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Ag equipment sales continue decline, dealer auction activity increases

An economist says the weakening ag economy is having an impact on the ag equipment sales market.

Ernie Goss with Creighton University says the latest Rural Mainstreet Index shows farm machinery sales have declined nine out of the last 10 months. “The ag economy is weakening and farmers willingness in purchasing ag equipment has declined.”

Goss says lower grain prices have been the biggest factor. “Farm income was down for 2023 from 2022, and now USDA and our survey as well would indicate that 2024 farm income is going to be down. Farmers are taking a cautionary approach to all this.”

Tim Meyer is a site leader and realtor with Steffes Group. He tells Brownfield more and more ag equipment items are coming to auction. “It seems like there’s more dealer auction activity than we saw a year ago and that tells me that the dealers have got inventory that they obviously can’t get rid of on their own and so they’re moving to the auction side of things.”

Meyer says this should lead to an increase in buying opportunities for farmers and ranchers.

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