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Tractor sales grow in October as grain prices rise

Posted by Green Fun Store on 11/10/2010 to Current News/Events of John Deere
Farmers are expanding their operations and buying more as the worldwide market for grains and other farmed goods increases. Recently, farmers have begun purchasing more tractors, leaving behind their used tractors.

The Association of Equipment Manufacturers, a Milwaukee, Wisconsin based trade group, reports that new tractor sales posted a robust rise in retail sales. Sales had been sluggish for some time as the U.S. economy suffered through one of the steepest contractions since the Great Depression. Farmers welcomed the news.

On Tuesday, the trade group reported that retail sales of tractors in the U.S. climbed 20.3 percent for the month of October. More than 14,600 farm tractors were sold in the month, while sales of self-propelled combines rose 24.2 percent. Compared to 2009, tractor sales are up 4.1 percent, while combine sales have increased by 5.7 percent.

The figures exceeded analysts' estimates and were fueled by increasing global demand. While the sales figures handily beat 2009 levels, they are still significantly lower than both 2007 and 2008. As grain prices rise and global demand continues its course, farmers expect to increase production, foretelling further sales increases for John Deere tractors and the like.
 
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