China’s need for agricultural imports remains significant since they are faced with providing food for nearly one-third of the world’s population. The past decade has produced a growing middle class in China that has demonstrated an increased demand for not only basic foods, but also for high quality products that are only available from other parts of the world.
Sales of large 4WD tractors finished 2017 on a high note, but other big ag equipment — row-crop tractors and combines — ended the sales year in “flat” fashion, according to the latest figures released by the Assn. of Equipment Manufacturers.
USDA’s crop acreage report revised the corn-planted acres down to 87.9 million acres compared with 88.8 million acres in March, but it was much lower than industry expectations of 89.3 million acres.
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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.