With mounting fears brought on by the coronavirus, some expected sales of farm machinery would take a hit in April. While North American dealer unit sales fell for large ag equipment in April, declines moderated from March.
Unit sales of agricultural tractors and self-propelled combines in April 2020 rose in the U.S. according to the latest data from the Assn. of Equipment Manufacturers (AEM), putting total unit sales year-to-date roughly flat with 2019.
The Assn. of Equipment Manufacturers is reporting that U.S. sales of farm tractors and combines in February were mixed. The bright spot was 4WD and 100-plus horsepower tractors which showed healthy gains year-over-year, however, overall tractor and combine sales fell during the month.
As the trade wars continue to wage in U.S., farm equipment sales numbers mirror the uncertainty within the industry. U.S. sales saw minimal growth in most categories while Canada dropped in all but two, according to the latest AEM sales data.
The Assn. of Equipment Manufacturers is reporting that, except for mid-range tractors, sales of farm tractors and combines in the month of April were up year-over-year and year-to-date.
The Assn. of Equipment Manufacturers’ (AEM) October U.S. Ag Tractor and Combine Report shows overall sales remained positive year-to-date, although a few categories recorded October declines.
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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.