Using machine fleet size and age data from the 2017 Census of Agriculture, analysts at Stifel, an investment banking firm headquartered in St. Louis, developed implied mid-cycle demand levels and compared them to current dealer sales data from the Assn. of Equipment Manufacturers.
Based on this data, Stifel analyst, Stanley Elliott, in a May 8 note to investors, says “Current retail sales remain meaningfully below mid-cycle demand for large [ag] equipment. Additionally, as AEM retail…
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