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Westchester group CEO shares global agriculture insights at High Plains No-Till ConferenceColorado "Agriculture's position is the most conservative it has been in history," says Murray Wise, Westchester Group, Inc. founder and CEO. Wise told attendees of the High Plains No-Till Conference on Feb. 2 that the agricultural industry is well positioned for the future. As keynote speaker, Wise shared his perspective on how efficient American agriculture has become and what factors will continue to impact it. His insights come from close analysis of market and commodity trends and more than 30 years of experience in farmland acquisition, management and marketing in the United States and around the globe. Wise cited population growth and increasing average income in China as prime factors for agriculture's strength. "Demand for American agricultural products is only going to increase," explained Wise. "Rising incomes in Asia are allowing millions of people to move from poverty to the middle class--increasing demand for protein." To further explain his optimism about the agricultural industry, Wise emphasized that farmland investments have proven to be both profitable and stable long term because high-quality land is limited and therefore valuable. "A six- to 18-month reprieve in rising land values could be very positive; it would offer young investors an opportunity to invest in value-added land," says Wise. Wise believes agriculture investors and farmers have a bright outlook despite recent volatility and uncertainty from the economic downturn. Wise urged his audience to look beyond the dollar figures of 2009. "Although farm income is lower than in recent years, it remains near historic highs. Plus, today's farmer is carrying much less debt than ever before--the current average in Iowa is $9 debt per every $100 of equity compared to 30 years ago when it was $22." Wise touched on several other influences on global agriculture during his presentation, including: on-farm efficiencies and technology adoption, water consumption and utilization, ethanol and biofuels, and increased farmland investments by state governmental pension funds. The 22nd High Plains No-Till Conference was held by the Colorado Conservation Tillage Association for the region's producers, agricultural business professionals and educators.
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