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Exploring Agriculture’s Path to the Long Term

Despite a prolonged slump in the price of many agricultural commodities globally, long-term economic prospects in the agricultural sector often have been viewed as positive. Optimism about agriculture’s long-term future and growth is based on expectations of steady growth in global populations and incomes.
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Mergers & Acquisitions

  • OEM Driveline Supplier AxleTech Reacquired by Meritor

    If employees at off-highway vehicle driveline components specialist AxleTech are familiar with the term Déjà vu — the feeling of having experienced the present situation before — then that is surely what they are feeling just now. Because AxleTech has just been sold for a second time by global investment firm The Carlyle Group.
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Earnings Reports

  • Deere’s 3QFY19 Worldwide Sales Drop 3%; Ag Down 6%

    Deere & Co.’s worldwide net sales and revenues decreased 3% to $10 billion, for the third quarter of 2019 and increased 5% to $29.4 billion, for 9 months. Net sales of the equipment operations were $9 billion for the quarter and $26.2 billion for 9 months, compared with $9.3 billion and $25 billion last year. “John Deere’s third-quarter results reflected the high degree of uncertainty that continues to overshadow the agricultural sector,” said Samuel R. Allen, chairman and chief executive officer. “Concerns about export market access, near term demand for commodities, such as soybeans, and overall crop conditions have caused many farmers to postpone major equipment purchases.”

  • Cervus Equipment 2Q Revenue Declines 20%; Ag Falls 25%

    Cervus Equipment Corp., a 21 store John Deere dealership group, reported that overall revenue decreased 20% in the quarter, with reduced equipment sales in its Agricultural segment comprising the majority of the decrease, while a tapering of truck sales in its Transportation sector relative to the strong sales of 2018 was a secondary factor. Overall revenues include agriculture (56%) and transportation (34%) and industrial (10%) business segments.
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Audio Edition

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Featured Video

Are Bobcat and Farmtrac Tractors Returning to the U.S.?

The latest episode of On the Record is now available! In this week's episode we discuss two tractor lines that had disappeared from the U.S. market — Bobcat and Farmtrac — that are set to make a return. In the Technology Corner Jack Zemlicka discusses dealers' 5-year precision revenue outlook. Also in this episode, Deere & Co.'s third quarter earnings report and Cervus Equipment's second quarter earnings.
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Data & Trends

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Ag Economy Barometer

USDA’s Revised 2017 Ag Census Farmland Values Rise ‘Modestly’ vs. Previous Census

In the summer 2019 edition of Farmer Mac’s The Feed, a comparison of farm real estate value (including buildings), including subsequent annual revisions, show the significant differences that have taken place when comparing results from USDA’s 2007, 2012 and 2017 Ag Census. For example, the 2017 Ag Census land value revisions were quite modest compared to the prior two Ag Census revisions. 

The 2018 average farm real estate values were revised down by 1.3%, from $3,140 per acre in the June Area Survey to $3,100 per acre using the revised Ag Census data. Based on an estimated 900 million acres of farm real estate, those revisions translate to a drop of $36 billion in the value of farm real estate assets.

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