Deere Sales Down and Push for Dairy Assistance
Deere's worldwide sales of agriculture and turf equipment are forecast to decrease by about 1 percent for fiscal-year 2017, including a positive currency-translation effect of about 1 percent. Industry sales for Ag equipment in the U.S. and Canada are forecast to be down 5 to 10 percent. The decline, which reflects the continuing impact of low commodity prices and weak farm incomes, is expected to be felt in the sale of both large and small equipment.
Several lawmakers are pushing to get more assistance for dairy producers. Vermont Senator Patrick Leahy led 56 Congressmen and Senators in asking the Office of Management and Budget to release safety net funds for dairy producers struggling with low milk prices.
An October 13th letter to the OMB cites the 40% drop in milk prices since 2014 and the overall impact on rural economies as the reason.
Ag Secretary Tom Vilsack has already pledged 20-million dollars in agency dollars and another 20-million in Section 32 dollars to buy surplus cheese.