A survey carried out by Barclays Bank staff at the recent LAMMA event suggests the dramatic rise in cereals prices hasn’t sent farmers rushing out to spend. Barclays questioned nearly 100 farmers at LAMMA and found that less than half planned to spend more on replacing kit in 2011 than the previous year. Only 1 in 10 planned to spend more than £100,000, More than a third said they would only spend £25,000 or less. It will be interesting to see if the Bank of England’s report at the end of the year shows farmers paying down debt or depositing more cash at the banks.
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