Sandhills Global released its January 2025 Agriculture Equipment Report:
U.S. Used Tractors 100 Horsepower and Greater
• Inventory levels in this market decreased 1.99% month over month in January but increased 10.84% compared to year-ago levels. Overall, inventory trends are holding steady. The categories driving these changes were used 100- to 174-hp tractors, down 3.34% M/M, and used high-horsepower (300 hp or greater) tractors, up 20.49% year over year.
• Asking values ticked up slightly M/M, by 0.23%, but fell 5.33% YOY, led by used high-hp tractor prices, which fell 5.83% YOY.
• Auction values were similarly mixed, up 0.82% M/M but down 8.51% YOY. Used high-hp tractors led here, too, compared to other categories, up 1.5% M/M and down 9.22% YOY.
• The EVI spread, which measures the percentage difference between asking and auction values, fell to 38%, slightly lower than the peak values observed in 2015. The EVI spread was 40% in December 2024.
U.S. Used Combines
• U.S. used combine harvester inventory levels increased 1.13% M/M in January, decreased 5.49% YOY, and are continuing a steady trend.
• Asking values are also on a steady trend, up 1.33% M/M and down 0.31% YOY.
• Auction values, by contrast, are trending upward, posting a 1.47% M/M increase and a 1.67% YOY decrease in January.
• The EVI spread for used combines was 48% in January, up from 47% in December and close to peak values observed in 2015.
U.S. Used Sprayers
• Inventory levels of used sprayers fell 4.04% M/M in January but increased 10.8% YOY.
• Asking values were down 2.68% M/M and 5.86% YOY and are continuing a downward trend.
• Auction values also decreased, down 0.78% M/M and 8.52% YOY, and are maintaining a downward trend.
• The EVI spread in this market fell two points from December to 43% in January, slightly under the peak values seen in 2015.
U.S. Used Planters
• U.S. used planting equipment inventory is trending downward. Inventory levels decreased 5.03% M/M and 5.64% YOY in January.
• Asking values were up 4.51% M/M but down 4.95% YOY and are trending down.
• Following a similar pattern, auction values were up 6.99% M/M but down 3.22% YOY in January.
• The EVI spread in this market dropped 10 points from December to 51% in January, significantly lower than the peak values observed in 2015.
U.S. Used Compact and Utility Tractors
• Inventory levels in this market have been trending down for three months. This continued in January, with inventory down 3.9% M/M and 22.87% YOY. The used 40- to 99-hp tractor category showed the largest M/M inventory change, down 4.44%, while the used less-than-40-hp tractor category experienced a 26.31% YOY inventory decrease, the sharpest decrease among all categories.
• Asking and auction values have both been trending down for 11 months. Asking values lifted slightly M/M, by 1.19%, but decreased by 3.61% YOY. The used 40- to 99-hp tractor category had the largest M/M increase at 1.26% and the largest YOY decrease at 3.74% compared to other categories.
• Auction values were up 1.29% M/M but down 4.35% YOY. Used 40- to 99-hp tractor auction values increased by 1.81% M/M, more than other categories. The used less-than-40-hp category posted the greatest YOY auction value decrease, down 5.41%.
Sandhills Global also released its Agriculture Equipment report for Canada.
