue this year, but that doesn't necessarily mean record profits, reports the Indianapolis Star.

A recent study by Purdue University predicts that Indiana farmers will generate $8.6 billion in revenue, up from last year's record-setting $8.3 billion. Record revenues probably won't translate into record cash in farmers' pockets because of the rising prices they must pay for land, fuel to run their equipment, fertilizer to make everything grow better and other chemicals. Those costs are expected to rise at least 15 percent to 20 percent.

Indiana farmer Jim Cherry is already preparing his tractors and other agricultural equipment as he plans for the spring planting season. Cherry is a fifth-generation farmer who has been working for over 51 years and is now teaching his sons the tools of the trade. Cherry says that the mild winter this year is allowing farmers to plant ahead of schedule, which could help farmers harvest more in the summertime.

"I would hate to go into each season not thinking it will be a good year, not thinking we would make money," he told the news source. "When I was a kid, we'd try to plant by May 10th, but now it seems everyone pushes it to April 15th. It helps to start early so the crop can [be more mature] by the dry weather we usually have in July and August. Getting out early could become a big advantage."

Farmers readying for the next season can buy used tractors, harvesters, dump trailers and more through the online auction site IronPlanet. The site's IronClad Assurance allows users to view full inspection reports before they buy, so they know exactly what they're getting.

Topics: Industry Headlines