The results of Ag Equipment Intelligence's latest dealer survey show that North American farm equipment dealers continue to see a softening in ag equipment sales.
Results of the July 2014 "Dealer Sentiments & Business Conditions Update" survey showed that overall industry sales slipped by 4% year-over-year in June.
The decline in North American large ag equipment retail sales continued in July, with 4WD tractor sales down 20.8% year-over-year and combine sales down 30.1%, according to the latest figures released by the Assn. of Equipment Manufacturers.
CNH Industrial reported flat revenues for the second quarter and first half of 2014 on July 31. Revenues for the quarter came in at $8.9 billion vs. $8.8 billion for the same period in 2013.
Depending on the country and size of the equipment, global sales of farm machinery through much of the first half of the year are best characterized as “uneven.”
In the August issue of its “Agricultural Finance Databook,” the Federal Reserve Bank of Kansas City reports that agricultural banks nationally were able to sustain strong profits that continue to support favorable loan terms to the ag sector.
Farm equipment dealers see the 2014 slowdown in sales as probably the beginning of a period of softer farm equipment sales, particularly in high horsepower machines, that in all likelihood will stretch into 2015.
Source: Dealer Sentiments & Business Conditions Update, June 2014
For the first time since Ag Equipment Intelligence and Cleveland Research launched the Dealer Sentiments & Business Conditions Outlook survey in April 2011, sales of GPS and precision farming equipment took a backseat to another product category.
North American large ag equipment sales continued to decline in June, with 4WD tractor sales down 24.1% from last year, combine sales down 25% and row-crop tractor sales down 16.1% according to the latest figures released by the Assn. of Equipment Manufacturers.
Figures released by the Assn. of Equipment Manufacturers on July 10 showed that, while large ag equipment sales declined again in June, inventory of these products on dealers’ lots continued to increase.
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In this episode of On the Record, brought to you by Associated Equipment Distributors, we take an initial look at the Dealer Business Outlook & Trends Report and what dealers are forecasting for 2025.