Unsold farm equipment piles up as boom times fade

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