Strong Demand Expected for Farm Equipment

Nov 29, 2022

Farm Credit Canada (FCC) is expecting demand for farm equipment to continue to be strong in 2023, FCC’s farm equipment market outlook said. The market will be strong as it weathers rising interest rates and a weakening Canadian dollar.

“Producers will benefit from strategic planning as inventory levels for farm equipment remain below pre-pandemic levels, something we expect could continue through 2024,” J.P. Gervais, FCC’s chief economist, said in the release. He noted tractor inventory levels are down 42 per cent and combines are down 47 per cent from the five-year average.

The outlook also said the used equipment market has seen increased demand because of the pandemic-related shutdowns. With limited availability of new equipment and parts, producers were adapting by having additional used equipment available for parts if needed, it was noted.

Equipment manufacturers are expected to increase production of new equipment due to the changing economic environment providing the opportunity for inflationary pressures in the used equipment market to moderate, the release said.

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Video: Agriculture Secretary Rollins Speaks at American Farm Bureau Federation Convention in Anaheim

One of the highlights at the 2026 American Farm Bureau Federation Convention in Anaheim, California, was an address by U.S. Secretary of Agriculture Brooke Rollins. During her remarks, she thanked America’s farmers and ranchers and said the Trump Administration is fully aware that food security is national security.

She also acknowledged the challenging times in Farm Country with low commodity prices and high input costs and said that’s why the President stepped in to help with the recent Bridge Assistance Program.

Montana Farm Bureau Federation Executive Vice President Scott Kulbeck says that Farm Bureau members are appreciative of the help and looks forward to working with the American Farm Bureau Federation and its presence in Washington, DC to keep farmers and ranchers in business.

Secretary Rollins said the Trump Administration is also committed to helping ranchers build back America’s cattle herd while also providing more high-quality U.S. beef at the meat case for consumers.

And she also announced more assistance for specialty crop producers who only received a fraction of the $12 billion Farmer Bridge Assistance (FBA).

It’s important to note that producers who qualify for Farmer Bridge Assistance can expect the Farm Service Agency to start issuing payments in late February. For more information, farmers and ranchers are encouraged to contact their local USDA Service Center.