U.S. and Canada combined large ag equipment sales declines accelerated in August, with 4WD tractor sales down 54.7% (down 30.1% in July), combine sales down 28.1% (down 22% in July) and row-crop tractor sales down 30.9% vs. the same period of last year (down 22.9% in July), according to the latest unit sales figures from the Assn. of Equipment Manufacturers.
According to USDA’s Economic Research Service and National Agricultural Statistics Service, as the emphasis on the environment takes shape, in all likelihood, farmers will consider altering field practices to adapt, especially if they see economic benefit.
Exports of U.S.-made agricultural equipment dropped 16% for the first half of 2015 compared to the first half of 2014, for a total $4 billion shipped to global markets.
Last Friday, the Assn. of Equipment Manufacturers reported that the U.S. and Canada sales of new large tractors and combines fell by 19% year-over-year, which was a step up from a 29% decline in the previous month.
Last week, Deere & Co. issued its retail sales comment for May. Compared to the industry, Deere reported its North American sales were down more than the industry in the utility tractor category and down less than the industry in the other major tractor categories, but up a single digit in combine sales.
U.S. farm sector assets and equity (inflation-adjusted) are forecast to decline in 2015 for the first time since 2009. The rate of growth in U.S. farm sector assets and equity (assets minus debt) is expected to moderate in 2015 compared with recent years, and to decline for the first time since 2009 after adjusting for inflation.
Nominations are due on June 5, 2015. Nominees are judged on these five principles: innovation, industry contributions, leadership, corporate citizenship/social responsibility and sustainability.
Conditions continue to be challenging for large ag equipment sales, as highlighted by the latest sales report released by the Assn. of Equipment Manufacturers.
A little over a year ago, Jim Tibbles, executive vice president of Osmundson Mfg., a manufacturer of tillage tools in Perry, Iowa, told us that he believed softening ag equipment sales in 2014 would represent a return to normal levels rather than a falloff.
In this episode of On the Record, brought to you by Associated Equipment Distributors, we take a look at Titan International’s 2024 results, and the tire manufacturers outlook for this year.
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