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AGCO Reports Second Quarter Results

Market Update

Industry Unit Retail Sales

   

Tractors

   

Combines

Change from Change from
Six months ended June 30, 2012 Prior Year Period Prior Year Period
 
North America 6% (23)%
South America (7)% (12)%
Western Europe (2)% 15%

“North American farm economics remain healthy but the current drought conditions across much of the U.S. have added some uncertainty for farm equipment demand for the remainder of 2012 in the region,” stated Mr. Richenhagen. “Lower farm production in the U.S. should keep grain inventories at historically low levels and support global soft commodity prices. In Europe, attractive crop fundamentals are sustaining demand at normal levels in the key Western European markets of Germany, France and the United Kingdom while demand has weakened in Southern Europe. Supportive government financing programs in Brazil, favorable crop prices and improved weather are all sustaining industry demand in South America. Longer term, the growing population and the shift to higher protein diets are driving increases in the consumption of food and demand for grain, providing support for farm income and our industry.”

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