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Ag equipment sales soften in 2024
Farm machinery sales weakened in 2024.
Curt Blades with the Association of Equipment Manufacturers says the market was soft in all categories to end the year.
“Overall tractor sales were down a little over 13 percent for the year, and combines were down about 24 percent for the year. So those are not great stories.”
He tells Brownfield the combine figures are a bit skewed because of the high number of sales in 2023.
“What that kind of tells us is that demand was met last year, and as your listeners are out in marketplaces and they’re looking on dealer lots, you’re starting to see some combine inventory out there on lots. So obviously that gives us some concern, but it also feels as if that is starting to break just a little bit.”
Blades says the slumping ag economy is a factor, and more recently high interest rates.
“That really started to come into play starting in the summertime, I think it was sort of that reality of folks having conversations with their banker and realizing that interest rates matter a lot on a considered purchase of a half million dollar piece of equipment.”
He says manufacturers recognize high interest rates are a barrier and some are offering financing incentives.
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