FTC and USDA open antitrust inquiry into agricultural equipment
The FTC and U.S. Department of Agriculture launched a joint public inquiry into manufacturing and distribution practices in agricultural equipment markets.
S. Department of Agriculture have launched a probe into potential anticompetitive practices in the agricultural equipment markets, sending shares for farming machine makers lower. The regulators on Wednesday said they opened a joint public inquiry seeking information into the manufacturing and distribution markets for agricultural equipment amid a growing number of complaints to the USDA. They invited comments from the public, saying farmers across the country are facing barriers to acquiring agricultural equipment and the services required to keep the equipment operating.
Shares of major agricultural equipment companies traded lower on Wednesday. 7%. 8%. The FTC said the inquiry is part of its broader project addressing competition in agriculture, citing recent settlements with Deere and Corteva.
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