October brought mixed movements across the U.S. used agricultural equipment market, as inventory levels, asking values and auction values followed varying trends across major equipment categories, according to Sandhills Global. While inventories remained below year-ago levels across all segments covered, value trends were more varied, highlighting differences in market conditions for tractors, combines, sprayers, planters and forage harvesters.
U.S. Used Tractors 100 Horsepower and Greater
- Inventory levels in the used high-HP tractor market increased 1.38% M/M in October but decreased 12.28% Y/Y and are trending down for the 17th month in a row. Used 100- to 174-HP tractors had the largest inventory changes, up 5.23% M/M and down 12.88% Y/Y.
- Asking values edged up 0.15% M/M and increased 1.07% Y/Y and are trending sideways. Used 100- to 174-HP tractors had the largest M/M asking value increase at 0.31%, while used 175- to 299-HP tractors posted the strongest Y/Y gain of 3.57%.
- Auction values dipped 0.81% M/M but rose 4.43% Y/Y and are trending sideways. Used tractors with 300 HP and greater had the largest M/M auction value change, down 1.38%, while used 175- to 299-HP tractors had the largest Y/Y increase at 6.7%.
- The EVI spread, which measures the percentage difference between asking and auction values, was 32% in October, a one-percentage-point increase from September.
U.S. Used Combines
- Used combine harvester inventory levels dropped 6.11% M/M and 9.67% Y/Y in October and are trending down.
- Asking values increased slightly, rising 0.21% M/M, but decreased 2.68% Y/Y and are trending down.
- Auction values increased 1.23% M/M but fell 0.88% Y/Y and are trending down for the fifth consecutive month.
- The EVI spread was 36%, a two-percentage-point decrease from September.
U.S. Used Sprayers
- Inventory levels of used sprayers increased 4.72% M/M in October, declined 12.93% Y/Y, and are trending sideways.
- Asking values rose 1.85% M/M, fell 3.14% Y/Y, and are trending sideways.
- Auction values increased 1.64% M/M but decreased 2.24% Y/Y and are trending sideways.
- The EVI spread was 37%, unchanged from September.
U.S. Used Planters
- Used planter inventory levels increased 1.42% M/M in October, decreased 14.04% Y/Y, and are trending up.
- Asking values dipped marginally by 0.05% M/M but climbed 6.79% Y/Y and are trending sideways.
- Auction values decreased 0.92% M/M but jumped 15.41% Y/Y and are trending sideways.
- The EVI spread was 45%, a one-percentage-point increase from September.
U.S. Used Self-Propelled Forage Harvesters
- Inventory levels in this market increased marginally by 0.83% M/M in October but decreased 5.43% Y/Y and are trending sideways.
- Asking values declined 1.38% M/M and 1.15% Y/Y and are trending down.
- Auction values decreased 1.72% M/M and 1.11% Y/Y and are trending down.
U.S. Used Compact and Utility Tractors
- Inventory levels in this market increased 6.04% M/M in October but fell 17.32% Y/Y and are trending sideways. Used tractors with less than 40 HP had the largest inventory changes, up 6.82% M/M and down 18.29% Y/Y.
- Asking values dipped marginally by 0.06% M/M but increased 1.82% Y/Y and are trending sideways. Used tractors with less than 40 HP had the largest M/M asking value change, down 0.3%, while used 40- to 99-HP tractors had the largest Y/Y increase at 1.88%.
- Auction values were nearly unchanged M/M, decreasing 0.01%, but increased 1.23% Y/Y and are trending down. Used tractors with less than 40 HP had the largest auction value changes, down 0.61% M/M and up 1.23% Y/Y.
