Farm machinery makers optimistic

Chief executives of farm and industrial equipment manufacturing companies are optimistic about the North American economy recovering from the COVID-19 crisis and are even more optimistic about their own companies’ performance.

 

That’s based on a survey conducted by the American Equipment Manufacturers Association whose members are in the United States and Canada.

 

For farm machinery, the survey found that demand has remained strong, but production declined, so inventories have been reduced to the lowest level in about a decade.

 

Combined with the fact that 2020 started with a phase-one trade agreement (with China), low interest rates and substantial support for farm income, and the recipe is there for a strong immediate outlook, the association said.