The Federal Trade Commission and the U.S. Department of Agriculture launched a joint public inquiry regarding issues affecting agricultural equipment manufacturing and distribution markets, including potential anticompetitive conduct.
The joint request for information is a part of the FTC’s ongoing work to preserve competition in the agricultural sector. This work includes the FTC’s recent settlement, joined by twelve states, enjoining Corteva Inc.’s alleged anticompetitive conduct in pesticides markets, as well as the FTC’s settlement, joined by five states, of an antitrust action challenging repair restrictions imposed by farm equipment manufacturer Deere & Company. The settlement with Deere ensures that farmers can enjoy the right to repair their own John Deere tractors and farm equipment.
The joint RFI seeks to address the growing number of complaints received by USDA that farmers across the country face other barriers to acquiring agricultural equipment and the services required to keep equipment operating.
The FTC and the USDA encourage members of the public, including farmers, independent repair providers and current and former employees of agricultural equipment manufacturers and dealers, to comment on any issues or concerns that are relevant to this topic, including:
- Any relevant business models, policies, agreements or contractual terms
- Any firsthand experiences or documented cases of restrictions, penalties or retaliation
- Broader competitive implications—how these practices may impact pricing, market entry, innovation, farmer welfare or rural economic resilience
This information will help both the FTC and USDA ensure that the marketplace for agricultural equipment remains fair and that farmers can continue to put food on Americans’ tables.
On Oct. 7, SeekingAlpha reported that Deere, AGCO and CNH shares all slid amid the news. Deere fell about 5%, while AGCO sank 5.9% and CNH Industrial dropped 5.7% following the announcement, according to market data reported by Investing.com.
According to the SeekingAlpha report:
"For investors, the inquiry creates a new regulatory overhang for an industry already coping with weak farm-equipment demand. Regulators could ultimately scrutinize pricing, dealer relationships, repair policies and other practices that contribute to manufacturers' margins and competitive advantages. The request for information does not itself allege wrongdoing by Deere, AGCO or CNH, but the agencies said responses could shape future enforcement and regulatory priorities.
"Deere may face particular scrutiny because it recently settled a separate FTC antitrust case involving farmers' right to repair their equipment. Under the July agreement, Deere must provide farmers and independent repair shops with access to repair resources and software capabilities comparable to those available to authorized Deere dealers.
"The broader inquiry also comes at a sensitive point in the agricultural machinery cycle. Farmers have delayed purchases amid lower crop prices, elevated operating costs and economic uncertainty, forcing manufacturers to reduce production and dealer inventories. AGCO, for example, said in July that North American demand for large agricultural equipment was expected to decline about 15% this year.
"Still, farm equipment shares had rallied sharply in anticipation of an eventual recovery. Deere was up about 48% this year through last week and CNH had gained roughly 42%, while AGCO was up about 13%. That left valuations increasingly dependent on expectations that the industry's downturn was nearing a bottom."
Comments can be submitted at Regulations.gov and must be received no later than December 7, 2026, by 11:59 p.m. The information will be used by the FTC and USDA to inform enforcement and regulatory priorities and future actions.
