The U.S. Federal Reserve has implemented four interest rate hikes so far in 2022. Federal Reserve Bank of Chicago President Charles Evans said another 75 basis-point increase could be coming later this month.
Production farmers continued to replace 100+ horsepower tractors at a higher rate. Many of these replacements tractors were on a lease contract with a specific end date.
In a statement to Ag Equipment Intelligence, AGCO said, "Track tractors are only sold by both brands in North America. While sales numbers are unavailable for this segment, most demand is for the Fendt versions."
It is commonly quoted that Jeff Bezos said “Your margin is my opportunity” in seeing the “large” margins of competitive retailers or the margins in other industries that Amazon had not expanded to, inferring Amazon could one day absorb that margin in their business.
Linamar Corp., an advanced manufacturing company based in Ontario, has been building up its ag equipment portfolio in the last 5 years through acquisitions.
The larger tractor retail sales have been relatively flat for the past four months and is indicative of the availability of financial resources to replace units this year.
The monthly retail sales for 100+ horsepower tractors exceeded our monthly forecast by 36 units while the year to date total exceeded our YTD forecast by 47 units or 0.5%.
100+ horsepower tractors reported retail sales of 962 units below our monthly forecast while the year to date retail totals were 1,201 units below our YTD forecast.
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Precision ag pioneer Al Myers is a member of the Farm Equipment Shortline Legends Hall of Fame 2024 class. It’s been almost 35 years since the Ag Leader founder introduced the groundbreaking Yield Monitor 2000.