Wall Street machinery analyst David Bleustein
1/5/2006

Wall Street machinery analyst David Bleustein continues to see a downword trend this year. Bleustein, an analyst with UBS Investment Research, expect 2006 farm equipment sales to fall 5%-10% driven by depressed farm commodity prices, elevated input costs (notably energy), rising interest rates, difficult machinery comparisons from 2005 and the uncertainty created by potential changes in U.S./European farm support programs.

UBS Investment Research
www.ubs.com/investmentresearch

According to the results of UBS Investment Research 19th Semiannual Agricultural Dealer Survey (540+ responses), farm equipment dealers believe 2006 machinery sales will be below 2005 levels. David Bleustein notes that the level of dealer optimism has continued to decline over the last six-twelve months.

In their commentary, dealers cited tough comparisons against 2004/05, higher input costs, weather and crop price concerns, lower farmer income, and farm consolidation as concerns, although several dealers indicated optimism regarding retail sales and the agriculture industry in general.

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