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GE Capital: Farmers Considering Agricultural Equipment Upgrades

July 10, 2014, 06:00 AM
Filed Under: Agriculture

Dealers, manufacturers and suppliers of agriculture equipment are expecting a better or similar harvesting season compared to last year, which should positively impact equipment sales, according to survey results released today by GE Capital’s Commercial Distribution Finance Canada (CDF) business.

More than two-thirds (77%) of the respondents expect the harvesting season to be the same or better than last year, while 20% expect it to be worse. A similar majority of the respondents (78%) characterized the seeding season as the same or better than last year, while 18% thought it was worse.

“The cold spring temperatures resulted in a late seeding season, which will put pressure on farmers to harvest quicker this year,” said Howard Shiebler, president of CDF’s Canada business. “Reliable equipment is critical when the harvest season is compressed, so many farmers will upgrade their equipment to ensure a successful harvest.”

The majority of survey respondents felt that their inventory levels were about the same (48%) or higher (38%) than last year, with just 12% feeling their inventory is lower. “Dealers are really paying attention to their inventory levels this year and will need to be adequately stocked if demand rises,” said Shiebler.

The survey was conducted June 17-19 at the annual Farm Progress Show in Regina, Saskatchewan. Respondents were dealers, manufactures and suppliers based in the Prairie provinces of Alberta, Saskatchewan and Manitoba.

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