Analyst Offers Observations from Iowa Dealer Visits

In the past week, UBS machinery analyst Henry Kirn visited with 12 farm equipment dealers in Iowa. In a May 13 note to investors, he says that dealers generally reported year-to-date sales and order books were down moderately. “While dealers saw farm profitability as healthy at current commodity prices, most also saw lower, but still reasonably good, commodity prices and strong equipment purchases over the last few years as a headwind to equipment demand in…

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