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U.S. farm-tractor and combine sales slumped sharply in October compared to a year ago, an industry trade group reported this week.
The Association of Equipment Manufacturers said U.S. sales of agricultural tractors declined 19.6% in October 2025 compared to the year before, while combine sales decreased 26.8% during the same time frame. Through the end of October, year-to-date tractor sales were down 9.2% at 171,680 units, with combines down 38.4% at 4,970.
Canadian sales of agricultural tractors dropped 11.6% while combines fell 17.6% in October 2025 compared to the year before, the AEM said.
The decline in sales follows a slight uptick in both Canadian and U.S. sales in September, said Curt Blades, AEM senior vice president. “However, we understand the uncertainty and volatility that remains in the marketplace,” he said, in a news release.
Indeed, tough times in the industry have been well documented. Creighton University’s Rural Mainstreet Index’s farm-equipment component has been in contraction territory, with a reading below 50.0, for 26 straight months, with survey respondents putting the blame on high input costs, tighter credit conditions, low farm commodity prices and tariff-related market volatility.
Related: Tough times continue for farm machinery sector
Global fund managers are bullish on commodities
Global fund managers are in a bullish mood overall, boosting exposure to stocks and commodities in November, according to Bank of America Global Research’s closely watched monthly survey, released Tuesday.
“In November, bullish asset allocation was expressed via EM (emerging markets), healthcare, banks, and commodities,” wrote BofA strategists. Survey respondents reported a commodities allocation that is a net 17% overweight, up from 4% overweight in October. The commodities allocation was the highest since September 2022 and was 1.1 standard deviations above the long-term average.
Related: A closely watched commodity index just hit a cluster of new highs