By: Rob Wertheimer
Everyone loves the ag cycle. We are still struggling to catch up with the bullish mood, and so far, still failing. As we wrote on Thanksgiving, this doesn’t feel like a market primed for an upcycle. Commodity prices are low, commodity stocks are high, farmer profits are low, farm debt is high, signs of strain in debt are middling to high, fleets are new in North America, less new but not strained in other markets, machinery inventories are high or normal.