U.S. sales of 4-wheel-drive tractors increased by 18.6 percent in July 2024 compared to the same month in 2023 and are up 5.2 percent year-to-date, according to the latest data from the Association of Equipment Manufacturers.
Overall sales of agricultural tractors in the U.S. declined by 14.1 percent in July 2024 compared to the previous year, with year-to-date sales down 11.9 percent. Meanwhile, combine sales saw a 19.1 percent drop in July compared to 2023 and are down 17.6 percent year-to-date.
“July's increase in 4-wheel-drive agricultural tractors offers some optimism following the sales slowdown in May and June of 2024,” said AEM Senior Vice President Curt Blades. “However, the subcompact tractor market continues to show weakness after several years of strong performance. The challenges in the market are multifaceted, and that's why AEM is advocating for the swift passage of a farm bill to provide farmers with the certainty they need to make these purchases.”
In the past three months, John Deere has laid off more than 1,000 employees company-wide. This includes approximately 345 production employees at its Waterloo, Iowa, facilities and an additional 170 across Waterloo, Johnston, and Dubuque. Deere officials attribute these layoffs to decreased customer demand and rising operating costs. Despite the current drop in customer demand, John Deere says it remains committed to U.S.-based manufacturing, employing about 30,000 people in over 60 U.S.-based facilities across 16 states.
EDITOR’S TAKE:
This may not be the greatest report we’ve ever had from AEM, but it does demonstrate that farmers/ranchers are still willing to invest their money in specific equipment they want. That, of course, also includes trucks. Statistics demonstrate that farmers/ranchers purchase approximately a million trucks every year. Most operations have multiple trucks and attempt to maintain a purchasing program that helps reduce taxes and keeps their fleet up-to-date. Be sure to keep your inventory in front of farmers/ranchers on AgTruckTrader.com®. It is the only website in the truck world aimed specifically at this target audience.
