STORY: :: Unsold farm equipment piles up as boom times fade
:: Falling crop prices and high interest rates are
deterring farmers from purchasing machinery
:: That’s according to equipment dealers, mostly in the Midwest,
as well as farmers and analysts interviewed by Reuters
:: Inventories of equipment like tractors and combines are piling up,
cutting into the profits of dealers and manufacturers
:: Inventory at Waupun Equipment in Wisconsin has risen
30% to 35% since the end of last year, its dealer principal said
:: Source: Sandhills Global
:: In April, Inventory levels of high-horsepower tractors in
the U.S. surged by almost 107% year-over-year
:: Source: Sandhills Global
:: Combine inventory saw a 17.63%
increase for the same time period
:: Dealers are discounting machines, auctioning some off
and suspending new orders to cope with the surplus
:: Deere and CNH Industrial expect slower sales to hit their
bottom lines this year after strong demand in 2022
Source Agencies
