U.S. large ag retail sales decreased 17.1% year-over-year in March (February: +0.2%). Combined U.S. and Canadian large ag sales decreased 16.1% (February: –4.1%). Each category of equipment declined 15-20% as corn prices reached multi-year lows (partially from plummeting ethanol demand) and farmer sentiment declined sharply.
“We expect ag retail sales to remain weak until U.S. economic activity recovers from COVID-19 headwinds and ag commodity prices demonstrate stability,” said Mircea (Mig) Dobre, analyst for RW Baird…
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