At the Farm Progress Show in Boone, Iowa, an unexpected trend took center stage as used tractors became the highlight among attendees. This shift reflects broader economic pressures facing farmers, driving a surge in interest for cost-effective alternatives to new equipment.
The event, typically a platform for the latest in agricultural technology, saw farmers from across the U.S. and countries like Argentina and Brazil exploring rows of pre-owned John Deere tractors and other machinery.
Mark Stock from BigIron Auctions noted that their largest-ever display of used equipment met with robust interest, signaling a significant shift in purchasing preferences.
This trend is driven by a combination of factors, including prolonged low grain prices that have reduced farmer incomes to the lowest levels in recent years. As a result, major agricultural machinery manufacturers like AGCO have observed a downturn in sales, prompting them to lower their financial forecasts and adjust to the changing market dynamics.