Manufacturers serving the U.S. market remain cautious about production as they work to bring dealer inventories into balance with demand. AGCO, CNH and Deere have all reported lower production hours and a focus on balancing production with demand.
According to an August 28 farmdoc report, alongside these production adjustments, inventories held by U.S. farm machinery and equipment manufacturers have declined substantially from their 2022 peak.
U.S. farm machinery and equipment manufacturing inventories totaled $5.62 billion in June 2026 on a seasonally adjusted basis, approximately $1.6 billion, or 22.2%, below their October 2022 peak of $7.23 billion. However, the inventory drawdown has slowed, with inventories remaining near $5.6 billion in recent months.
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