According to recent data from the Association of Equipment Manufacturers (AEM), U.S. sales of agricultural tractors and combines continued to decline in February 2025, down 17.7% year-over-year (y/y), while sales of combines decreased by 48%. In contrast, Canadian sales of agricultural tractors rose by 18.6% in February, although sales of combines dropped by 32.1%. February is typically one of the slower months on the calendar, with April marking the peak in sales as the market heads into planting season. Still, the year is not off to a great start, and compared to the AEM five-year average, February numbers are just over 25% lower.
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“While the recent drop in agricultural tractor and combine sales reflect current market challenges—such as global trade concerns and tariffs—we remain optimistic about the long-term future of agricultural equipment,” said AEM Senior Vice President Curt Blades. The resilience and adaptability of our industry have been proven time and time again. We are confident that, through innovation and collaboration, equipment manufacturers can navigate these challenges and emerge stronger, continuing to support the essential work of farmers and agricultural professionals worldwide.”
Load-to-Truck Ratio
Flatbed load post volumes increased for the tenth week following last week’s 10% gain. Volumes are 42% higher than last year and now 5% higher than in 2017. Last week’s flatbed load-to-truck ratio (LTR) ended at 49.03.
Spot rates
Flatbed spot rates have now recorded seven weeks of gains following last week’s $0.02/mile increase. At $2.15/mile, linehaul rates are $0.14/mile or 7% higher than last year and almost identical to 2023. Even though flatbed spot rates have been tracking directionally with 2018, a bull market for open deck carriers, our 35-day Ratecast forecast suggests rates may have already peaked for the first half of this year.
