USDA’s revised estimates for higher crop yields and lower prices for corn, soybeans and wheat could put additional pressure on farm machinery sales in 2010. “Given the strong correlation between cash receipts and ag equipment sales, we believe today’s report is incrementally negative for AGCO, CNH and Deere,” says Ann Duignan, analyst for JP Morgan in a note to investors.
The September 11 World Ag Supply & Demand Estimates report revised corn yields for the…
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