There was an article posted on Agriculture.com recently about the old 1963 John Deere 4010 tractor once owned by Elvis Presley. A community college in Mississippi took it on as a project and spent 400 hours working to bring it back to how it looked when it worked at Graceland.
That tractor is symbolic of the times we are in right now. Farmers have seen the best returns in years, which means more money to take on new business ventures and fun new projects, like the renovation of an old tractor.
According to an article in Iowa Farmer Today, farm loans rose last quarter faster than they have in three years, thanks to interest rates hitting a historic low. The good news even extended to Midwest farmers, who saw year-over-year farmland value gains despite the historic drought.
What this means for farmers is a chance to take on low-interest AgAmerica farm loans. These market upturns mean it’s the perfect time to consider new ranch financing, crop loans, or revolving lines credit to expand operations. Or maybe it’s time to refinance farm loans you already have.
For the students at Mississippi Northwest Community College, all that time working on the tractor resulted in a perfectly restored beauty headed for the Elvis Presley Museum. Looking at the photos, it’s easy to imagine someone doing the same to their old tractor collecting cobwebs in the back of the barn.