“In Europe, we'll underproduce demand for the remainder of 2024 in response to softening market conditions.”

In context

“ed last quarter, we entered the year well positioned from a field inventory standpoint, and Q1 levels are consistent with normal seasonal changes, comparable with inventory to sales ratios from a year ago. With nearly 90% of orders sourced through our combined sprayer and planter early order programs, we have significant visibility into the balance of the year for those product lines. Tractors are managed on a rolling order book. And as a quick update, we're currently taking orders into the third quarter for row crop tractors, while our 4-wheel drive tractors are full through the balance of the third quarter. All in all, we expect to end the year in the U.S. and Canada positioned to produce in line with retail demand in 2025. Let's move on to new inventory outside of the U.S. and Canada. In Europe, we'll underproduce demand for the remainder of 2024 in response to softening market conditions. In Brazil, we are already seeing progress from our efforts to reduce field inventory in response to the market pullback. Notably, combine inventory is down 25% on an absolute basis for the quarter, in line with our expectations, and we are on track to reach target levels by fiscal year-end. For both Europe and Brazil, our intent is to position 2024 year-end inventory so that we can produce in line with retail demand in 2025. Aaron, I know you just got back from Brazil. Do you have anything you'd like to add? Aaron Wetzel: Yes. In fact, just a few weeks ago, I had the opportunity to visit both dealers and customers in Brazil. I was able to spend time with both sugarcane producers as well as soybean customers in the Mato Grosso. Sugarcane customers are seeing strong price for sugar toda”