Farmers Urged to Invest in Equipment

Marthinus Loock, senior manager of Agri Business at Standard Bank, has urged farmers to increase focus on buying new equipment to survive the volatility of the agricultural market.

Loock says that the increase in tractor sales this year indicated that farmers are capitalising on what has been an extremely favourable situation triggered by a combination of the strong rand, a low interest environment, and improved commodity prices.

Loock, who is of the view that food prices will remain high, states that with factors such as increasing population pressure, extreme weather conditions and increasing input costs, “It is pivotal to incorporate new technology into your production system to benefit from lower production costs."

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