North American large ag equipment sales declined 20.1% in May, following April’s 11.1%drop. Mid-range and compact tractor sales were robust for the month, up 9.3% and 18.1%, respectively.
In a note, RW Baird analyst Mircea (Mig) Dobre, said, “OEM production cuts are having an impact as dealer inventories continue to decline in large ag, while compact tractors saw their first year-over-year (yr/yr) inventory decline in over 2 years.”
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In this episode of On the Record, brought to you by Associated Equipment Distributors, Deere Director of Investor Relations Josh Beal told JP Morgan analysts that the OEM is confident it will be “producing to demand” in fiscal year 2025.
