North American Farmers Pinch Pennies on Farm Machinery as Profitless Growing Season Approaches
REGINA, Saskatchewan, April 3 (Reuters) – Farm machinery salespeople are wrapping up a dismal season of farm shows across North America as farmers gear up for spring planting without much new equipment. Farmers have not stopped buying, but many have slashed spending and are avoiding big-ticket items due to high machinery, fertilizer and fuel prices, as well as a global grains glut pushing down crop prices. “They might not buy the million-dollar combine, but they’ll buy a $100,000 implement,” said Chad Jones of manufacturer Degelman Industries, standing among his company’s rockpickers, harrows, rippers and other yellow-painted equipment at Canada’s Farm Show in March. Farmers are still spending money, but far less than in other years, according to sales data from the Association of Equipment Manufacturers, the organization that represents big players in the North American industry. The group told Reuters that sales of big-ticket items like tractors and combines were down between 30% and 40% in the U.S. in March compared to a year ago. Farm machinery sales have been hammered by a squeeze on farmer finances exacerbated by …
