Falling crop prices are leaving American agriculture equipment sellers with an excess of unsold tractors and combines. To cope with the surplus, dealers are discounting machines, suspending new orders, and even auctioning off equipment at reduced prices.
Too many tractors: As boom times fade, farm equipment piles up
Deere cuts 2024 profit view as borrowing costs hurt demand
Executives expressed caution about margin performance amid weakening farm economy
Deere & Co cut its 2024 profit forecast on Thursday as farmers remained hesitant about big-ticket equipment purchases due to high borrowing rates and falling crop prices, even as its first-quarter sales and profit topped Wall Street estimates.
CNH raises revenue guidance on robust tractor demand
Price increases support profit margins
Milan | Reuters — Farm and construction equipment maker CNH Industrial on Friday raised its full-year revenue forecast as operating profit topped expectations in the first quarter, aided by a […] Read more
Colorado’s ag equipment right-to-repair bill signed into law
Bills introduced in 16 states
Reuters — Colorado’s governor signed the nation’s first right-to-repair legislation into law on Tuesday, giving the state’s farmers and ranchers the autonomy to fix their own equipment. The bill, which […] Read more
Colorado passes first U.S. right-to-repair legislation for farmers
Manufacturers fear safety, emissions systems could be overridden
Reuters — Colorado farmers will be able to legally fix their own equipment next year, with manufacturers such as Deere and Co. obliged to provide them with manuals for diagnostic […] Read more
CNH workers at two U.S. plants reject proposed contract
Plants' workers on strike since May
Racine | Reuters — Members of two local unions that have been on strike since May at CNH Industrial factories in Wisconsin and Iowa on Saturday voted down a tentative […] Read more
Foxconn to build autonomous electric tractors in Ohio
Tech firm to make units for U.S.-based Monarch
Reuters — Taiwan’s Foxconn, the world’s largest contract electronics maker, on Tuesday said it will build driverless electric tractors for California-based Monarch Tractor at its Lordstown, Ohio facility starting in […] Read more
Deere tapping into Apple-like tech model to drive revenue
'Hopefully the costs will be paid back in the long run'
Bondurant, Iowa | Reuters — Deere and Co. has sold its tractors and other equipment to farmers for decades, but the world’s largest agriculture machinery manufacturer is tearing a page […] Read more
Agco ransomware attack disrupts equipment sales
Dealerships cut off from parts ordering system
Reuters — U.S. agricultural equipment maker Agco Corp. said on Friday a ransomware attack was affecting operations at some of its production facilities, and dealers said tractor sales had been […] Read more
No poop for you: Manure supplies run short as fertilizer prices soar
Ontario honeywagon maker all sold out
Chicago | Reuters — For nearly two decades, Abe Sandquist has used every marketing tool he can think of to sell the back end of a cow. Poop, after all, […] Read more