By: Rob Wertheimer 

We’ve been working on analyzing normal volumes in Deere, CNHI and AGCO businesses. We addressed Brazilian tractors previously, and touched on North American tractors, with more to follow. Most investors see ag machinery as trough/deep trough, while we have generally argued volumes are normal. This note tackles North American combines, one segment which we do think is at a trough. Combine revenues are about 1/3rd of the high horsepower businesses that make these companies great.

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