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HIGHLIGHTS FROM AG EQUIPMENT INTELLIGENCE'S APRIL DEALER STUDY
Ag Equipment Intelligence reports:

We are pleased to announce the results of the April Ag Equipment Intelligence survey conducted in partnership
with Cleveland Research Company.

The April survey had ~163 respondents representing combined annual revenues of roughly $6.6 billion.

*Industry Sales Down 2% in March Dealers reported sales were down 2% on average in March, slightly worse than the flat sales reported last month. Case IH dealers reported the worst results for the month with average sales down 6%, while Kubota and Other dealers reported 1% growth for the month.

*2014 Dealer Outlook for Sales Down 3%, Inline with Last Several Months - For 2014, dealers are expecting a 3% sales decline vs the 2% decline forecast last month. Deere & Co. is forecasting the N. American Ag equipment industry to be down 5-10% in units in 2014, while AGCO expects the market to be flat to down 5%.

*New Equipment Inventories Still Too High but Better - A net 15% of dealers categorize their new inventory as too high¡¨ (28% too high; 59% about right; 13% too low) compared to the net 9% who reported inventories too high last month.

*Used Inventory Levels Remain Elevated A net 44% of dealers reported used combines inventories were too high¡¨ (48% too high, 47% comfortable, 5% too low), similar to the net 46% last month. More broadly, overall used inventories were reported as too high by a net 36% of dealers vs the net 30% too high last month.


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