Farmers will delay machinery purchases when possible
The latest Farm Journal Pulse poll results produced supporting evidence of what many in the ag industry already suspect—as farmer budgets continue to tighten, they’ll tend to delay major equipment purchases.
Used farm machinery expert Greg Peterson, “Machinery Pete,” says the delayed purchase sentiment is certainly understandable and comes up often in his travels.
“As I travel the country talking to all in the farm machinery space on a regular basis, it’s not uncommon to hear the ‘pull in the reigns’ theme verbalized,” he says.
Even so, Peterson wonders if farmers will resist good purchase opportunities when they present themselves. There’s been record search traffic growth at MachineryPete.com,, Peterson says. Auction prices have been stabilizing this year, with the possible exception of large used planters.
“I think farmers are being situationally very aggressive used equipment buyers, and there are some good buying opportunities out there,” he says.
For example, Peterson knows a North Dakota farmer who bought a brand-new grain cart and tractor this fall, both with tracks, to accommodate a very wet harvest.