The SL400N can lift up to 400 tonnes on a narrow 0.6 m skidding track. Pete Crisci, product line director—heavy lifting technology at Enerpac, explained that the SL400N has been designed in response to the need for greater lifting capacities in tighter spaces. By using a narrow track gauge, the gantry can be easily moved around obstacles during industrial moves.www.enerpac.com
Dave NatzkeEditorProgressive DairymanEmail Dave [email protected] USDA’s latest annual Farm Production Expenditures report, issued in August, estimated interest rates represented about 2.8 percent of total farm production expenditures in 2017.advertisementadvertisementHere’s a look at Federal Reserve district interest rates and other credit conditions.• Chicago (district covers all or portions of Illinois, Indiana, Iowa, Michigan and Wisconsin). Compared to the same quarter a year earlier, farm loan repayment rates deteriorated for a 19th straight quarter. Across the district, about 6 percent of farm loans were classified as having “major” or “severe” repayment problems, the highest second-quarter percentage since 2002. About 21 percent of the survey respondents reported that their banks required larger amounts of collateral than a year ago.Over the first half of 2018, district banks reported issuing more farm operating loans than historically normal, but lower amounts for ag real estate loans. Merchants, dealers and other input suppliers noticeably boosted agricultural lending. According to survey respondents, lenders within the Farm Credit System also issued an above-normal volume of operating loans and mortgages during the January-June period of 2018. Life insurance companies reportedly issued slightly below normal amounts of agricultural loans, although this trend was bucked in Illinois.Third-quarter 2018 farm loan volumes were anticipated to increase from year-earlier levels, especially for operating loans and loans guaranteed by the USDA’s Farm Service Agency, but decrease for real estate lending.advertisementSecond-quarter 2018 farmland values were up 1 percent from the same quarter a year ago and up 2 percent from the first quarter of 2018, the largest quarterly gain in four years. Only Illinois exhibited signs of a year-over-year decrease in farmland value. District farmland values were expected to be stable in the short term.District bankers expressed concerns about the negative impacts of U.S. trade policy.As of July 1, 2018, the average interest rates for farm operating, feeder cattle and agricultural real estate loans (before adjusting for inflation) were at their highest levels since the third quarter of 2011. On average, real interest rates on farm mortgages have returned to the levels seen during the peak of farmland values in 2013.• Dallas (district covers all of Texas and portions of New Mexico and Louisiana). Dry conditions continue to be a concern for ag producers and their lenders in the Federal Reserve Bank of Dallas district.A survey of 118 bankers indicated demand for agricultural loans overall decreased for an 11th consecutive quarter. Loan renewals and extensions rose, but at a slower pace, while the rate of loan repayment continued to decline.District real ranchland values surged during the quarter, while dryland and irrigated cropland values declined. Nominal dryland and ranchland values increased year over year in Texas; southern New Mexico cropland values increased while ranchland values decreased; and northern Louisiana cropland and ranchland values all increased. Survey respondents expect farmland values to trend up in the upcoming months.advertisementSecond-quarter 2018 interest rates on all types of loans were higher, in most cases the highest since mid-2011. Bankers indicated continued tightening of credit standards.• Kansas City (district covers Colorado, Kansas, Nebraska, Oklahoma, Wyoming, the northern half of New Mexico and the western third of Missouri). Lower commodity prices led to deterioration of second-quarter farm incomes, especially in corn and soybean areas affected by ongoing tariff wars.Despite some previous signs of stabilization, agricultural credit conditions weakened in the second quarter. Bankers continued to report a modest increase in problems with loan repayment. On average, bankers across the district reported that nearly 30 percent of the dollar volume of their farm loan portfolios was experiencing at least minor repayment problems.Elevated demand for farm loans continued to place pressure on liquidity at some agricultural banks, and survey respondents indicated they expect loan demand to be even larger in the next three months, reflecting anticipated increases to operating loan balances through the end of the growing season. While the agricultural lending cycle typically results in fluctuations in bank liquidity as operating loans grow to meet seasonal demands, the majority of bankers continued to report year-over-year decreases in available funds for the fourth straight year. That’s led to an increase in loan denials, and a majority of bankers reported they had increased collateral requirements compared to a year ago.Interest rates on farm loans continued to rise in the second quarter, with the largest increases on variable-rate loans. While increased interest expenses are unlikely to have a significant impact on farm income in the short term, higher rates are likely to influence decisions in making longer-term capital and real estate purchases.Recent increases in interest rates could continue to put pressure on the market for farm real estate, but farmland values across the district generally remained steady or declined slightly. The value of irrigated cropland decreased most significantly, declining about 4 percent from a year ago. The year-over-year decline in the value of nonirrigated cropland was the smallest since early 2015. Farmland value changes varied by state and their individual dependency on different crops.Cash rents in the second quarter also declined at a relatively modest pace: Rent for ranchland decreased about 3 percent due, in part, to a decline in cattle prices.In a separate report, Kansas City Federal Reserve district staff economists said consolidation in the livestock sector has led to fewer farms with greater financing needs (Read: Large Loans for Livestock Drive Uptick in Farm Lending). As a result, increased lending and larger loan sizes in the livestock sector have coincided with higher interest rates on livestock loans.