Tractor manufacturers slow production as demand declines

As farmers struggle with low crop prices, relatively high interest rates and increased input costs, fewer are making big-ticket purchases like tractors, combines and farm implements, resulting in a backlog of inventory across the globe. Eric Hansotia, AGCO's president and CEO, said in an investor call last week, the Machinery manufacturer has about four months of orders with its dealers in North America and is looking to bring that number down to three.