Sandhills Global released its November 2024 Agriculture Equipment report, finding that inventory levels are mixed for various types of agriculture equipment, with some trending upward and others on a steady decline.
U.S. Used Tractors 100 Horsepower and Greater
- Inventory levels in the US high-horsepower tractor market have been trending upward for several months. In November, inventory increased by 0.79% M/M and 23.53% Y/Y. The 100-174 HP tractor category showed the largest M/M inventory increase at 1.34%, while the 300 HP or greater category posted the largest Y/Y inventory gain at 38.18%.
- Asking values in this market have been trending downward for several months. In November, asking values decreased by 2.16% M/M and 6.41% Y/Y. The 300 HP or greater category showed the largest M/M asking value decrease at 2.63%, while the 175-299 HP category posted the largest Y/Y asking value drop at 8.37%.
- Auction values in the US high-horsepower tractor market have been trending steady. In November, auction values increased by 0.17% M/M and decreased by 14.38% Y/Y. The 100-174 HP tractor category showed the largest M/M auction value increase at 1.23%, while the 300 HP or greater category posted the largest Y/Y auction value decrease at 16.03%.
* EVI spread, which measures the percentage difference between asking and auction values fell to 44% but is still higher than historical highs from 2015.
- Inventory levels increased 0.79% M/M and have observed consecutive months of increases, while inventory levels are 23.53% higher than last year.
- Asking values decreased 2.16% M/M and are currently trending down, while asking values are 6.41% lower than last year.
- Auction values increased 0.17% M/M and are currently trending sideways. However, auction values are 14.38% lower than last year.
U.S. Used Combines - Inventory levels of used combine harvesters in the US market increased by 0.99% M/M and 0.91% Y/Y in November but were trending down.
- Asking values in this market were up 1.66% M/M but down 1.45% Y/Y in November. Asking values are trending steady.
- Auction values in this market increased by 5.52% M/M but were down 7.53% Y/Y in November. Auction values are trending steady.
* EVI spread which measures the percentage difference between asking and auction values fell to 51% but is still higher than historic highs observed in 2015.
- Inventory levels increased 0.99% M/M and are currently trending down. However, inventory levels are 0.91% higher than last year.
- Asking values increased 1.66% M/M and are currently trending sideways. However, asking values are 1.45% lower than last year.
- Auction values increased 5.52% M/M and are currently trending sideways. However, auction values are 7.53% lower than last year.
U.S. Used Sprayers
- Inventory levels of used sprayers have been rising for months. In November, the market posted gains of 1.21% M/M and 23.09% Y/Y.
- Asking values decreased 3.25% M/M and 10.2% Y/Y and are trending downward.
- Auction values increased by 1.22% M/M, but were 21.39% lower Y/Y, and are trending sideways.
* EVI Spread which measures the percentage difference between asking and auction values fell to 51%, close to peak values observed in 2015.
- Inventory levels increased 1.21% M/M and have observed consecutive months of increases, while inventory levels are 23.09% higher than last year.
- Asking values decreased 3.25% M/M and are currently trending down, while asking values are 10.20% lower than last year.
- Auction values increased 1.22% M/M and are currently trending sideways. However, auction values are 21.39% lower than last year.
U.S. Used Planters
* Inventory levels in the U.S. used planters’ market have declined. Inventory was down 3.08% M/M and 1.71% Y/Y in November but trending sideways overall.
• Asking values rose slightly, by 0.74% M/M, but were down 9.7% Y/Y and are trending downward.
• Auction values increased by 4.18% M/M, but were 19.39% lower Y/Y, and are trending sideways.
* EVI spread which measures the percentage difference between asking and auction values fell to 63%, a relatively high value but slightly lower than historical values from 2015.
- Inventory levels decreased 3.08% M/M and are currently trending sideways. However, inventory levels are 1.71% lower than last year.
- Asking values increased 0.74% M/M and are currently trending down, while asking values are 9.70% lower than last year.
- Auction values increased 4.18% M/M and are currently trending sideways. However, auction values are 19.39% lower than last year.
U.S. Used Compact and Utility Tractors
- Inventory levels in the US compact tractor market have been trending downward for 7 months. In November, inventory decreased by 0.76% M/M and 23.75% Y/Y. The less-than-40-HP tractor category exhibited the steepest Y/Y inventory decrease, with a 28.69% drop.
- Asking values in this market have maintained a downward trend for 11 months. Asking values decreased by 0.83% M/M and 5.44% Y/Y. The less-than-40-HP tractor category showed the steepest Y/Y asking value decrease, with a 6.41% drop.
- Auction values have maintained a downward trend for 9 months. Auction values decreased by 0.87% M/M and 6.92% Y/Y. The less-than-40-HP tractor category posted the steepest Y/Y auction value decrease, with an 8.67% drop.
- Inventory levels decreased 0.76% M/M and have observed consecutive months of decreases, while inventory levels are 23.75% lower than last year.
- Asking values decreased 0.83% M/M and have observed consecutive months of decreases, while asking values are 5.44% lower than last year.
- Auction values decreased 0.87% M/M and have observed consecutive months of decreases, while auction values are 6.92% lower than last year.
Sandhills also released its November 2024 Agriculture Equipment report for Canada.
