Nearly 40% of North American farm equipment dealers are reporting that used tractor inventories are still healthy, but few are expressing major concerns as pricing remain solid. Not so for combines.

Results from the most recent “Dealer Sentiments & Business Conditions” survey indicate that while used equipment inventories remain on the high side, fewer dealers are concerned. Overall, a net 21% of dealers responding to the survey rated their used equipment levels as “too high” (39% too high; 44% about right; 18% too low) compared to a net 33% in the previous month.

On the other hand, nearly half (47%) of dealers said their used combine inventories remain a significant concern. Overall, 49% reported used combine inventories were “too high,” 48% “about right” and only 3% said their used combine levels were “too low.”

Dealer commentary offered back up for the ongoing concerns about used harvesters: “Combines are the main issue still” …  “Older combine units have no market so that is causing them to pile up” … “We’re low on good used 200 HP tractors, high on used combines” … “Just not turning combines & tractors quick enough.”

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Solid Tractor Pricing. By category, tractors over 100 horsepower are now up 2.6% year-over-year on average, down from 2.8% last month. Prices for used tractors under 100 horsepower are up 3%, up from 2% in the prior month. Used combine values are down 1.6%, which is up slightly from –2.1% last month.

Compared to the previous month, a net 4% of dealers report higher values for under 100 horsepower utility tractors. For over 100 horsepower tractors, a net 8% of dealers report higher values vs. last month. Overall, a net 26% of dealers reported used combine values are lower than the month before.

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