In its first quarter 2024 earnings, John Deere reported that, as a percentage of trailing 12 month retail sales, its dealers inventories of over 100 horsepower tractors and combines were back to pre-pandemic levels.

Deere dealers’ inventories in January represented 30% of trailing 12 month retail sales as reported to the Assn. of Equipment Manufacturers, up from 25% one year ago. This comes in just below the 32% of 12-month sales that John Deere reported…