“We mentioned in last quarter's call that based on the results of the early order program, Deere Sprayer shipments would be down around 20% this coming year.”

In context

“ef prices. With favorable margins, bonus depreciation from the One Big Beautiful Bill is more attractive for customers in this segment. And is expected to support modest equipment replacement growth in 2026. And as you mentioned earlier, Chris, we expect the turf industry to recover modestly next year as the housing market improves. Christopher Seibert: Thanks, Josh. With that setup, let me jump in to cover our industry expectations. The backdrop that Josh just laid out along with our current view of order books, drove our North American industry guides of down 15 to 20% for large ag and flat to up 5% for small ag and turf. Translating that to Deere sales, the low inventory levels that we discussed previously in large ag will enable us to keep producing in line with retail demand in 2026. We mentioned in last quarter's call that based on the results of the early order program, Deere Sprayer shipments would be down around 20% this coming year. John May: Our planter early order program resulted in a similar year-over-year change. And our combined EOP, which closes in mid-December, is projected to fall within our guided range for the industry. North American large tractors operate on a rolling order book, row crop tractor availability already pushing into the third quarter. Current order velocity indicates that demand for North American row crop tractors in 2026 will also be within our forecasted range for the industry. But it's worth noting that velocity can shift as market conditions change and we're prepared to respond. Preserving this optionality was a primary reason for our lean production approach to start the fiscal year. Which will also cause our production to deviate from normal seasonality. For example, for large protra”