Inventory levels and values for used agricultural equipment in the U.S. showed mixed movements in February, with some categories stabilizing while others continued to shift, according to the latest report from Sandhills Global.
Used Tractors (100 Horsepower and Greater)
The market for used tractors with at least 100 horsepower remained stable, posting a 0.83% month-over-month increase and a 6.09% year-over-year gain. Inventory of used 100- to 174-horsepower tractors saw the largest month-over-month increase at 2.36%, while high-horsepower tractors (300 hp and greater) led in year-over-year growth with a 12.65% rise.
Asking values dipped slightly, down 0.11% month over month and 4.6% year over year. The most significant year-over-year decline was in the 175- to 299-hp tractor category, which fell 5.44%. Auction values followed a similar trend, slipping 0.13% month over month and 6.27% year over year. The Equipment Value Index (EVI) spread, which measures the difference between asking and auction values, held at 38%, slightly below peak levels recorded in 2015.
Used Combines
Used combine harvester inventory rose 1.61% month over month but was down 5.82% year over year. Despite a 0.3% month-over-month and 0.44% year-over-year dip in asking prices, values continued to follow an upward trend. Auction values moved in the opposite direction, rising 1.23% month over month and 1.1% year over year, reinforcing an upward trajectory.
The EVI spread for used combines narrowed slightly from 48% in January to 46% in February but remained near 2015 peak levels.
Used Sprayers
Inventory levels of used sprayers declined 2.56% month over month but showed a 2.63% year-over-year increase. Asking values climbed 3.12% month over month but remained down 2.65% year over year. Meanwhile, auction values rose 2.56% month over month but dropped 5.44% year over year. The EVI spread in this segment held steady at 43%, slightly below peak levels from 2015.
Used Planters
The U.S. used planter market continued its downward inventory trend, with decreases of 5.55% month over month and 8.63% year over year. Asking values increased 0.94% month over month but remained 3.67% lower year over year, while auction values rose 0.82% month over month but fell 1.14% year over year. The EVI spread stood at 51% in February, unchanged from January.
Used Compact and Utility Tractors
The compact and utility tractor market continued to contract, marking a 1.96% month-over-month and 24.1% year-over-year decline in inventory. Tractors under 40 horsepower saw the steepest drop, down 2.62% month over month and 26.56% year over year.
Asking values remained steady, rising just 0.13% month over month but down 3.4% year over year. Auction values showed a slight month-over-month increase of 1.77% but were 2.89% lower year over year. In this category, tractors under 40 horsepower again led both in month-over-month auction value increases (2.8%) and year-over-year declines (4.27%).
Market Outlook
Despite fluctuations in inventory and values across different equipment categories, the overall used farm equipment market remains relatively stable. While some segments continue to trend downward, others show resilience, particularly in auction value trends. With continued shifts in supply and demand, the market’s trajectory will be closely monitored in the coming months.
