According to the results of the latest Ag Economy Barometer, over 40% of surveyed farmers reported "low farm machinery inventories were holding back their purchase plans."
The Creighton University Rural Mainstreet Index (RMI) declined in January, though it remained above growth neutral for the 14th straight month, according to the Jan. 20, 2022, release of the monthly survey of bank CEOs in a 10-state rural area.
The general Business Climate Index for the Agricultural Machinery Industry in Europe has further stabilized at high levels after several months of slight downward correction since its record peak in May and June (where it reached its highest level since 2008).
According to a Dec. 16, 2021, report from the Federal Reserve Bank of St. Louis, industries that use semiconductors as a "direct input" have experienced "significantly more" price increases than industries that do not.
The information below is pulled from the latest available 990 forms submitted to the U.S. Internal Revenue Service. In the case of the Western Equipment Dealers Assn. the numbers reported only represent what was filed in the U.S. and do not account for any assets reported to the Canadian government.
North American Industry Classification System (NAICS) 333111 comprises establishments primarily engaged in manufacturing agricultural and farm machinery/equipment, and other turf/grounds care equipment, including planting, harvesting and grass mowing equipment (except lawn and garden-type).
Some 20.5% of all surveyed dealers indicated they’d won over more farmers to their respective major-line equipment brand than usual in the fourth quarter of 2021.
For only the second time since May, the Ag Economy Barometer rose in December. This month’s index climbed to a reading of 125, 9 points higher than in November.
Demand for agricultural loans increased for the first time since third quarter 2015 as the loan demand index improved to 3.1 from –1.0 in the previous quarter.
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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.