Compact tractors and 40-99 horsepower tractors sales exceeded expectations in May, while 100+ horsepower tractors, 4WD tractors and combine sales were below expectations.
Back in February, the U.S. Department of Agriculture (USDA) was projecting a $3.1 billion increase in net farm income this year. Then COVID-19 emerged. Now, a private forecast from the Food & Agriculture Policy Research Institute estimates farm income to drop roughly 11% from the USDA's original projection.
Despite ongoing low crop prices, Deere & Co. is looking for solid sales growth of its ag equipment in the year ahead. During a conference call with analysts following the release of its earnings report on Nov. 22, Deere management cited farmers needing to replace equipment, evidenced by improving early order sales.
Despite increasing farm commodity prices, particularly grain and dairy, the major farm equipment makers — AGCO, CNH and John Deere — are forecasting flat to moderately rising sales of ag equipment in 2011 compared with last year.
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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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.