2024 Year in Review: Planters

The 2024 planter market has exhibited a blend of high and low points, significantly impacting buyers and sellers. Factors such as increased inventory, competitive pricing, declining auction values, and market saturation have shaped the current landscape. Additionally, introducing performance upgrade kits from companies like Precision Planting and John Deere has influenced equipment values and availability. This analysis draws insights from leading online marketplaces, including TractorHouse, Machinery Pete, TractorZoom, and fastline.com, to give a comprehensive overview of the market dynamics.

High Points: Increased Inventory and Competitive Pricing

A notable positive trend in the 2024 planter market is the substantial increase in inventory. According to TractorHouse, late-model planters are more readily available, offering buyers a more comprehensive range of options. This surge in supply is particularly evident in both new and used equipment sectors, allowing farmers to find quality planters from brands such as John Deere, Case IH, and Kinze, with varying features and configurations. This expansion contrasts with previous years when the equipment market faced supply chain challenges and shortages.

Machinery Pete has observed that late-model planters, especially those produced in the last few years, are offered more significantly. The increased availability has created more competition among sellers, leading to more competitive pricing for buyers. For example, a 2024 John Deere 1775NT planter was listed at $409,900, an attractive price point given the current market conditions. This is particularly advantageous for farmers looking for high-quality planters without paying the premium prices typically associated with new equipment.

Fastline.com, a specialized marketplace for agricultural equipment, has also reported a rise in listings for late-model planters. The platform’s user-friendly interface and detailed listings have made it easier for buyers to compare options and make informed decisions. The increased inventory on Fastline.com has contributed to a more competitive market, benefiting buyers seeking quality equipment at favorable rates.

Low Points: Declining Auction Values and Market Saturation

Despite the positive aspects, there are challenges in the 2024 planter market. One significant low point is the depreciation of planter prices, particularly at auctions. TractorHouse reports a noticeable drop in auction values for planters, attributed to increased available inventory. As more planters flood the market, competition to sell equipment has led to lower auction prices. This depreciation trend is compounded by softening demand, as many farmers have upgraded their machinery or opted to hold off on large purchases until market conditions stabilize further.

The impact of declining auction values is evident in the pricing trends of planters previously in high demand. For example, auction sales of used planters have decreased in value compared to previous years, reflecting the significant depreciation of specific models. As a result, sellers often find it more difficult to command the high prices they once could. This situation has created a buyer’s market, where buyers have the advantage due to abundant available equipment.

Market saturation is another contributing factor to the low points in the 2024 planter market. The surplus of equipment has led to an environment where sellers struggle to differentiate their listings and attract buyers. Fatiline.com reports that the influx of late-model planters has led to market saturation, making it harder for individual sellers to stand out. With so many options available, buyers can afford to be more selective, making the selling process more challenging, especially for older or lower-condition equipment that does not meet the same standards as newer models.

Additionally, sellers may struggle to reach an optimal buyer demographic if their equipment is priced too high or does not align with the shifting preferences of farmers. Many buyers are looking for specific features, such as precision planting technology or greater efficiency, and may be unwilling to purchase equipment that does not meet these needs. This further exacerbates the challenges sellers face in a saturated market.

Impact of Performance Upgrade Kits

The availability of performance upgrade kits from companies like Precision Planting and John Deere has introduced new dynamics to the planter market. These kits allow farmers to enhance the capabilities of their existing planters, potentially reducing the need for new equipment purchases. For instance, John Deere offers Precision Upgrade Kits that enable growers to retrofit their current planters with advanced technologies, such as high-speed planting systems and individual row hydraulic downforce. Precision Planting provides the 20|20 Planter Base System as a foundation for various upgrades, including automated downforce control and high-speed seed delivery systems. 

The introduction of Precision Planting’s CornerStone Planting System further influenced the market. This fully custom, factory-built planting system integrates advanced technologies into a single unit, offering farmers a comprehensive solution without needing extensive retrofitting. By providing a complete planting system, CornerStone presents an alternative to traditional upgrade kits, allowing farmers to achieve enhanced planting performance with a new, integrated system. 

These systems can improve planting accuracy and efficiency, making older planters more competitive with newer models. The adoption of these upgrade kits has implications for the market. On one hand, they offer a cost-effective solution for farmers to enhance their existing equipment, potentially reducing the demand for new planters. On the other hand, the increased functionality of older planters can lead to higher resale values, benefiting sellers who have invested in these upgrades.

Conclusion: A Mixed Outlook

The 2024 planter market offered significant opportunities and challenges for those buying and selling farm equipment. The increase in inventory and the subsequent competitive pricing environment have benefited buyers, allowing them to secure planters at more favorable prices. The growing number of available options provides more flexibility and choice, especially for farmers looking to upgrade or expand their operations.

However, the high inventory levels have also led to declining auction values and market saturation, making it difficult for sellers to achieve the prices they might have anticipated. Introducing performance upgrade kits and integrated systems like Precision Planting’s CornerStone has added complexity to the market, offering farmers alternatives to purchasing new equipment while potentially enhancing the value of existing machinery.

For more about used equipment, listen to my episodes on the Successful Farming podcast on the last Monday of each month. Aaron Fintel and I explore current market conditions and factors driving used equipment. Please tune in to the Moving Iron podcast, where I track the economic drivers of the farm equipment business, and check out movingironllc.com for everything
related to Moving Iron.