According to Ag Equipment Intelligence’s most recent Dealer Sentiments & Business Conditions Update survey, a net 55% of dealers reported new equipment inventories as “too high,” a deterioration from a net 53% in the previous month. Meanwhile, used equipment inventory levels improved with a net 37% of dealers reporting inventory as “too high” vs. 44% the month before.
The used combine inventory remains too high with a net 29% of dealers reporting inventories above where they would like them. Used combine inventory has been reported in better shape than general used inventory levels since August, but November saw the first increase in the inventory reading since March.
Survey respondents reported flat pricing in small tractors. Large tractors were reported down 8% year-over-year on average vs. previous month’s decline of 9%. Used combine pricing was down 14% year-over-year vs. down 13% the month before.
The December survey had 116 respondents representing combined annual revenues of about $5.4 billion.