Trade War Chaos Collapses Farm Equipment Sales Across Midwest [zero hedge]
Deere & Company (DE)
Last deere & company earnings: 2/21 06:45 am
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Source: zero hedge
Reuters spoke with dozens of John Deere Stores across the Central and Midwest US to get a better understanding of what the trade war and adverse weather conditions have had on tractor sales this year. What they discovered was an ominous sign of an agriculture bust that has triggered massive tractor sales declines at dozens of John Deere Stores.About a half dozen stores across the Midwest told Reuters sales in 1H19 collapsed. One store, in Geneseo, Illinois, saw sales crash 50% in 1H19 YoY.A Salem, Wisconsin-based store said sales dropped 15% in 1H19, led by the rapid decline of large farm equipment. Already, sales orders for tractors next season are down 25%, an indication the farm bust will continue through 2020.We reported several months ago that JPMorgan told clients the American agriculture complex is on the verge of disaster, with farmers caught in the crossfire of an escalating trade war."Overall, this is a perfect storm for US farmers," JPMorgan analyst Ann Duignan warned inves
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Earnings
- 2/15/24 - Beat
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Sec Filings
- 4/18/24 - Form 11-K
- 4/18/24 - Form 11-K
- 3/7/24 - Form 4
- DE's page on the SEC website