“It is a modern office and warehouse space that features 32-foot clearance and ample parking for trailers,” Joe Bergman, vice president of development for the St. Paul, Minn.-based firm said. He noted that the OEM will use the Altoona warehouse to support the Ankeny facility.

Source:

• Fourth quarter consolidated revenues declined 28%; 
• Full year consolidated revenues declined 20% on lower industry demand for Agriculture and Construction equipment
• Fourth quarter net income of $176 million; full year net income of $1,259 million
• Full year diluted EPS at $0.99; adjusted diluted EPS at $1.05
• Results reflect channel destocking and continued execution of cost savings initiatives

CNH Industrial reported a 28% decline in Q4 consolidated revenues and a 20% drop in full-year revenues due to lower demand for Agriculture and Construction equipment. Q4 net income was $176 million, down from $583 million in 2023, with diluted EPS at $0.14. For the full year, net income was $1,259 million, with diluted EPS of $0.99 and adjusted diluted EPS of $1.05. The company highlighted cost-saving measures and channel destocking. Its 2025 outlook predicts a 13%-18% drop in agriculture segment net sales.

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| Member since 2021

The tax credit offers up to $1.25 per gallon for fuels reducing carbon emissions by 50% compared to conventional jet fuel, with a maximum of $1.75 for higher reductions. The Treasury Department decided to use a modified version of the GREET (Greenhouse gases, Regulated Emissions, and Energy use in Technology) model for emissions calculations, favored by the agricultural industry.

Agriculture Secretary Tom Vilsack sees this as recognition of farmers’ role in reducing greenhouse gases through biofuel production. However, ethanol industry groups worry that requiring farmers to adopt at least three climate-smart practices may make it hard for some producers to qualify. Senator Chuck Grassley (R-Iowa) mentioned that verifying practices like reduced tillage could be challenging because crops are often mixed at ethanol plants.

Environmental groups had advocated for the CORSIA (Carbon Offsetting and Reduction Scheme for International Aviation) model, which they claim better accounts for land-use changes and other environmental impacts.

The tax credit applies to sustainable aviation fuel produced in 2023 and 2024. A separate formula for 2025 is in development. Despite concerns, the American Coalition for Ethanol sees this as an “important tailwind” for biofuels in the clean energy transition.

Source:

The U.S. Commercial Service developed the concept for the REC after recognizing that rural American companies lack access to the same resources and trade ecosystem as companies in larger, metropolitan areas. Additionally, exporters have frequently identified the need for detailed, industry-specific market research to help them find opportunities in foreign markets.

Companies throughout rural America can sign up for research assistance through the REC. This virtual service will help them find the best international markets and identify specific buyers in those markets who may be prospective business partners. Together with their local U.S. Commercial Service Trade Specialist, they tap into the global network of U.S. Commercial Service offices located in U.S. Embassies and Consulates in over 70 countries around the world.

In addition to research services, the REC offers a series of virtual skills-acquisition focused trainings on the topics of website globalization and market research skills.

The RAISE (Rural America’s Intelligence Service for Exporters) program provides rural U.S. companies with one-on-one market intelligence from a team who identifies customized industry-specific insights and contacts.
RAISE intel can help companies with the following needs:

• Determining if there is export opportunity, and where, including prioritized country rankings
• Building a strategic export plan based on data and on-the-ground realities
• Developing a prospective buyer list, to see who is currently on the ground active in your industry segment
• Amplifying your presence at a trade show by developing a contact list to do promotions prior to the trade show.

For more information and resources from REC go to

In addition to great content and networking, we have a fantastic hotel in a wonderful location. After checking out the live Sandestin stream below, click on a few of our meeting info links. Register by Jan 31 and Save $200.

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This week we opened registration for our 2023 Supply Summit & Showcase Conference in sunny Sandestin, FL with a waiting list of members eager to engage and learn from each other.

With beautiful beaches, world-class golf courses, marinas, shopping and the vibrant Village of Baytowne Wharf, we can’t think of a better place or a better time to step back from daily manufacturing operations and take a fresh look at the opportunities that lie ahead.

We know that making the right choices depends greatly on having the best industry and economic information available. Our total focus is providing that critical industry knowledge to help you shape your decision making on the topics you tell us matter most: succession planning, product liability, international trade and more.

Join us at , a luxury resort at Miramar Beach, for a three-day immersion in understanding the issues, connecting with suppliers, and learning from one another. The Summit brings you together in a beautiful setting, and it strikes a balance in providing educational sessions, networking opportunities, social time, and business meetings.

“The message we hear from members is consistent,” said Vernon Schmidt, the Association’s executive vice president. “They want to hear from the experts—the economists, the trade pros, but they want to hear from each other, too. And, there are those “aha moments” that happen in the hallway when something they just heard from a speaker brings up an issue at their plants, and they mention it to another member, and a conversation begins.”

At the centerpiece of each Supply Summit is the Supplier Product Showcase, which is March 23. Early response, combined with limited showcase space, suggests that this year will sell out, so we encourage suppliers to register early. Summit attendees characterize this as an excellent opportunity to connect with current supply partners and explore the possibilities of new partnerships that will ultimately help grow their businesses.

The Association is finalizing speaker details. Sessions on Idea Generation and Innovation, Economic Outlook, and a workshop for Emerging Owners are in the works. Look for more information coming soon. We appreciate your input on future session topics or speakers. Feel free to contact Sarah@FarmEquip.org with your ideas.

Stay tuned for details about a visit to a state-of the-art manufacturing facility, an outing planned for spouses/guests, and networking events: golf tournament, fishing excursion and a sampling of night life. Learn more about the Supply Summit online at Meeting.FarmEquip.org or call us at (314) 878-2304.

On top of falling freight rates, data shows container depots — used to house containers after they are unloaded — are now filling up or full.

It points to more signs of falling global demand and an impending economic slowdown.

Traders and shippers say the decline in global consumer demand is not a sign the global economy is normalizing after a frantic post-lockdown consumption rush but a downward shift in consumption appetites. 

What has happened now is that the cargo is ‘on time’ again and hence you’ll see a slowdown in new ordering…

“There is just not enough depot space to accommodate all the containers,” online container logistics platform Container xChange chief executive Christian Roeloffs said in an industry update this week.

Monti told Container xChange that the peak season of goods shipments — as Christmas looms — “technically did not happen this year.” Retailers are cautious about the high level of inventory they have on hand, Monti said.

“What has happened now is that the cargo is ‘on time’ again and hence you’ll see a slowdown in new ordering as companies adjust to more efficient turnaround times in ocean freight delivery.”

To combat full and overflowing depots, ports such as the Port of Houston have started levying fees for empty containers sitting in terminals for more than seven days, according to global claims management provider Sedgwick’s national marine manager, Darin Miller.

“Often left sitting for weeks on end, the sheer number of containers on ships or at ports, leaves us with insufficient depot space which only exacerbates our ongoing supply chain crisis as it impacts container repositioning and movement.”

The latest Drewry composite World Container Index — a key benchmark for container prices — has fallen again to $2,773 per 40-foot container. That’s 73% lower than the peak rate in September last year.

Source:

CL Fabrication Inc.
Manufacturera Fehr S.A. De C.V.
Rohrs Manufacturing LLC
SMS Powertrain & Hardware, L.L.C.
Tatoma Agricultural Equipment Corp
TC Machine Inc.
Yeoman & Company