By Jamie Martin
At this year's Farm Progress Show, the spotlight was on used tractors rather than the usual new tech. In Boone, Iowa, farmers explored rows of pre-owned John Deere machines under the open skies, looking for good deals.
The event, known as the largest outdoor agriculture, show in the US, featured a record offering by BigIron Auctions, attracting global visitors including buyers from Argentina and Brazil.
The trend towards thriftiness is driven by lower grain prices and reduced farm incomes, pushing farmers to cut costs on all fronts, including machinery. As a result, companies like AGCO have adjusted their sales forecasts, expecting lower new equipment sales.
The market for used combines also reflects this trend, with prices showing significant declines from pandemic highs. For instance, machines once sold for $300,000 are now fetching up to $275,000. This shift has led to increased sales of machines only a few years old, which are auctioned off much quicker than before.
Innovations in farm machinery, such as high-tech retrofits, offer farmers alternatives to buying new, expensive equipment. Companies are responding by providing upgrades that improve productivity without the steep price of new models.
This year's Farm Progress Show not only demonstrated the latest in agricultural technology but also underscored the economic realities facing today's farmers.
Photo Credit: gettyimages-livingimages
Categories: National