With the farm economy under pressure, CASE IH says helping farmers manage costs remains a top priority as it develops new equipment and technology.

"We know that the ag economy right now has been complicated for many months," said Kurt Coffey, VP of CASE IH North America. "Customers are facing challenges with input prices, scarcity on certain inputs, volatility in commodity prices."

Farm equipment demand has softened across the industry in recent years as lower commodity prices and tighter farm margins led many growers to delay machinery purchases, making cost-management features a key selling point for manufacturers competing for fewer big-ticket sales.

"We know farmers are navigating really difficult times and so it's not always that we're pushing some shiny new red paint," he said.

Coffey said there are signs the agricultural equipment market could be starting to bounce back.

"I saw a number of dealers last week and activity has really picked up," Coffey said. "There's some optimism and sentiment out there. We've seen a rally."

How that dealer activity translates into actual unit sales in the coming quarters remains to be seen, but manufacturer commentary on improving dealer traffic is one of the signals the industry watches when gauging whether equipment demand is bottoming out.

Coffey made the comments during a pre-Farm Progress Show panel discussion on Monday afternoon at the CASE IH booth in Boone, Iowa.

The Farm Progress Show is an annual agricultural trade show held in the Midwest, featuring equipment displays and field demonstrations from major manufacturers including CASE IH, John Deere, and CLAAS.