2024 Fall Farm Outlook Lincoln Daily News Oct 2024 Page 15 president for Farmers National in eastern Nebraska and western Iowa says, “Farmers aren’t quite as motivated to go out and pay a premium for those farms.” Johnson also says, “Buying farmland is a tricky gamble for farmers, however. While a local dealer will have options for farm equipment, land isn’t always for sale.” With less income, some farmers have to make cutbacks by only making necessary purchases. For instance, with decreased income, farmers are not likely to buy new tractors or combines. A September 2024 report by Charlie Glass of the Glass Management Group on the decline of tractor sales reviewed sales over the last few years. Glass says, “The Under 40 HP category of tractors represented 62.2% of all tractors sold in 2023, which totaled 156,220 tractors, was a significant market for the U.S. tractor manufacturers. This class of tractors peaked in retail sales in April, 2021 with an average twelve month rolling total of 219,547 units and the average twelve month rolling total for August, 2024 was 139,289 units, or a 36.6% decline. There was also a decline in tractors with bigger horsepower. As Glass says, “[t]he 40 to 100 horsepower tractor category data showed U.S. sales peaked in November 2021 at a rolling 12 months average of 75,154 tractors. The August 2024 total for this category was 58,147 tractors, or a -22.6% decline in the number of units sold at retail since the peak on November 2021.” Continued --
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