Compact tractors and 40-99 horsepower tractors sales exceeded expectations in May, while 100+ horsepower tractors, 4WD tractors and combine sales were below expectations.
Back in February, the U.S. Department of Agriculture (USDA) was projecting a $3.1 billion increase in net farm income this year. Then COVID-19 emerged. Now, a private forecast from the Food & Agriculture Policy Research Institute estimates farm income to drop roughly 11% from the USDA's original projection.
Despite ongoing low crop prices, Deere & Co. is looking for solid sales growth of its ag equipment in the year ahead. During a conference call with analysts following the release of its earnings report on Nov. 22, Deere management cited farmers needing to replace equipment, evidenced by improving early order sales.
Despite increasing farm commodity prices, particularly grain and dairy, the major farm equipment makers — AGCO, CNH and John Deere — are forecasting flat to moderately rising sales of ag equipment in 2011 compared with last year.
USDA’s crop acreage report revised the corn-planted acres down to 87.9 million acres compared with 88.8 million acres in March, but it was much lower than industry expectations of 89.3 million acres.
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The announcement of a partnership between New Holland and Bluewhite was one of the big precision stories of the summer. West Coast New Holland dealers now have the rights to sell, distribute and service Bluewhite’s aftermarket autonomy kits.