U.S. ag equipment sales fell sharply again in November, according to the latest AEM Ag Tractor and Combine Report. Total tractor sales dropped 19.6% year over year, with every major category posting declines. The under-40 HP segment led the pullback, down 25.1%, while 4WD tractors plunged 57.5%.

Combine sales also softened, falling 35.2% for the month and 38.3% year-to-date. Overall tractor sales through November are running 9.7% below 2024 levels, signaling continued caution among farmers as lower margins and higher costs weigh on new equipment purchases.

AEM noted that the data reflects preliminary retail sales reported by member manufacturers and continues to point to a cautious purchasing environment heading into 2026.