In March, U.S. tractor sales increased 6% compared to a year ago.
According to the Association of Equipment Manufacturers’ monthly sales report, for the first time in 2017, a total of 42,033 tractors were sold, an increase of 5% year-over-year.
“We haven’t made any major equipment purchases or anything,” said Scott Henderson, a farmer from Franklin, Ind. “It’s not looking too good, but we don’t look at our balance sheet when we make an equipment purchase. We find a deal and we buy it.”
Despite the recent uptick in sales, Dr. Ernie Goss, economist for the Heider College of Business at Creighton University, says it’s still going to be a tough road ahead in 2017.
“Farmers [are] saying, ‘Let’s take a cautious approach’ because their income is down and some are negative,” said Goss. “The dealer is selling garden products and lawn products, but big $500,000 of ag equipment, it’s not as strong.”
Larger four-wheel drive tractors increased 21% for the month, while combine sales for the year are down 16% from levels last year.