It has been demonstrated that crop receipts are an impor­tant indicator of farm machinery sales. Since 2009, the value of the production of corn, soybeans and wheat in the U.S. has correlated very closely with the purchase of high horse­power tractors.

Ultimately, though, farmers purchase equipment with what’s in their pocket, or their net income. As a result, for those who follow the ag machinery market, both of these metrics require close attention as crop…