I just spoke with an ag bank board member this morning who was stressing over the fact that a large number their farmers whose balance sheet is becoming off-balance with heavier equipment costs. The growing and dynamic shift in these equipment values will be important to track as we enter into a new loan renewal season where farmer profitability is likely less than the last couple of years, and the outlook for 2024 even lower still.
To help bring awareness to these changing trends, we'll be hosting a
webinar next month to share the data-driven changes we are witnessing in equipment values as well as supplies. We will also be hosting an esteemed guest or two who can provide context to how the ag lending industry is fairing in other areas of the country. More to come as those guests are announced in the next couple of weeks.
Many of those renewal meetings are starting now however, so here is a quick look at a few major equipment categories, class 8 combines, row crop tractors and self-propelled sprayers, and how their values are being affected by supply and demand in the market.