• Minneapolis (district covers all or portions of Minnesota, Montana, North Dakota, South Dakota and Wisconsin). Falling farm incomes are impacting capital and household spending, according to results of the second-quarter agricultural credit conditions survey in the Minneapolis district of the Federal Reserve Bank. Equipment purchases were the most depressed in Wisconsin.While a solid majority of lenders stated that the number of loan renewals or extensions had held steady, a growing number reported the rate of repayment on agricultural loans fell, and 29 percent saw increased renewal activity.Falling incomes also drove increases in demand for loans. Collateral requirements were unchanged, according to about 90 percent of lenders responding to the survey.Fixed and variable interest rates for operating, machinery and real estate loans all increased modestly from the previous quarter.Though quarterly surveys in recent years typically indicated steadily but moderately declining land prices in the wake of a long period of soaring growth, the second-quarter results generally pointed to a moderate increase in land values. The average value for nonirrigated cropland in the district increased by more than 3 percent from a year earlier. Irrigated land increased by 2 percent, while ranchland values rose by a little more (between 2 percent and 3 percent).The picture for cash rents was more mixed. The district average cash rent for nonirrigated land decreased by 3.5 percent from a year ago, while rents for irrigated land rose more than 2 percent.The increase in land values was mostly consistent across the district. Cropland prices increased the most in North Dakota, where lenders reported that nonirrigated land values rose nearly 6 percent compared with a year earlier, but all district states saw growth in that category. Rents for the same class of land fell 7 percent in Minnesota and 3 percent in South Dakota, but increased by about 3 percent in North Dakota and Wisconsin.• St. Louis (district covers all or portions of Arkansas, Illinois, Indiana, Kentucky, Mississippi, Missouri and Tennessee). Proportionately more bankers responding to the second-quarter survey indicated net farm income had declined from year-earlier levels, continuing a trend stretching 18 consecutive quarters dating back to the end of 2013. A majority of bankers expect the trend to continue into the third quarter of 2018.Survey responses showed the value of quality farmland fell 3.5 percent during the second quarter of 2018 compared with a year ago, but cash rents increased 0.4 percent. In contrast, ranchland or pastureland values increased 1.6 percent in the second quarter compared with a year ago, while cash rents for that category of property declined 9 percent. The drop in cash rents for ranchland or pastureland was the largest percentage drop recorded since the fourth quarter of 2016.Compared to a year earlier, quarterly ag loan demand increased and the rate of loan repayment slowed. Both fixed and variable interest rates on all categories of loans rose during the second quarter.Land values: A tale of two marketsWhen it comes to land values, it’s a tale of two markets – one that says it is a good time to sell and one that indicates that it is time to invest in land – according to the Farmers National Company.The underlying strength in values of good quality land is due to the fact the amount of land offered for sale isn’t keeping pace with buying interest.The other side of the land market indicates that although coming down from recent peaks, land values remain historically high. The decision for those contemplating a sale of the farm or ranch is whether to sell now and capture what still is a very good price or hold for a later sale.The expectation in the land market is that there will be some additional sales of land going into the winter in order to shore up financial conditions of some farmers. More land for sale could apply downward pressure on prices.And, with the continuation of lower farm incomes, operators will have less cash available to make capital purchases. As farmers and ranchers typically buy 80 to 95 percent of the land that comes up for sale in an area, any slowdown of their purchasing will lessen the bidding for land that comes up for sale.Several other outside factors may influence the land market going forward. Rising interest rates, although slow, will have an effect on those land buyers financing their purchase and for those comparing alternative investments. In addition, rising yields on government bonds may indicate increased return expectations from ag land as the two have some correlation.At this time, there are good reasons to support the tale of two land markets with one saying it is a good time to sell and one indicating it is time to invest. Besides those factors on both sides, there are the wild cards of weather, crop yields, energy prices, government policies and world events that can override the current status of the land market. Meeting Aug. 1, the Federal Reserve board voted to hold off on raising interest rates again. Recent reports from Federal Reserve district banks in major agricultural regions indicate interest rates on fixed- and variable-rate loans increased (Table 1), reaching levels last seen in 2010-12.
