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Farm Equipment
In general, when farmers receive more money for their crops or livestock they make a higher profit. As their profit goes up, they have more money to spend on new farm equipment. One caveat to this is that some crops are heavily subsidized by the government. so, in the short run price fluctuations may have nothing to do with actual economic conditions. But, over the long rung, as the chart below shows, the prices that farmes are paid for their crops or livestock is a leading indicator of farm equipment industrial production. On average, changes in the prices paid to farmers lead changes in farm equipment industrial production by eight months.