Large Ag Equipment Still in ‘Early Innings’ of Replacement Driven Demand Recovery

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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