Now In Iowa Visiting Ag Dlr Contacts & Factory Visit To Top Ag Tire Supplier To

Research evidence excerpt

Now In Iowa Visiting Ag Dlr Contacts & Factory Visit To Top Ag Tire Supplier To

Industrials | Machinery

May 13, 2026

David Raso Now In Iowa Visiting Ag Dlr Contacts &

212-446-5647

david.raso@evercoreisi.com Factory Visit To Top Ag Tire Supplier To

Jeff Morrison See If Recent Rise in Corn/Bean Prices

212-446-5652

jeff.morrison@evercoreisi.com Generating Stronger Equip Orders; House

Oliver Liao of Reps E-15 “Yes” Vote Tonight Hopefully 212-446-9444

oliver.liao@evercoreisi.com Helps

• Proprietary Ag Fieldwork in Iowa Today: Spent today with

Iowa ag dealer contacts (principally Deere and Case of CNH

dealers) and also visited the factory/the factory’s executives of

Titan International’s largest tire factory in N. America. A large

majority of the factory’s tire production serves the leading

agriculture manufacturers plus the ag dealer aftermarket

channel.

• Net Takeaway – Less Positive/Less Tangible Order

Response From Higher Grain Prices Than I Expected But

Some Pockets Of Optimism (including some better farm

equip pricing being attempted such as in Deere’s Early

Order Programs; also found Titan just announced a June

1 tire price increase for the aftermkt/small ag OEMs);

Overall, Today Suggests Maybe Still Too Early To Get

Behind A Strong Ag Equipment Recovery…Potentially A

Little Further Into The Growing Season At Current Crop

Prices (or, of course, higher crop prices) Will Be Enough

But High Hp Ag Recovery Is Only On “Standby” For

Now.

• While writing this note I see the House of Reps just passed a

bill allowing E-15 to be blended all year round (as opposed to

just historical ~8 months, previously not allowed this high a

blend during “summer”), a help to corn demand; hopefully,

Senate passage to come though Senate vote could be more

challenging.