Used agricultural equipment inventory generally remained below year-ago levels in September, with year-over-year declines across all six equipment categories tracked by Sandhills Global. Month-over-month inventory and value trends were mixed, as auction values continued to show year-over-year strength in several markets despite recent monthly pullbacks.
U.S. Used Tractors 100 Horsepower and Greater
- Inventory levels in the used high-HP tractor market decreased 0.28% month over month and 14.82% year over year in September and are trending down for the 16th month in a row. Used tractors with 300 HP and greater had the largest M/M inventory change, down 1.16%, while used 100- to 174-HP tractors had the largest Y/Y inventory change, down 18.43%.
- Asking values decreased 0.53% M/M but inched up 0.44% Y/Y and are trending sideways. Used tractors with 300 HP and greater had the largest M/M asking value change, down 0.68%, while used 175- to 299-HP tractors had the largest Y/Y asking value change, up 3.28%.
- Auction values decreased 0.52% M/M but rose 4.8% Y/Y and are trending up. Used 175- to 299-HP tractors had the largest auction value changes, down 1.4% M/M and up 6.35% Y/Y.
- The EVI spread, which measures the percentage difference between asking and auction values, was 31% in September, unchanged from August.
U.S. Used Combines
- Used combine harvester inventory levels dipped 2.36% M/M and 9.51% Y/Y in September and are trending down.
- Asking values decreased 2.48% M/M but increased 0.26% Y/Y and are trending down.
- Auction values dipped 3.19% M/M but increased 2.74% Y/Y and are trending down.
- The EVI spread was 38%, a one-percentage-point increase from August.
U.S. Used Sprayers
- Inventory levels of used sprayers increased 4.14% M/M but dropped 15.43% Y/Y in September and are trending sideways.
- Asking values increased 1.32% M/M but fell 4.85% Y/Y and are trending sideways.
- Auction values increased 3.46% M/M but decreased 3.32% Y/Y and are trending sideways.
- The EVI spread was 37%, down from 40% in August.
U.S. Used Planters
- Used planter inventory levels increased 2.96% M/M but dropped 15.11% Y/Y in September and are trending sideways.
- Asking values decreased 1.59% M/M but rose 4.87% Y/Y and are trending up.
- Auction values decreased 0.64% M/M but jumped 14.89% Y/Y and are trending up.
- The EVI spread was 44%, a three-percentage-point decrease from August.
U.S. Used Compact and Utility Tractors
- Inventory levels in this market increased 1.65% M/M in September but were down significantly Y/Y, by 22.02%, and are trending sideways. Used tractors with less than 40 HP had the largest inventory shifts, up 3.03% M/M and down 23.11% Y/Y.
- Asking values decreased 0.11% M/M but ticked up 1.77% Y/Y and are trending up. Used 40- to 99-HP tractors had the largest asking value changes, down 0.19% M/M and up 2.02% Y/Y.
- Auction values decreased 0.99% M/M but increased 1.08% Y/Y and are trending sideways. Used 40- to 99-HP tractors had the largest auction value changes, down 1.37% M/M and up 1.1% Y/Y.
U.S. Used Self-Propelled Forage Harvesters
- Inventory levels in this market increased 0.67% M/M but fell 7.22% Y/Y in September and are trending down.
- Asking values experienced decreases of 1.83% M/M and 1.74% Y/Y and are trending sideways.
- Auction values decreased 2.13% M/M and 2.05% Y/Y and are trending down.
