The number of new jobs developed in this economy and the growth of wages has provided many with not only more disposable income but growing retirement accounts. The strength of the smaller horsepower tractor markets is a direct result of this powerful economic engine and should remain so in 2020.
Retail sales of ag equipment were below December's monthly forecast in all categories except for over 100 horsepower tractors, which exceeded the December forecast by 37 units.
In the latest episode we discuss Farm Credit Canada’s outlook for ag equipment sales in 2016 and 2017, the results of the latest Strip-Till Operational Practices Benchmark and the Precision Farming Dealer Benchmark studies, some positive signs in the latest Dealer Sentiments & Business Conditions Update and how concerned producers are over the impact of severe weather on crop yields this year.
When commodity prices fall, farm equipment purchasing is the first area in which farmers reduce spending. In their February report, Rabobank analysts Kenneth Zuckerberg and Sterling Liddell anticipate that commodity prices will stabilize over the next 5 years to near break-even levels.
When CNH Industrial was formed last year to include Fiat's ag equipment, construction equipment, commercial vehicle and powertrain business segments, it was assumed that ag would carry the load when it comes to revenues, profits, etc. The full-year 2014 financial results reinforced CNH Industrial's reliance on its ag segment.
Results of the July 2014 "Dealer Sentiments & Business Conditions Update" survey showed that overall industry sales slipped by 4% year-over-year in June.
It has been shown that U.S. sales of farm machinery closely correlate with the price of U.S. corn. With the two core components of demand for corn being exports and ethanol, equipment dealers and manufacturers closely scrutinize the trends in both these segments.
North American large ag equipment retail sales declined in September, with 4WD tractor sales down 25.7% year-over-year and combine sales down 26.6%, partially offset by row-crop tractor sales which increased 7.7% (+11.8% last month).
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There was plenty of technology on display at the World Dairy Expo in Madison, Wis., a few weeks ago. Farm Equipment editor Mike Lessiter caught up with Monarch Tractor’s John Issacson and got his take on the top 5 applications in autonomy right now.