Upstream Ag Professional - August 24th 2025

Welcome to the 107th edition of Upstream Ag Professional

Index

1. Q2 2025 Equipment Manufacturer Results Highlights, Themes and Analysis

2. What Crop Input Providers Can Learn from Louis Vuitton, Ferrari and Gucci

3. The Scoop Podcast: How Retailers Can Have Challenging Conversations with Farmers About Fertilizer

4. Impact of Pesticide Abiotic Stresses on Plant Secondary Metabolism: From Plant Individuals to Ecological Interfaces

5. US Farmers Need Broader Support to Overcome Barriers to Adopting Sustainable Practices

6. Goanna Ag Acquires GroGuru

7. The Best Companies Are Dictatorships

8. Other Interesting Ag Articles

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This week’s audio edition can be found here and covers the following:

1. Q2 2025 Equipment Manufacturer Results

2. What Crop Input Providers Can Learn from Louis Vuitton, Ferrari and Gucci

3. Perception Risk

1. Q2 2025 Equipment Manufacturer Results Highlights, Themes and Analysis - Upstream Ag Professional

1. Themes and Takeaways

   1. Revenues Down in High Teens for Agriculture Segments

   2. Inventory Management Continues to be a Focus

   3. Forecast for remainder of 2025 to 2026: North America is the weakest ag machinery market, South America showing relative resilience, Europe in between

   4. Tariffs and Trade Uncertainty

   5. Precision Ag and Technology

2. Companies

   1. John Deere

   2. AGCO

   3. CNH Industrial

For the full breakdown by company and a deep dive into the themes, check out the link above.

Highlights

1. Revenues remained challenged in Q2 2025, as expected, with sales down in the high teens:

• CNH Industrial agriculture segment sales were down 17%. CNH’s North American ag sales fell 36% in Q2.

• Deere Production and Precision Ag sales were down 16%.

• AGCO sales were down almost 19%. North America tractor and combine sales fell 13% and 33% respectively in the first half of 2025. AGCO’s North American sales fell 32%, with high horsepower tractors and sprayers the most pressured.

2. 2025 Outlook remains soft:

   1. CNH forecasting Agriculture segment net sales down between 12% and 20% year-over-year. CNH suggests lower North American industry retail demand down 37% for high horsepower tractors and down 23% for combines.

   2. AGCO forecasting business to be down approximately 20% in 2025, with variation across regions (flat in Brazil, slightly down in Europe, large ag down in North America 25-30%).

   3. Deere forecasting 2025 large ag to be down 15-20%.

      1. For 2026, Deere early order program for sprayers down 20%, seemingly entering a softer demand cycle for 2026.

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