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Buyer’s market for used farm machinery

It’s a buyer’s market for used farm machinery.

Jon Tofte with I-35 Auctions in north Iowa says farmers are reluctant to purchase because of high interest rates and low commodity prices.

“These kinds of things do cause some pause on the market, but for those folks who are ready to go out and buy something (and) have the cash to do it, it is a buyer’s market. It’s a great opportunity right now.”

He tells Brownfield auction results have softened.

“When it comes to farm machinery, there’s a lot of headwinds against it (including) high inventories.”

Tofte says he expects some seasonal interest for harvest and fall tillage equipment to pick up.