Fed Cuts Interest Rates by Quarter Point

Nov 14, 2024

On Thursday, the Federal Reserve cut its key interest rate by a quarter point in response to the steady decline in inflation. This cut followed a half point reduction in September. The Fed’s benchmark rate is now about 4.6% — down from a decade high of 5.3% before the September meeting.

High inventories on dealers’ lots have come with high interest payments. Following the September cut, George Russell, a founding member of the Machinery Advisors Consortium, said that a typical $30 million floorpan debt would see a $150,000 benefit. This latest cut would add another $75,000 for a total of $225,000.

“The point is,” he said, “That is not much in a dealer with $30 million of floorplan debt.”

Ahead of this latest cut, Kyle McMahon, founder and CEO of Tractor Zoom, laid out the following annual interest rate savings on LInkedIn for equipment dealers at the previous 50 bps cut and the 200 bps cut that is expected in the next year.

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Video: Winter Canola Trial in Mississippi | Can It Work for Double Cropping? | Pioneer Agronomy

Can winter canola open new opportunities for growers in the Mid-South? In this agronomy update from Noxubee County, Mississippi, Pioneer agronomist Gus Eifling shares an early look at a first-year winter canola trial and what farmers are learning from the field.

Planted in late October on 30-inch rows, the crop is now entering the bloom stage and progressing quickly. In this video, we walk through current field conditions, fertility management, and how timing could make this crop a valuable option for double-cropping soybeans or cotton.

If harvest timing lines up with early May, growers may be able to transition directly into another crop during ideal planting windows. Ongoing field trials will help determine whether canola could become a viable rotational option for the region.

Watch for:

How winter canola is performing in its first season in this Mississippi field

Why growers chose 30-inch rows for this trial

What the crop looks like as it moves from bolting into bloom

Fertility strategy, including nitrogen and sulfur applications

How canola harvest timing could enable double-cropping with soybeans or cotton

Upcoming trials comparing soybeans after canola vs. traditional planting

As more growers look for ways to maximize acres and diversify rotations, experiments like this help determine what new crops might fit into existing systems.