Raj Sarkar Last Updated: 18th June, 2020 15:23 IST UFC Star Khabib Nurmagomedov Teases Fans With ‘interesting Project’ On Instagram UFC lightweight champion Khabib Nurmagomedov newly announced that he is planning to intoduce an “interesting project” for his fans in the near future. LIVE TV COMMENT FOLLOW US Khabib Nurmagomedov took to Instagram and posted a picture of himself alongside Rizvan Magomedov. However, the caption of the post sent fans into a frenzy. The UFC lightweight champion wrote, “Soon we are launching an interesting project with Rizvan Magomedov. Who wants to enter the subject but not a share? Interesting news coming soon. To be continued.”While Khabib Nurmagomedov did not specify anything about his ‘interesting project, he clearly had something big in store for UFC fans. The comment section was quickly flooded with fans speculating possible events or matchups.Also Read | Khabib next fight: Khabib Nurmagomedov Gets Pranked While Eating Turkish Dinner, Smiles After That: WatchUFC news: Khabib next fightKhabib Nurmagomedov has been out of UFC action since his last title defence against Dustin Poirier at UFC 242. According to multiple reports, he was expected to defend the title against Tony Ferguson at UFC 249 but pulled out from the contest right at the end due to COVID-19 restrictions in his home country Russia. UFC officials were quick enough to replace Khabib Nurmagomedov with Justin Gaethje against Tony Ferguson. As a result, the lightweight title contest was turned in to an Interim lightweight title fight.At the mega event, Justin Gaethje vanquished Tony Ferguson in a one-sided contest and earned his opportunity to challenge Khabib Nurmagomedov for the lightweight title next. Although the date and venue of the fight are yet to be determined, the Khabib Nurmagomedov vs Justin Gaethje clash is expected to take place around the month of September. UFC president Dana White has officially confirmed the fight.Also Read | Khabib next fight: Khabib Nurmagomedov Brutally Mocks Rival Conor McGregor For Retiring From UFCAlso Read | Dana White Says He Will ‘kill’ Amanda Nunes If She Decides To Retire From UFCImage courtesy: Khabib Nurmagomedov Instagram SUBSCRIBE TO US Written By WATCH US LIVE UFC lightweight champion Khabib Nurmagomedov is expected to return to action in September and is already slated to defend his title against interim champion Justin Gaethje next. However, Khabib Nurmagomedov could reportedly land a major surprise for his fans before stepping inside the UFC octagon. Khabib’s latest Instagram post has already raised a few eyebrows where Khabib has claimed of launching something big in the near future. He wants to keep the announcement as a ‘surprise’ and hence teased fans with a cheeky caption.Also Read | Khabib next fight: Khabib Nurmagomedov Vs Justin Gaethje Simulated, Here’s What Happens At The ShowdownUFC news: Khabib Nurmagomedov teases an upcoming “interesting project” First Published: 18th June, 2020 15:23 IST
For the second year in succession, the Guyana Cricket Board (GCB) has collaborated with the Ministry of Education through the Allied Arts Institute and the Child Care and Protection Agency to roll out another 17-and-under female T20 franchise. The launching was done at a simple ceremony on the top floor of the GCB, Regent Road where Territorial Development Officer (TDO) of the Board, Colin Stuart laid out the dynamics of the competition.Stuart explained that the competition will be played across three rounds, the first of which is today at Everest Cricket Club, Camp and Carifesta Avenue, Georgetown, and Young Warriors Ground, Cumberland, Berbice, with the two teams who achieved the most points clashing in a final.The TDO shared the board’s delight in once again being able to partner with the aforementioned bodies to promote the game as well as continue the fight to show that academics and sports go hand in hand and in fact, aid in the development of each other. Stuart noted that this competition will be used as a scouting programme to identify those who show potential to be selected for the national youth team or even move up to be included in the West Indies squad.The former West Indies fast bowler also namedropped Shemaine Campbelle, Shabika Gajnabi and Sheneta Grimmond who have been named in the West Indies Women’s side for India’s tour of the Caribbean as well as Cherry-Ann Fraser and Kaysia Schultz who have been regularly invited to the West Indies training camps.The TDO disclosed that it is the intention of the Board to provide an environment for the female players that is similar to the men’s while creating a structure that is non-discriminatory. Meanwhile, Unit of the Allied Arts Administrator, Lorraine Barker-King praised the GCB for yet another step towards the development of young athletes especially since the interest in cricket has been growing in the schools.Barker-King posited that she was pleased to see a woman-dominated head table for a change and labelled the female Guyanese players in West Indies as “role models” for those children who have chosen to embrace the sport.Georgetown Regional Administrative Officer of the Department of Education, Shenaine Christian-Henry reflected on her involvement in the game, reminiscing on her younger years where she was unable to comprehend what “15 runs for two wickets meant” but has over the years grown to love the sport. She most notably recalled the impact the staging of the female T20 World Cup in Guyana had on her. Senior Probation and Social Series Officer of the Child Care and Protection Agency, Sherry-Ann Vandeyar echoed Christian-Henry’s experience but reminded those in administration, that child care is everyone’s business and needs to be at the forefront.Vandeyar commended the GCB for their continued outreach to the Agency in an effort to provide their coaches and other key personnel with the foundation to perform in this area.The Officer further posited that this competition helps to empower women and serves as a “teardown” of the stereotypical gender barriers that often attach themselves to events of this nature.